Jobless Claims Fall Another 3K, Despite Furloughed Federal Worker Claims

The Labor Department (DOL) said jobless claims fell another 3,000 to a seasonally adjusted 213,000, easily beating the forecast. The 4-week moving average declined by 1,000 to 220,750.

Forecasts ranged from 219,000 to 225,000, with a consensus of 221,000.

The advance seasonally adjusted insured unemployment rate was unchanged at a very low 1.2% for the week ending January 5. The advance seasonally adjusted number for insured unemployment during the week ending January 5 was 1,737,000, an increase of 18,000.

The previous week’s level was revised down by 3,000 from 1,722,000 to 1,719,000.

The 4-week moving average came in at 1,728,500, an increase of 8,000 from the previous week’s revised average. The previous week’s average was
revised down by 750 from 1,721,250 to 1,720,500.

Worth noting, there were 13,498 former federal civilian employees claiming unemployment insurance benefits for the week ending December 29, a gain of 2,123 from the previous week.

It is highly likely this is the early result of the extended partial government shutdown.

Still, no state was triggered “on” the Extended Benefits program during the week ending December 29.

The highest insured unemployment rates in the week ending December 29 were in Alaska (3.4), Connecticut (2.9), New Jersey (2.7), Rhode Island (2.5), Montana (2.4), Massachusetts (2.3), Minnesota (2.3), Pennsylvania (2.2), California (2.1), and Washington (2.1).

The largest increases in initial claims for the week ending January 5 were in New York (+26,297), Georgia (+10,798), Texas (+3,815), South Carolina (+3,280), and Alabama (+3,003), while the largest decreases were in New Jersey (-8,016), Ohio (-5,701), Michigan (-4,830), Iowa (-3,575), and Massachusetts (-3,429).