Jobless Claims Fell Sharply for Week Ending August 1, Beating Forecast

Insured Unemployment Rate Took A Dive In Positive Weekly Jobs Data

Washington, D.C. (PPD) — The U.S. Labor Department (DOL) reported initial jobless claims fell significantly to 1,186,000 for the week ending August 1, a decrease of 249,000. The previous week was upwardly revised (1,000) to 1,435,000.

The figures were far more positive than economists’ expectations. Forecasts ranged from a low of 1,380,000 to a high of 1,500,000. The consensus forecast was 1,422,000.

The 4-week moving average came in at 1,337,750, down 31,000. The previous week’s average was upwardly revised by just 250 from 1,368,500 to 1,368,750.

Lagging Jobless Claims Data

The advance seasonally adjusted insured unemployment rate took a drive to 11.0% for the week ending July 25, down 0.6% from the previous week’s unrevised rate.

The advance number for seasonally adjusted insured unemployment during the week ending July 25 was 16,107,000, a decrease of 844,000 from the previous week’s revised level. The previous week’s level was revised down by 67,000 from 17,018,000 to 16,951,000.

The 4-week moving average was 16,628,250, a decrease of 413,250 from the previous week’s revised average. The previous week’s average was revised down by 16,750 from 17,058,250 to 17,041,500.

Extended Benefits were available in all 50 states, Puerto Rico and the District of Columbia (D.C.).

The highest insured unemployment rates in the week ending July 18 were in Nevada (24.9), Puerto Rico (23.5), Hawaii (21.0), California (18.1), Louisiana (17.2), New York (16.3), Connecticut (15.2), Georgia (14.5), Massachusetts (14.3), and Michigan (13.8).

The largest increases in initial claims for the week ending July 25 were in Virginia (+5,020), Nevada (+2,842), Missouri (+2,606), Indiana (+2,218), and New Jersey (+2,141), while the largest decreases were in California (-44,941), Georgia (-37,329), Florida (-17,514), Louisiana (-13,568), and Texas (-11,104).