Wednesday, November 26, 2008

Weekly Initial Unemployment Claims: 4-Week Moving Average at 25 Year High

by Bill McBride on 11/26/2008 08:42:00 AM

The DOL reports:

In the week ending Nov. 22, the advance figure for seasonally adjusted initial claims was 529,000, a decrease of 14,000 from the previous week's revised figure of 543,000. The 4-week moving average was 518,000, an increase of 11,000 from the previous week's revised average of 507,000.
...
The advance number for seasonally adjusted insured unemployment during the week ending Nov. 15 was 3,962,000, a decrease of 54,000 from the preceding week's revised level of 4,016,000.
Weekly Unemployment Claims Click on graph for larger image in new window.

This graph shows weekly claims. The four moving average is at 518,000 - above the highest levels of the '91 and '01 recessions, and the highest level since 1983 (not shown).

Continued claims are now at 3.962 million - a very high level. Just more evidence of a very weak job market.