Thursday, April 15, 2010

Weekly Initial Unemployment Claims Increase to 484,000

by Bill McBride on 4/15/2010 08:34:00 AM

The DOL reports on weekly unemployment insurance claims:

In the week ending April 10, the advance figure for seasonally adjusted initial claims was 484,000, an increase of 24,000 from the previous week's unrevised figure of 460,000. The 4-week moving average was 457,750, an increase of 7,500 from the previous week's unrevised average of 450,250.
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The advance number for seasonally adjusted insured unemployment during the week ending April 3 was 4,639,000, an increase of 73,000 from the preceding week's revised level of 4,566,000.
Weekly Unemployment Claims Click on graph for larger image in new window.

This graph shows the 4-week moving average of weekly claims since 1971.

The four-week average of weekly unemployment claims increased this week by 7,500 to 457,750.

The dashed line on the graph is the current 4-week average. The current level of 484,000 (and 4-week average of 457,750) is still high, and suggests continuing weakness in the jobs market. This is much worse than expected.