Thursday, May 05, 2011

Weekly Initial Unemployment Claims sharply higher

by Bill McBride on 5/05/2011 08:30:00 AM

The DOL reports on weekly unemployment insurance claims:

In the week ending April 30, the advance figure for seasonally adjusted initial claims was 474,000, an increase of 43,000 from the previous week's revised figure of 431,000. The 4-week moving average was 431,250, an increase of 22,250 from the previous week's revised average of 409,000.
Weekly Unemployment Claims Click on graph for larger image in graph gallery.

This graph shows the 4-week moving average of weekly claims for the last 40 years. The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased this week to 431,250.

Note: There were special circumstances last week, via MarketWatch:
A Labor official attributed much of the increase to temporary layoffs in the auto sector and in the state of New York, where workers in the educational field such as bus drivers are eligible for compensation during the week of spring break.
Even without the special reasons, weekly claims have been increasing in recent weeks.

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