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Wednesday, December 31, 2008

Weekly Unemployment Claims Decline

by Calculated Risk on 12/31/2008 08:59:00 AM

From the DOL: Unemployment Insurance Weekly Claims Report

In the week ending Dec. 27, the advance figure for seasonally adjusted initial claims was 492,000, a decrease of 94,000 from the previous week's unrevised figure of 586,000. The 4-week moving average was 552,250, a decrease of 5,750 from the previous week's unrevised average of 558,000.

The advance seasonally adjusted insured unemployment rate was 3.4 percent for the week ending Dec. 20, an increase of 0.1 percentage point from the prior week's unrevised rate of 3.3 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Dec. 20 was 4,506,000, an increase of 140,000 from the preceding week's revised level of 4,366,000.
Although the data is seasonally adjusted, I'd discount the decline because of the holidays.

Note that the total insured unemployment is now over 4.5 million for the first time since 1982.