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Thursday, November 05, 2009

Weekly Initial Unemployment Claims: 512,000

by Calculated Risk on 11/05/2009 08:33:00 AM

The DOL reports weekly unemployment insurance claims decreased to 512,000:

In the week ending Oct. 31, the advance figure for seasonally adjusted initial claims was 512,000, a decrease of 20,000 from the previous week's revised figure of 532,000. The 4-week moving average was 523,750, a decrease of 3,000 from the previous week's revised average of 526,750.
The advance number for seasonally adjusted insured unemployment during the week ending Oct. 24 was 5,749,000, a decrease of 68,000 from the preceding week's revised level of 5,817,000.
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 decreased this week by 3,000 to 523,750, and is now 135,000 below the peak in April. The significant decline from the peak strongly suggests that initial weekly claims have peaked for this cycle.

However, the level is still very high suggesting continuing job losses.