Thursday, June 23, 2011

Weekly Initial Unemployment Claims increase to 429,000

by Bill McBride on 6/23/2011 08:30:00 AM

The DOL reports on weekly unemployment insurance claims:

In the week ending June 18, the advance figure for seasonally adjusted initial claims was 429,000, an increase of 9,000 from the previous week's revised figure of 420,000. The 4-week moving average was 426,250, unchanged from the previous week's revised average of 426,250.
The following graph shows the 4-week moving average of weekly claims for the last 40 years.

Weekly Unemployment Claims Click on graph for larger image in graph gallery.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims was unchanged this week at 426,250.

This is the 11th straight week with initial claims above 400,000, and the 4-week average is at about the same the level as in January. This suggests the labor market weakness in May continued into June.