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Thursday, July 07, 2011

Weekly Initial Unemployment Claims decline to 418,000

by Calculated Risk on 7/07/2011 08:30:00 AM

The DOL reports:

In the week ending July 2, the advance figure for seasonally adjusted initial claims was 418,000, a decrease of 14,000 from the previous week's revised figure of 432,000. The 4-week moving average was 424,750, a decrease of 3,000 from the previous week's revised average of 427,750.

Special Factor: Minnesota has indicated that approximately 2,500 of their reported initial claims are a result of state employees filing due to the state government shutdown.
This is the 13th straight week with initial claims above 400,000, and the 4-week average is at about the same the level as in January.

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 decreased slightly this week to 424,750.

Weekly claims were below 400 thousand in March, and have increased back to just over 400 thousand for the last three months.