Thursday, March 12, 2020

Weekly Initial Unemployment Claims Decrease to 211,000

by Calculated Risk on 3/12/2020 08:33:00 AM

The DOL reported:

In the week ending March 7, the advance figure for seasonally adjusted initial claims was 211,000, a decrease of 4,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 216,000 to 215,000. The 4-week moving average was 214,000, an increase of 1,250 from the previous week's revised average. The previous week's average was revised down by 250 from 213,000 to 212,750.
emphasis added
The previous week was revised down.

The following graph shows the 4-week moving average of weekly claims since 1971.

Click on graph for larger image.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 214,000.

This was lower than the consensus forecast.

Note: Companies have just started announcing layoffs related to COVID-19. So we should expect weekly claims to increase in the coming weeks.