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Thursday, September 10, 2020

Weekly Initial Unemployment Claims unchanged at 884,000

by Calculated Risk on 9/10/2020 08:38:00 AM

The DOL reported:

In the week ending September 5, the advance figure for seasonally adjusted initial claims was 884,000, unchanged from the previous week's revised level. The previous week's level was revised up by 3,000 from 881,000 to 884,000. The 4- week moving average was 970,750, a decrease of 21,750 from the previous week's revised average. The previous week's average was revised up by 750 from 991,750 to 992,500.
emphasis added
The previous week was revised up.

This does not include the 838,916 initial claims for Pandemic Unemployment Assistance (PUA) that was up from 747,993 the previous week.

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 decreased to 970,750.

The previous week was revised up.

The second graph shows seasonally adjust continued claims since 1967 (lags initial by one week).

At the worst of the Great Recession, continued claims peaked at 6.635 million, but then steadily declined.

Continued claims increased to 13,385,000 (SA) from 13,292,000 (SA) last week and will likely stay at a high level until the crisis abates.

Note: There are an additional 14,591,621 receiving Pandemic Unemployment Assistance (PUA) that increased from 13,570,327 the previous week. This is a special program for business owners, self-employed, independent contractors or gig workers not receiving other unemployment insurance.