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Thursday, September 23, 2021

Weekly Initial Unemployment Claims increase to 351,000

by Calculated Risk on 9/23/2021 08:41:00 AM

The DOL reported:

In the week ending September 18, the advance figure for seasonally adjusted initial claims was 351,000, an increase of 16,000 from the previous week's revised level. The previous week's level was revised up by 3,000 from 332,000 to 335,000. The 4-week moving average was 335,750, a decrease of 750 from the previous week's revised average. The previous week's average was revised up by 750 from 335,750 to 336,500.
emphasis added
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 335,750.

The previous week was revised up.

Regular state continued claims increased to 2,845,000 (SA) from 2,714,000 (SA) the previous week.

Note (released with a 2 week delay): There were an additional 4,896,125 receiving Pandemic Unemployment Assistance (PUA) that decreased from 5,487,233 the previous week (there are questions about these numbers). This was a special program for business owners, self-employed, independent contractors or gig workers not receiving other unemployment insurance.  And threre were an additional 3,644,555 receiving Pandemic Emergency Unemployment Compensation (PEUC) down from 3,805,795.

Weekly claims were higher than the consensus forecast.