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Thursday, September 30, 2021

Weekly Initial Unemployment Claims Increase to 362,000

by Calculated Risk on 9/30/2021 08:45:00 AM

The DOL reported:

In the week ending September 25, the advance figure for seasonally adjusted initial claims was 362,000, an increase of 11,000 from the previous week's unrevised level of 351,000. The 4-week moving average was 340,000, an increase of 4,250 from the previous week's unrevised average of 335,750.
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 increased to 340,000.

The previous week was unrevised.

Regular state continued claims decreased to 2,802,000 (SA) from 2,820,000 (SA) the previous week.

Note (released with a 2 week delay): There were an additional 1,059,248 receiving Pandemic Unemployment Assistance (PUA) that decreased from 4,896,125 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 991,813 receiving Pandemic Emergency Unemployment Compensation (PEUC) down from 3,644,555.

Weekly claims were higher than the consensus forecast.