U.S. jobless claims: Claims rise 62,000 to 589,000

This past week, jobless claims settled in at a level near 600,000 after a few weeks of decline due largely to seasonal adjustments. Jobless claims were 589,000 while continuing claims were 4,607,000.

Advertisement

This past week, jobless claims settled in at a level near 600,000 after a few weeks of decline due largely to seasonal adjustments. Jobless claims were 589,000 while continuing claims were 4,607,000.

Year-on-year changes in average continuing claims and initial claims are a very good indicator of the health of the job market. I have begun to track the change in claims using only unadjusted data due to distortions from seasonal adjustments. For example, the year-on-year numbers show an increase of 295,000 and rising for the raw numbers and only 192,000 and falling for the adjusted numbers.

Related Posts
1 of 1,546

In the charts below, you can see that the unadjusted comparisons are deteriorating. I am expecting to see a significant rise of more than 500,000 in unemployment, when the unemployment figures come out early next month.

jobless-claims-2009-01-22

Subscribe to our newsletter

continuing-claims-change-2009-01-22

Source
Unemployment Insurance Weekly Claims Report – U.S. Department of Labor

Get real time updates directly on you device, subscribe now.

Do NOT follow this link or you will be banned from the site!