Initial jobless claims rise dramatically to 482,000

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From the U.S. Department of Labor:

In the week ending Jan. 16, the advance figure for seasonally adjusted initial claims was 482,000, an increase of 36,000 from the previous week’s revised figure of 446,000. The 4-week moving average was 448,250, an increase of 7,000 from the previous week’s revised average of 441,250.


UNEMPLOYMENT INSURANCE DATA FOR REGULAR STATE PROGRAMS


 

Advance

 

 

 

Prior1

WEEK ENDING

Jan. 16

Jan. 9

Change

Jan. 2

Year


Initial Claims (SA)

482,000

446,000

+36,000

433,000

575,000

Initial Claims (NSA)

650,728

804,922

-154,194

645,446

763,987

4-Wk Moving Average (SA)

448,250

441,250

+7,000

449,750

526,500

 

Advance

 

 

 

Prior1

WEEK ENDING

Jan. 9

Jan. 2

Change

Dec. 26

Year


Ins. Unemployment (SA)

4,599,000

4,617,000

-18,000

4,807,000

4,576,000

Ins. Unemployment (NSA)

5,716,608

6,016,445

-299,837

5,484,997

5,651,117

4-Wk Moving Average (SA)

4,750,500

4,860,250

-109,750

5,006,500

4,515,500



It is just one week in a period of heavy adjustments. But let’s not spin things here; this was not an encouraging report. The labor market is still weak, especially because of a lack of open positions.

jolt-data-200911

See that number highlighted in yellow?  That’s from the recently released JOLTS (Job Openings and Labor Turnover Summary) data. A decline of 900,000 job openings in a year’s time is not good.  The only thing this labor market has going for it right now is the decline in layoffs because there are a record 5.6 million people on extended benefits right now.

extendedbenefits20100102

 

So let’s hope this is a one-week blip. The word is this was due to administrative delays the week before. So, we’ll have to wait and see.

 

Sources

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

Job Openings and Labor Turnover Summary – Bureau of Labor Statistics

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