Continued Unemployment Claims Jump To The Highest Level Since Nov 2021


The Weekly Claims report from the Department of Labor shows that it is increasingly hard to find a new jobs if you are laid off.Continued Claims Key Points

  • The advance number for seasonally adjusted insured unemployment during the week ending July 6 was 1,867,000, an increase of 20,000 from the previous week’s revised level.
  • This is the highest level for insured unemployment since November 27, 2021 when it was 1,878,000. The previous week’s level was revised down by 5,000 from 1,852,000 to 1,847,000.
  • The 4-week moving average was 1,850,500, an increase of 11,500 from the previous week’s revised average.
  • This is the highest level for this average since December 4, 2021 when it was 1,859,750. The previous week’s average was revised down by 1,250 from 1,840,250 to 1,839,000.
  • Initial Unemployment ClaimsInitial Claims Key Points

  • In the week ending July 13, the advance figure for seasonally adjusted initial claims was 243,000, an increase of 20,000 from the previous week’s revised level.
  • The previous week’s level was revised up by 1,000 from 222,000 to 223,000.
  • The 4-week moving average was 234,750, an increase of 1,000 from the previous week’s revised average.
  • The previous week’s average was revised up by 250 from 233,500 to 233,750.
  • Continued Claims Long TermIt’s not the level that indicates a problem, it’s a sustained uptrend from recent lows that’s highlights trouble.Note that 5 out of 12 Fed Districts Show Flat or Declining Economic GrowthThe Fed’s Beige Book solidifies the recession view.Recession When?I think a recession started in May or June and I have seen little to change my mind.For discussion, please see Weak Data Says a Recession Has Already Started, Let’s Now Discuss WhenAdd continued claims to the trend of weakness appearing nearly everywhere.More By This Author:5 Out Of 12 Fed Districts Show Flat Or Declining Economic Growth Housing Starts Rise 3.0 Percent In June, Completions Surge 10.1 Percent Better Than Expected Retail Sales Boosts GDPNow Nowcast

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