UNEMPLOYMENT INSURANCE WEEKLY CLAIMS ((new claims 847K))

[nitpicker]

Source: DoL

In the week ending January 23, the advance figure for seasonally adjusted initial claims was 847,000, a decrease of 67,000 from the previous week's revised level. The previous week's level was revised up by 14,000 from 900,000 to 914,000. The 4-week moving average was 868,000, an increase of 16,250 from the previous week's revised average. The previous week's average was revised up by 3,750 from 848,000 to 851,750.
(snip)

The total number of continued weeks claimed for benefits in all programs for the week ending January 9 was 18,282,090, an increase of 2,293,495 from the previous week. There were 2,171,827 weekly claims filed for benefits in all programs in the comparable week in 2020.
(snip)


Read more: https://www.dol.gov/ui/data.pdf

[mahatmakanejeeves]

1. Thanks. I was waiting. Yahoo! did not update their time stamp, but they did put in real numbers.

Jobless claims: Another 847,000 Americans filed unemployment last week

Javier E. David · Editor focused on markets and the economy
Wed, January 27, 2021, 7:15 PM · 3 min read

The ranks of the unemployed swelled again in the latest week, as a marginal improvement in weekly jobless claims provided cold comfort in a labor market battered by a relentless wave of COVID-19 infections.

The Department of Labor released its weekly report on new jobless claims Thursday morning at 8:30 a.m. ET. Here are the numbers compared to what Wall Street was expecting, according to consensus estimates compiled by Bloomberg:

Initial jobless claims, week ended Jan. 23: 847,000 vs. 875,000 expected

Continuing claims, week ended Jan. 16: 4.771 million vs. 5.088 million expected

Although jobless claims dipped unexpectedly, the high-frequency barometer of the labor market has hovered perilously close to the one million mark — a psychologically important barrier that hasn’t been breached since last year.

The weekly data have become a proxy for a labor market that’s been buffeted by COVID-19, forcing many service-sector workers out of their jobs as Washington wages partisan battles over ways to backstop the economy. Although the newly-inaugurated Biden administration has pledged a nearly $2 trillion stimulus, the plan isn’t expected to be debated and voted upon by Congress for weeks.

{snip}

[mahatmakanejeeves]

2. From the source (same as yours):

https://www.dol.gov/ui/data.pdf

News Release

Connect with DOL at
https://blog.dol.gov

TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL
8:30 A.M. (Eastern) Thursday, January 28, 2021

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending January 23, the advance figure for seasonally adjusted initial claims was 847,000, a decrease of 67,000 from the previous week's revised level. The previous week's level was revised up by 14,000 from 900,000 to 914,000. The 4-week moving average was 868,000, an increase of 16,250 from the previous week's revised average. The previous week's average was revised up by 3,750 from 848,000 to 851,750.

The advance seasonally adjusted insured unemployment rate was 3.4 percent for the week ending January 16, a decrease of 0.1 percentage point from the previous week's revised rate. The previous week's rate was revised down by 0.1 from 3.6 to 3.5 percent. The advance number for seasonally adjusted insured unemployment during the week ending January 16 was 4,771,000, a decrease of 203,000 from the previous week's revised level. The previous week's level was revised down by 80,000 from 5,054,000 to 4,974,000. The 4-week moving average was 4,998,000, a decrease of 106,750 from the previous week's revised average. The previous week's average was revised down by 21,500 from 5,126,250 to 5,104,750.

{snip}

UNADJUSTED DATA

{snip. Emphasis mine}

The total number of continued weeks claimed for benefits in all programs for the week ending January 9 was 18,282,090, an increase of 2,293,495 from the previous week. There were 2,171,827 weekly claims filed for benefits in all programs in the comparable week in 2020.

{snip the rest of the twelve-page news release, until the end}

Weekly Claims Archives
Weekly Claims Data

U.S. Department of Labor news materials are accessible at http://www.dol.gov. The Department's Reasonable Accommodation Resource Center converts Departmental information and documents into alternative formats, which include Braille and large print. For alternative format requests, please contact the Department at [phone] (voice) or [phone] (federal relay).

U.S. Department of Labor
Employment and Training Administration
Washington, D.C. 20210
Release Number: USDL 21-141-NAT

Program Contacts:
Thomas Stengle: [phone]
Media Contact: [phone]

[George II]

3. No doubt republicans will be blaming Biden for this later today.

[progree]

6. No doubt, as proof that socialism and big government don't work /nt

[stopbush]

4. What is the plan for March when perhaps 5-10-million people exhaust

their UI benefits and haven’t a prayer of finding a job any time soon?

[Polybius]

5. It's being extended until September, and increased to $400 per month

It's in the next Covid relief bill.

[stopbush]

8. Good to know. Fingers crossed that doesn't get lost as a bargaining chip.

[progree]

7. Stocks jump after jobless claims improve more than expected (the expectation game again)

https://finance.yahoo.com/news/stock-market-news-live-updates-january-28-2021-231448121.html

Stock market news live updates: Stocks jump after jobless claims improve more than expected, Yahoo Finance, 1/28/21

... Weekly unemployment claims pulled back by 67,000 from the prior week’s elevated levels, dipping below 900,000 for the first time in three weeks. Still, new claims remained historically high compared to pre-pandemic levels.

Other less economic data disappointed on Thursday, however. U.S. gross domestic product (GDP) grew for a second straight quarter in the final three months of 2020, albeit with slowing momentum heading into the new year, largely as a result of weakening consumer spending. All told, the U.S. economy contracted at a 3.5% annualized rate in 2020, for the biggest drop since 1946.

... Shares of some of the heavily shorted stocks that had been rocketing higher over the last several sessions were mixed. GameStop (GME) more than doubled on Wednesday but slid on Thursday, triggering a trading halt. Shares of AMC (AMC) sank 32%, following an extraordinary run-up of 300% during Wednesday’s regular trading day. BlackBerry (BB), Express (EXPR) and Bed Bath & Beyond (BBBY) – also darlings of Reddit’s r/wallstreetbets forum as of late – also declined.

At this moment, 111p ET: S&P 500 +1.94%, DOW +1.82% (+553), Nasdaq +1.48%, all trending upward

EXPR - 54%, BBBY: -40%, AMC: -53%, GME: trading halted