Jobless claims rises 27K to 229K

[mahatmakanejeeves]

Source: Seeking Alpha

U.S. Economy

Jobless claims rises 27K to 229K
Jun. 09, 2022 8:30 AM ET * By: Gaurav Batavia, SA News Editor

-- Initial Jobless Claims: +27K to 229K vs. 210K expected and 202K prior (revised from 200K).
-- 4-week moving average of 215,000 rose from 207,000 in the previous week.
-- The advance seasonally adjusted insured unemployment rate was 0.9% for the week ended May 28, a decrease of 0.1 percentage point from the previous week's unrevised rate.
-- The advance number of actual initial claims under state programs, unadjusted, totaled 184,604 in the week ended June 4, an increase of 1,008 (or 0.5%) from the previous week. The seasonal factors had expected a decrease of 21,362 (or 11.6%) from the prior week. And there were 364,577 initial claims in the comparable week in 2021.
-- Continuing jobless claims of 1.306M vs. 1.305M consensus and 1.306M prior.


Read more: https://seekingalpha.com/news/3847139-jobless-claims

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Predicted:

Yahoo Finance
Stock market news live updates: Stock futures gain ahead of jobless claims
https://finance.yahoo.com/news/stock-market-news-live-updates-june-10-2022-111845609.html

Alexandra Semenova · Reporter
Thu, June 9, 2022, 7:18 AM

{snip}

The latest weekly jobless claims report due out before market open follows strong May employment data last Friday that likely signaled to policymakers current labor market conditions can withstand further monetary tightening. Central bank officials have taken cues from the labor market on the tempo of rate increases as it fights inflation, with policy aimed to cool labor demand just enough not to push the jobless rate too high.

{snip}

Investors are bracing for the Bureau of Labor Statistics’ latest Consumer Price Index (CPI) on Friday – a focal point on the economic data from this week. May’s reading is projected to show inflation slightly abated in May from April's elevated 8.3% rate, with consensus economists looking for headline inflation to rise at a 8.2% annual rate for May, and by 5.9% excluding food and energy prices.

—

https://finance.yahoo.com/news/cpi-inflation-fed-blackout-period-ce-os-doom-and-gloom-what-to-know-this-week-192322372.html

https://finance.yahoo.com/news/inflation-consumer-price-index-cpi-usa-april-2022-123135066.html

[mahatmakanejeeves]

1. From the source:

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, June 9, 2022

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending June 4, the advance figure for seasonally adjusted initial claims was 229,000, an increase of 27,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 200,000 to 202,000. The 4-week moving average was 215,000, an increase of 8,000 from the previous week's revised average. The previous week's average was revised up by 500 from 206,500 to 207,000.

The advance seasonally adjusted insured unemployment rate was 0.9 percent for the week ending May 28, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending May 28 was 1,306,000, unchanged from the previous week's revised level. The previous week's level was revised down by 3,000 from 1,309,000 to 1,306,000. The 4-week moving average was 1,317,500, a decrease of 9,000 from the previous week's revised average. This is the lowest level for this average since January 10, 1970 when it was 1,310,250. The previous week's average was revised down by 750 from 1,327,250 to 1,326,500.

{snip}

UNADJUSTED DATA

{snip}

The total number of continued weeks claimed for benefits in all programs for the week ending May 21 was 1,283,684, a decrease of 35,619 from the previous week. There were 15,385,233 weekly claims filed for benefits in all programs in the comparable week in 2021.

{snip the rest of the ten-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 22-1152-NAT

Program Contacts:
Kevin Stapleton: [phone]
Media Contact: [phone]

[progree]

2. 4 week average of continuing claims lowest since January 10, 1970 (and half the rate)

From #1 (the BLS)

The advance number for seasonally adjusted insured unemployment (aka continuing claims -Progree) during the week ending May 28 was 1,306,000, unchanged from the previous week's revised level. The previous week's level was revised down by 3,000 from 1,309,000 to 1,306,000. The 4-week moving average was 1,317,500, a decrease of 9,000 from the previous week's revised average. This is the lowest level for this average since January 10, 1970 when it was 1,310,250.

and that was back when the labor force was 1/2 the size of what it is now. Meaning the continuing claims RATE is half what it was back then.

Labor Force:
January 1970: 81,981,000
May 2022: 164,376,000
http://data.bls.gov/timeseries/LNS11000000

The labor force is the sum of the employed plus the officially unemployed