US initial jobless claims fall to their lowest since July
Initial applications for US unemployment benefits fell to 189,000 in the week ending 31 October, the lowest level since mid-July. The four-week average also declined. Continuing insured unemployment increased in the preceding reference week, reaching 1,718,000. The weekly figures track new requests for benefits separately from people already claiming support. Initial applications declined by 6,000.
Economics & Markets··Evening
New claims decline for the week ending 31 October
Initial US unemployment-benefit applications fell to 189,000 in the week ending 31 October, the lowest since mid-July. The seasonally adjusted total was 6,000 below the preceding week’s revised level. The US Department of Labor released the advance figures on 5 November. New benefit applications provide a weekly measure of workers seeking support following separation from an employer.[1], [2]
The preceding week was revised from 194,000 to 195,000. The four-week moving average fell by 2,250 to 194,750, smoothing the week-to-week movement. Its previous value was revised from 196,750 to 197,000.[1]
Continuing insured unemployment increases
Continuing insured unemployment rose by 23,000 to 1,718,000 in the week ending 24 October. The insured unemployment rate held at 1.1 per cent. The preceding count was revised down from 1,701,000 to 1,695,000. The four-week average of continuing insured unemployment increased by 1,000 to 1,709,500. Continuing claims cover people already seeking benefits for a further week of unemployment, with a reference period one week earlier than the initial-claims headline.[1]
Unadjusted applications also fall
Before seasonal adjustment, initial claims under state programmes numbered 176,698 in the week ending 31 October, down 2,951 or 1.6 per cent. The comparable week a year earlier had 216,026 applications. Across all programmes, continued weeks of benefits claimed totalled 1,507,702 in the week ending 17 October, an increase of 8,510. That administrative total counts benefit weeks claimed rather than unique individuals.[1]
