U.S. Jobless Claims Hit Lowest Level in Five Months

[mahatmakanejeeves]

Source: The Wall Street Journal.

ECONOMY | U.S. ECONOMY

U.S. Jobless Claims Hit Lowest Level in Five Months

Applications for unemployment benefits have fallen below the prepandemic average as employers hold on to workers in a tight labor market

By Sarah Chaney Cambon
https://twitter.com/sechaney
[e-mail]
Updated Sept. 29, 2022 9:03 am ET

U.S. applications for unemployment benefits fell last week to the lowest level since the spring as many employers hesitate to lay off workers despite a slowing economy.

Initial jobless claims, a proxy for layoffs, decreased to a seasonally adjusted 193,000 last week from a revised 209,000 the previous week, the Labor Department said Thursday. The total was the lowest since late April and below the prepandemic average of 218,000 in 2019, when the labor market was also tight.

{snip}

Read more: https://www.wsj.com/articles/u-s-jobless-claims-hit-lowest-level-in-five-months-11664455866

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It's The Wall Street Journal., so you can't believe a word it says.

[mahatmakanejeeves]

1. From the source:

https://oui.doleta.gov/press/2022/092922.pdf

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, September 29, 2022

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending September 24, the advance figure for seasonally adjusted initial claims was 193,000, a decrease of 16,000 from the previous week's revised level. The previous week's level was revised down by 4,000 from 213,000 to 209,000. The 4-week moving average was 207,000, a decrease of 8,750 from the previous week's revised average. The previous week's average was revised down by 1,000 from 216,750 to 215,750.

The advance seasonally adjusted insured unemployment rate was 1.0 percent for the week ending September 17, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending September 17 was 1,347,000, a decrease of 29,000 from the previous week's revised level. The previous week's level was revised down by 3,000 from 1,379,000 to 1,376,000. The 4-week moving average was 1,381,250, a decrease of 22,500 from the previous week's revised average. The previous week's average was revised down by 1,000 from 1,404,750 to 1,403,750.

{snip}

UNADJUSTED DATA

{snip}

The total number of continued weeks claimed for benefits in all programs for the week ending September 10 was 1,302,353, an increase of 6,855 from the previous week. There were 5,027,611 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 22-1949-NAT

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

[House of Roberts]

2. So the Fed hasn't been able to crack the tight labor market yet?

Look for more interest rate hikes as they are determined to drive us into recession in the vain attempt to reverse inflation, which isn't being caused by broad prosperity, just as it wasn't in the 70s. Hello stagflation, where ya been?

[heckles65]

3. This is the strangest recession I've seen

I remember the 1981-1983 recession. Now THAT was a recession.

[maxsolomon]

4. The Covid Pandemic was unprecedented

makes sense that the impact is strange.

[ck4829]

5. Kick