UNEMPLOYMENT INSURANCE WEEKLY CLAIMS, Thursday, March 19, 2020

[mahatmakanejeeves]

News Release

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TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL 8:30 A.M. (Eastern) Thursday, March 19, 2020

Note: This week's release reflects the annual revision to the weekly unemployment claims seasonal adjustment factors. The seasonal adjustment factors used for the UI Weekly Claims data from 2015 forward, along with the resulting seasonally adjusted values for initial claims and continuing claims, have been revised.

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

During the week ending March 14, the increase in initial claims are clearly attributable to impacts from the COVID-19 virus. A number of states specifically cited COVID-19 related layoffs, while many states reported increased layoffs in service related industries broadly and in the accommodation and food services industries specifically, as well as in the transportation and warehousing industry, whether COVID-19 was identified directly or not.

SEASONALLY ADJUSTED DATA

In the week ending March 14, the advance figure for seasonally adjusted initial claims was 281,000, an increase of 70,000 from the previous week's unrevised level of 211,000. This is the highest level for initial claims since September 2, 2017 when it was 299,000. The 4-week moving average was 232,250, an increase of 16,500 from the previous week's revised average. This is the highest level for this average since January 27, 2018 when it was 234,500. The previous week's average was revised up by 1,750 from 214,000 to 215,750.

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[progree]

1. I was expecting a lot lot worse. I think that will be in the next report, in the week ending

March 20. The mandatory and otherwise mass closings had only begun to get announced in the week ending March 14.