U.S. weekly jobless claims fall to three-month low

[mahatmakanejeeves]

Macro Matters

September 8, 2022
12:45 PM UTC
Last Updated ago

U.S. weekly jobless claims fall to three-month low
Reuters

2 minute read

Sept 8 (Reuters) - The number of Americans filing new claims for unemployment benefits fell last week to a three-month low, underscoring the robustness of the labor market even as the Federal Reserve raises interest rates.

Initial claims for state unemployment benefits declined 6,000 to a seasonally adjusted 222,000 for the week ended Sept. 3, the Labor Department said on Thursday. ... Data for the previous week was revised to show 4,000 fewer applications filed than previously reported. Economists polled by Reuters had forecast 240,000 applications for the latest week.

The Federal Reserve has raised interest rates by 225 basis points since March in a bid to tame high inflation by dampening demand in the economy. Despite that, there is little indication yet of widespread layoffs and there are still two vacancies for every unemployed person.

The strength of the labor market has put to bed fears the economy is in recession after gross domestic product contracted in the first half of the year.

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[mahatmakanejeeves]

1. From the source:

Last edited Thu Sep 15, 2022, 10:09 AM - Edit history (1)

{Edited to correct contact point}

https://oui.doleta.gov/press/2022/090822.pdf

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

News Release

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TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL
8:30 A.M. (Eastern) Thursday, September 8, 2022

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending September 3, the advance figure for seasonally adjusted initial claims was 222,000, a decrease of 6,000 from the previous week's revised level. The previous week's level was revised down by 4,000 from 232,000 to 228,000. The 4-week moving average was 233,000, a decrease of 7,500 from the previous week's revised average. The previous week's average was revised down by 1,000 from 241,500 to 240,500.

The advance seasonally adjusted insured unemployment rate was 1.0 percent for the week ending August 27, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending August 27 was 1,473,000, an increase of 36,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 1,438,000 to 1,437,000. The 4-week moving average was 1,439,000, an increase of 10,750 from the previous week's revised average. The previous week's average was revised down by 250 from 1,428,500 to 1,428,250.

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UNADJUSTED DATA

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The total number of continued weeks claimed for benefits in all programs for the week ending August 20 was 1,414,849, a decrease of 23,283 from the previous week. There were 11,927,797 weekly claims filed for benefits in all programs in the comparable week in 2021.

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Weekly Claims Archives
Weekly Claims Data

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Release Number: USDL 22-1821-NAT

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