Initial Claims Jump to 4-Month High
Initial claims for unemployment insurance jumped to their highest rate since June amid fallout from Hurricane Ianin Florida, the Labor Department reported Thursday.
For the week ending October 1, the advance figure for seasonally adjusted initial claims rose to 219,000, an increase of 29,000 from the previous week’s revised level. The four-week moving average rose to 206,500, an increase of 250 from the previous week’s revised average.
The advance seasonally adjusted insured unemployment rate rose to 1.0 percent for the week ending September 24, an increase of 0.1 percentage point from the previous week’s revised rate. The advance number for seasonally adjusted insured unemployment during the week ending September 24 rose to 1,361,000, an increase of 15,000 from the previous week’s revised level. The four-week moving average fell to 1,370,750, a decrease of 10,250 from the previous week’s revised average.
The advance number of actual initial claims under state programs, unadjusted, totaled 167,083 in the week ending October 1, an increase of 13,264 (8.6 percent) from the previous week. The seasonal factors had expected a decrease of 8,567 (-5.6 percent) from the previous week. Labor reported 261,927 initial claims in the comparable week in 2021.
The advance unadjusted insured unemployment rate was unchanged at 0.9 percent during the week ending September 24. The advance unadjusted level of insured unemployment in state programs totaled 1,228,583, an increase of 4,140 (0.3 percent) from the preceding week. The seasonal factors had expected a decrease of 9,419 (-0.8 percent) from the previous week. A year earlier the rate was 1.8 percent; volume was 2,404,346.
The total number of continued weeks claimed for benefits in all programs for the week ending September 17 fell to 1,246,900, a decrease of 55,459 from the previous week. Labor reported 4,174,821 weekly claims filed for benefits in all programs in the comparable week in 2021.
Analysts attributed the jump in initial claims to damage from Hurricane Ian in Florida, Georgia, the Carolinas and Virginia, but noted the labor market remains tight. Last week, initial claims fell to a five-month low.
This morning (8:30 a.m. ET), the final of this week’s four major jobs reports comes when the Bureau of Labor Statistics releases its monthly Employment Situation report for August. MBA Chief Economist Mike Fratantoni will provide commentary and analysis on the Friday jobs report in the Monday, Oct. 10 edition of MBA NewsLink.
