–Oct. 15 Wk Claims Revised To 404k, Oct. 8 Wk Claims Revised Up To 411k

By Brai Odion-Esene and Ian McKendry

WASHINGTON (MNI) – Initial claims for U.S. state unemployment
benefits saw a small decline of 2,000 to 402,000 in the October 22 week,
slightly below expectations, the Labor Department reported Thursday.

A Labor Department analyst said there were no special factors in
the current week and no states were estimated. The analyst said seasonal
factors had expected an increase of 5.1%, or about 18,000 in unadjusted
claims. The actual rise came close, up by 17,007 to 374,231 in the
current week. Unadjusted claims were at a level of 408,489 in the
comparable week a year earlier.

Economists surveyed by Market News International had expected
initial claims to come in at 405,000, up 2,000 from the previously
reported level of 403,000 in the October 15 week. That week’s claims
were revised up to a level of 404,000, while claims in the October 8
week were revised up to 411,000 from 409,000 originally reported.

The initial claims seasonally adjusted 4-week moving average was
405,500 in the October 22 week, an increase of only 1,750 from the
previous week.

The state data released for the October 15 week indicated
unadjusted initial claims increased in 49 states and declined in 4
states. The District of Columbia, Puerto Rico, and Virgin Islands are
included in this data.

In the October 15 employment survey week, continuing claims
declined by 96,000 to 3,645,000 after seasonal adjustment. Unadjusted
continuing claims rose 14,906 to 3,149,676.

The continuing claims level in the most recent week was down
107,000 from the 3,752,000 level in the September 17 employment survey
week.

The seasonally adjusted insured unemployment rate dipped slightly
to 2.9% in the October 15 week from 3.0% in the previous report, and was
well below the 3.5% rate in the comparable week a year earlier.

The unemployment rate among the insured labor force is well below
that reported monthly by the Labor Department because claims are
approved for the most part only for job losers, not the job leavers and
labor force reentrants included in the monthly report.

The Labor Department said that the level of unadjusted Emergency
Unemployment Compensation benefits claims fell 45,117 in the October 8
week, bringing that category to 2,921,937. Extended benefits claims fell
by 8,680 to 526,435, not seasonally adjusted in the same week.

The Labor Department reported that a total of 6,681,507 persons
claimed unemployment benefits in the October 8 week, a decline of 14,634
from the previous week and still well below the 8,497,619 persons in the
comparable week a year ago. These data are not seasonally adjusted, and
include regular state claims, federal employee claims, new veterans
claims, the EUC and extended benefits programs, state additional
benefits, and STC/Workshare claims.

** Market News International Washington Bureau: 202-371-2121 **

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