–No States Estimated, Nothing In State Data, NSA Claims Jump
–Initial Claims Lowest Since February, 4-week Average Low Since April
–Continuing Claims Fall 174,000 To 3.583 Mln In Holiday Week; 2-Yr Low

By Kevin Kastner and Ian McKendry

WASHINGTON (MNI) – Initial claims for U.S. state unemployment
benefits fell 23,000 to 381,000 in the December 3 week, the lowest level
since the February 26 week, the Labor Department reported Thursday.

A Labor Department analyst said that no states were estimated and
there was nothing usual in the state-level data.

The analyst said seasonal factors had expected a rise of 48.9%, or
182,000, in unadjusted claims in the week following the Thanksgiving
holiday. This week is usually the largest single-week increase of the
year, the analyst said, as filings pick up after the holiday week and
this week is usually the start of seasonal layoffs. The peak for the
level of unadjusted claims is usually the second week in January as
seasonal holiday workers are dismissed after the holidays.

The actual unadjusted rise in the December 3 week was 40.5%, or
151,002 to 523,642, a substantial rise, but a smaller increase that
seasonals had expected. Unadjusted claims were at a level of 585,711 in
the comparable week a year ago.

Economists surveyed by Market News International had expected
initial claims to come in at 395,000, down 7,000 from the 402,000 level
initially reported in last week’s data. That week’s claims were revised
up to 404,000.

The initial claims seasonally adjusted 4-week moving average was
393,250 in the December 3 week, a decrease of 3,000 from the previous
week and the lowest level since the April 2 week.

The state data released for the November 26 week indicated
unadjusted initial claims increased in 14 states and declined in 39
states. The District of Columbia, Puerto Rico, and Virgin Islands are
included in this data.

Continuing claims fell by 174,000 to 3.583 million after seasonal
adjustment in the November 26 holiday week, the lowest level since the
September 20, 2008 week, when the level stood at 3.564 million.
Unadjusted continuing claims surged by 512,961 to 3,679,992 in the
November 26 week, but was still down from 4,216,488 in the comparable
week a year earlier.

The seasonally adjusted insured unemployment rate fell 0.2 to 2.8%
in the November 26 week from 3.0% in the previous week, the lowest since
the week of October 18, 2008. The current rate was well below the 3.3%
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 by 178,610 in the
November 19 week, bringing that category to 2,794,284. Extended benefits
claims fell by 32,994 to 515,560 not seasonally adjusted in the same
week.

The Labor Department reported that a total of 6,574,837 persons
claimed unemployment benefits in the November 19 week, a decline of
431,307 from the previous week and still well below the 8,297,990
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 **

[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]