Today the United States Department of Labor (DOL) released their advance News Release on Unemployment Insurance Weekly Claims for the week ending November 15, 2014. Overall claims decreased by 2000 claims from the previous week. The weekly jobless claims report came in at 291,000 claims. The DOL News Release report gives an accounting of the national unemployment activity by reporting weekly on the number of Americans filing for unemployment benefits. Increased unemployment claims can be considered a market indicator of economic stagnation while a sustained decreased unemployment claims is a sign of positive economic recovery.
After revisions to the previous week claims and monthly average the overall unemployment claims this week unemployment claims saw an increase from the previous week’s revised level of 290,000 claims. The 4-week unemployment claims moving average was 287,500 claims which is a increase of 1,750 claims over the 4 week average.
For the week ending November 8, 2014 the states that had the largest weekly increases for initial claims were California with 9,512 initial claims due to more layoffs than anticipated in the service industry. Pennsylvania followed with an increase of 2,697 due to more layoffs than anticipated in construction, administrative and support and waste management and remediation services and arts, entertainment and recreation industries. While Mississippi has the largest decrease in weekly claims at 150 claims followed by Rhode Island having a decrease of 106 initial unemployment claims due to fewer than expected layoffs in accommodation and food service, manufacturing and health care and social assistance industries.
According to this Department of Labor report for the week ending November 1, 2014 nationally, there were a total of 2,183,590 people claiming unemployment benefits. This represents an increase of 81,659 claims from the prior week. One year ago there were 3,882,383 people claiming unemployment benefits.
While this News Release provides a only snapshot of weekly and monthly averages of initial unemployment claims and does not consider the long term unemployed, employer hiring or those who have dropped out of the labor force. To view the full News Release go to Unemployment Insurance Weekly Claims released November 20, 2014. The next national Department of Labor weekly unemployment claims report will be released on November 27, 2014 and will measure unemployment claims activity for the earlier week.
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