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Friday, June 14, 2024
HomeNewsEconomyWeekly Jobless Claims, First-Time Unemployment Insurance Benefits Rise

Weekly Jobless Claims, First-Time Unemployment Insurance Benefits Rise

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Weekly jobless claims, or first-time claims for unemployment benefits reported by the Labor Department.

The Labor Department said on Thursday weekly jobless claims, or first-time claims for unemployment insurance fell by 9,000 to 267,000 for week ending April 2. The weekly jobless claims numbers came in lower than the median forecast for 270,000 and the prior week was unchanged at 276,000.

A Labor Department analyst said there were no special factors impacting this week’s initial claims and no state was triggered “on” the Extended Benefits program during the week ending March 19.

The 4-week moving average–which is widely considered to be a better gauge, as it irons-out week-to-week volatility–increased by 3,500 to 266,750, up from the previous week’s unrevised average of 263,250. While the report marks 57 consecutive weeks of initial claims below 300,000, which is the longest streak since 1973.

The highest insured unemployment rates in the week ending March 19 were in Alaska (4.2), New Jersey (3.0), Wyoming (3.0), West Virginia (2.9), Connecticut (2.7), Montana (2.7), Pennsylvania (2.7), California (2.6), Illinois (2.6), and Massachusetts (2.6).

The largest increases in initial claims for the week ending March 26 were in Pennsylvania (+2,058), New Jersey (+1,457), Ohio (+1,433), New York (+1,359), and Arkansas (+1,156), while the largest decreases were in Puerto Rico (- 1,415), Indiana (-908), Connecticut (-689), Michigan (-613), and California (-538).

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