Jobless Claims, 4-Week Average, Tumble Again to Multi-Decade Lows

The Labor Department (DOL) said initial jobless claims and the 4-week average again fell to new multi-decade lows.

Initial jobless claims fell another 3,000 to a seasonally adjusted 201,000 for the week ending September 15. This is the lowest level for initial claims since November 15, 1969 when it was 197,000.

The 4-week moving average fell 2,250 from the previous week’s unrevised average to 205,750. This is the lowest level for this average since December 6, 1969 when it was 204,500.

No state was triggered “on” the Extended Benefits program during the week ending September 1.

The advance seasonally adjusted insured unemployment rate was unchanged at a very low 1.2% for the week ending September 8. The advance number for seasonally adjusted insured unemployment during the week ending September 8 was 1,645,000, a decrease of 55,000 from the previous week’s revised level.

This is the lowest level for insured unemployment since August 4, 1973 when it was 1,633,000.

The 4-week moving average declined 20,750 from the previous week’s revised average to 1,691,500. This is the lowest level for this average since November 17, 1973 when it was 1,686,000.

The highest insured unemployment rates in the week ending September 1 were in New Jersey (2.4), Connecticut (1.9), Alaska (1.7), Pennsylvania (1.7), Puerto Rico (1.7), California (1.6), New York (1.5), Rhode Island (1.5), the District of Columbia (1.4), Massachusetts (1.4), and Nevada (1.4).

The largest increases in initial claims for the week ending September 8 were in Iowa (+648), Wisconsin (+643), Kansas (+573), Michigan (+398), and Nebraska (+302), while the largest decreases were in California (-4,065), New York (-3,765), Pennsylvania (-948), Indiana (-812), and Washington (-623).