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Thursday, January 20, 2022
HomeNewsEconomyJobless Claims Fall 12K to Only 209K for Week Ending August 17

Jobless Claims Fall 12K to Only 209K for Week Ending August 17

U.S. initial jobless claims graph on a tablet screen. (Photo: AdobeStock)

Labor Market Continues to Defy Forecasts, Recession Fears

Initial jobless claims fell by 12,000 to a seasonally adjusted 209,000 for the week ending August 17, the Labor Department (DOL) reported. The labor market continues to defy the forecasts amid media-driven recession fears.

The consensus forecast was looking for a less sharp decline to just 216,000.

PriorRevisedConsensus ForecastForecast RangeActual
Initial Jobless Claims220 K221 K216 K205 K to 220 K209 K
4-week Moving Average213.75 K214.00 KNANA214.50 K
Initial Jobless Claims – ∆9 KNANANA-12 K

The 4-week moving average was 214,500, an increase of 500 from the previous week’s revised average. The previous week’s average was revised up by 250 from 213,750 to 214,000.

The advance seasonally adjusted insured unemployment rate remained unchanged at a very low 1.2% for the week ending August 10.

No state was triggered “on” the Extended Benefits program during the week ending August 3, a Labor Department analyst said.

The highest insured unemployment rates in the week ending August 3 were in New Jersey (2.4), Puerto Rico (2.4), Connecticut (2.1), Pennsylvania (2.0), California (1.9), Rhode Island (1.8), Alaska (1.6), Illinois (1.6), Massachusetts (1.6), New York (1.4), and the Virgin Islands (1.4).

The largest increases in initial claims for the week ending August 10 were in California (+5,363), New York (+608), Kentucky (+423), Pennsylvania (+411), and Connecticut (+401), while the largest decreases were in South Carolina (-374), Illinois (-337), Tennessee (-285), Alabama (-230), and North Carolina (-213).

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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