Jobless Claims, Otherwise Known as the Firing Rate, Thus Far Posted Positive Levels in 2020
The U.S. Labor Department (DOL) reported initial jobless claims came in at a seasonally adjusted 205,000 for the week ending February 8, beating the consensus forecast. The previous week’s 202,000 level was revised higher by just 1,000 to 203,000.
Forecasts ranged from a low of 210,000 to a high of 214,000. The consensus forecast was 211,000.
The 4-week moving average was 212,000, unchanged from the previous week’s slightly higher revised average. Last week was revised up by just 250.
Lagging Jobless Claims Data
The advance seasonally adjusted insured unemployment rate was unchanged at a very low 1.2% for the week ending February 1.
The advance number for seasonally adjusted insured unemployment during the week ending February 1 was 1,698,000, a decrease of 61,000 from the previous week’s revised level. The previous week’s level was revised up 8,000 from 1,751,000 to 1,759,000.
The 4-week moving average was 1,726,750, a decrease of 17,500 from the previous week’s revised average. The previous week’s average was revised up by 2,000 from 1,742,250 to 1,744,250.
No state was triggered “on” the Extended Benefits program during the week ending January 25.
State Jobless Claims Data
The highest insured unemployment rates in the week ending January 25 were in Alaska (3.1), Puerto Rico (2.8), New Jersey (2.7), Connecticut (2.5), Montana (2.5), West Virginia (2.5), Illinois (2.4), California (2.3), Pennsylvania (2.3), and Rhode Island (2.3).
The largest increases in initial claims for the week ending February 1 were in Pennsylvania (+2,534), New York (+1,523), Texas (+748), Oregon (+396), and Arizona (+332), while the largest decreases were in California (-2,138), Washington (-1,453), New Jersey (-1,021), Michigan (-809), and Ohio (-757).