Initial Jobless Claims Highest Since September 2, 2017; 4-Week Average Highest Since January 27, 2018
The U.S. Labor Department (DOL) reported initial jobless claims rose far more than expected to 281,000 for the week ending March 14, attributable to the coronavirus (COVID-19). That’s an increase of 70,000 from the previous week’s unrevised 211,000.
This is the highest level for initial claims since September 2, 2017 when it was 299,000. Forecasts ranged from a low of 218,000 to a high of 240,000. The consensus forecast was 220,000.
The 4-week moving average was 232,250, an increase of 16,500 from the previous week’s revised average. That’s the highest level for the average since January 27, 2018 when it was 234,500.
The previous week’s average was revised up by 1,750 from 214,000 to 215,750.
Lagging Jobless Claims Data
The advance seasonally adjusted insured unemployment rate was unchanged at a very low 1.2% for the week ending March 7. The advance number for seasonally adjusted insured unemployment during the week ending March 7 was 1,701,000, rising 2,000 from the previous week’s revised level.
The previous week’s level was revised down by 23,000 from 1,722,000 to 1,699,000. The 4-week moving average came in at 1,703,250, a decline of 7,000 from the previous week’s revised average. The previous week’s average was revised down by 17,250 from 1,727,500 to 1,710,250.
No state was triggered “on” the Extended Benefits program during the week ending February 29.
The highest insured unemployment rates in the week ending February 29 were in Alaska (2.7), New Jersey (2.7), Connecticut (2.5), Montana (2.4), Pennsylvania (2.4), Rhode Island (2.4), West Virginia (2.4), Illinois (2.3), California (2.2), Minnesota (2.2), and Puerto Rico (2.2).
The largest increases in initial claims for the week ending March 7 were in California (+1,707), Texas (+1,663), Washington (+846), North Carolina (+808), and Florida (+472), while the largest decreases were in New York (-17,173), Ohio (-3,371), Georgia (-969), Virginia (-740), and Wisconsin (-606).
