Research >> Economics
Weekly Initial Unemployment Claims Increase 71,000 to 281,000
In the week ending March 14, the advance figure for seasonally adjusted initial claims was 281,000, an increase of 70,000 from the previous week's unrevised level of 211,000. This is the highest level for initial claims since September 2, 2017 when it was 299,000. The 4-week moving average was 232,250, an increase of 16,500 from the previous week's revised average. This is the highest level for this 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.
The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending March 7, unchanged from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending March 7 was 1,701,000, an increase of 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 was 1,703,250, a decrease 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.
During the week ending March 14, the increase in initial claims are clearly attributable to impacts from the COVID-19 virus. A number of states specifically cited COVID-19 related layoffs, while many states reported increased layoffs in service related industries broadly and in the accommodation and food services industries specifically, as well as in the transportation and warehousing industry, whether COVID-19 was identified directly or not.
Posted: March 19, 2020 Thursday 08:30 AM