Weekly Unemployment Claims: Down 3K, Better Than Forecast
This article was originally written by Doug Short. From 2016-2022, it was improved upon and updated by Jill Mislinski. Starting in January 2023, AP Charts pages will be maintained by Jennifer Nash at Advisor Perspectives/VettaFi.
Here is the opening statement from the Department of Labor:
In the week ending January 28, the advance figure for seasonally adjusted initial claims was 183,000, a decrease of 3,000 from the previous week's unrevised level of 186,000. The 4-week moving average was 191,750, a decrease of 5,750 from the previous week's unrevised average of 197,500.
The advance seasonally adjusted insured unemployment rate was 1.1 percent for the week ending January 21, unchanged from the previous week's revised rate. The previous week's rate was revised down by 0.1 from 1.2 to 1.1 percent. The advance number for seasonally adjusted insured unemployment during the week ending January 21 was 1,655,000, a decrease of 11,000 from the previous week's revised level. The previous week's level was revised down by 9,000 from 1,675,000 to 1,666,000. The 4-week moving average was 1,651,500, a decrease of 10,500 from the previous week's revised average. The previous week's average was revised down by 2,250 from 1,664,250 to 1,662,000.
This morning's seasonally adjusted 183K new claims, down 3k from the previous week's unrevised figure, came in below the Investing.com forecast of 200K.
Here is a close look at the data over the decade (with a callout for the past year), which gives a clearer sense of the overall trend.