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Market Update : 
Jobless Claims up 15,000 to 294,000
Author: Ivaylo Dagnev
123jump.com
Last Update: 8:54 AM EST March 02 2006



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The Labor Department reported that the four-week average of new claims advanced by 5,250 to 287,250. The four-week average smoothes out the data to soften the impact of one-time events such as storms or holidays. Analysts expected a rise in initial claims to about 287,000. The largest increases in initial claims for the week ending Feb. 18 were in Rhode Island, while the largest decreases were in Michigan.

 
The following is the un-edited press release from the U.S. Department of Labor


UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT
SEASONALLY ADJUSTED DATA



In the week ending Feb. 25, the advance figure for seasonally adjusted initial claims was 294,000, an increase of 15,000 from the previous week''s revised figure of 279,000. The 4-week moving average was 287,250, an increase of 5,250 from the previous week''s revised average of 282,000.
The advance seasonally adjusted insured unemployment rate was 1.9 percent for the week ending Feb. 18, unchanged from the prior week''s unrevised rate of 1.9 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Feb. 18 was 2,486,000, a decrease of 2,000 from the preceding week''s revised level of 2,488,000. The 4-week moving average was 2,507,500, a decrease of 2,750 from the preceding week''s revised average of 2,510,250.

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 271,543 in the week ending Feb. 25, an increase of 1,661 from the previous week. There were 290,776 initial claims in the comparable week in 2005.

The advance unadjusted insured unemployment rate was 2.3 percent during the week ending Feb. 18, unchanged from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 2,916,492, a decrease of 101,373 from the preceding week. A year earlier, the rate was 2.4 percent and the volume was 3,096,036.
Extended benefits were available in Louisiana during the week ending Feb. 11.

Initial claims for UI benefits by former Federal civilian employees totaled 900 in the week ending Feb. 18, a decrease of 207 from the prior week. There were 1,940 initial claims by newly discharged veterans, a decrease of 161 from the preceding week.

There were 17,788 former Federal civilian employees claiming UI benefits for the week ending Feb. 11, a decrease of 2,250 from the previous week. Newly discharged veterans claiming benefits totaled 28,972, a decrease of 761 from the prior week.

The highest insured unemployment rates in the week ending Feb. 11 were in Alaska (6.1 percent), Puerto Rico (4.7), Michigan (4.5), Pennsylvania (4.0), Rhode Island (3.6), Wisconsin (3.6), New Jersey (3.3), Massachusetts (3.2), Mississippi (3.2), Illinois (3.1), Oregon (3.1), and Vermont (3.1).

The largest increases in initial claims for the week ending Feb. 18 were in Rhode Island (+442), Pennsylvania (+384), Montana (+368), Maryland (+294), and Wyoming (+202), while the largest decreases were in Michigan (-10,195), California (-8,068), Ohio (-2,990), Illinois (-2,612), and Indiana (-2,474).



Available at: http://www.dol.gov/opa/media/press/eta/ui/current.htm
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