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Market Update : 
Jobless Claims Drop by 9,000
Author: 123jump.com Staff
123jump.com
Last Update: 8:53 AM EST February 21 2008



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In the week ending Feb.16, the advance figure for seasonally adjusted initial claims was 349,000, a decrease of 9,000 from the previous week''''''''s revised figure of 358,000. The 4-week moving average was 360,500, an increase of 10,750 from the previous week''''''''s revised average of 349,750.

 
The following is the unedited transcript of the news release from the U.S. Department of Labor.

SEASONALLY ADJUSTED DATA

In the week ending Feb.16, the advance figure for seasonally adjusted initial claims was 349,000, a decrease of 9,000 from the previous week''s revised figure of 358,000. The 4-week moving average was 360,500, an increase of 10,750 from the previous week''s revised average of 349,750.

The advance seasonally adjusted insured unemployment rate was 2.1 percent for the week ending Feb. 9, unchanged from the prior week''s unrevised rate of 2.1 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Feb. 9 was 2,784,000, an increase of 48,000 from the preceding week''s revised level of 2,736,000. The 4-week moving average was 2,752,500, an increase of 28,750 from the preceding week''s revised average of 2,723,750.

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 320,488 in the week ending Feb. 16, a decrease of 56,851 from the previous week. There were 305,945 initial claims in the comparable week in 2007.

The advance unadjusted insured unemployment rate was 2.5 percent during the week ending Feb. 9, unchanged from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 3,313,467, a decrease of 13,743 from the preceding week. A year earlier, the rate was 2.3 percent and the volume was 2,994,128.

Extended benefits were not available in any state during the week ending Feb. 2.

Initial claims for UI benefits by former Federal civilian employees totaled 1,102 in the week ending Feb. 9, an increase of 52 from the prior week. There were 1,572 initial claims by newly discharged veterans, a decrease of 13 from the preceding week.

There were 18,647 former Federal civilian employees claiming UI benefits for the week ending Feb. 2, an increase of 933 from the previous week. Newly discharged veterans claiming benefits totaled 23,387, a decrease of 621 from the prior week.

The highest insured unemployment rates in the week ending Feb. 2 were in Alaska (5.2 percent), Michigan (4.4), Rhode Island (4.1), Idaho (4.0), Pennsylvania (4.0), Oregon (3.8), Wisconsin (3.8), Montana (3.5), New Jersey (3.5), and Massachusetts (3.4).

The largest increases in initial claims for the week ending Feb. 9 were in California (+7,857), Kentucky (+4,166), Illinois (+1,955), Georgia (+1,009), and Massachusetts (+501), while the largest decreases were in Ohio (-2,752), Wisconsin (-2,232), North Carolina (-1,746), Pennsylvania (-1,608), and Florida (-1,410).


Available at:

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