October 6, 2022

Claims for Unemployment Benefits Increase

Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 418,000, the Labor Department said.

Economists polled by Reuters had forecast claims rising to 410,000. The prior week’s figure was revised up to 408,000 from the previously reported 405,000.

The claims data covered the survey period for the closely watched nonfarm payrolls count for July. Initial claims dropped 11,000 between the June and July survey periods, suggesting a modest improvement in employment after June’s paltry 18,000-job gain.

A government shutdown in Minnesota following a budget impasse resulted in an additional 1,750 state employees filing claims for jobless benefits last week.

Initial claims have now been above the 400,000 mark for 15 consecutive weeks. A level of 400,000 claims or less is usually associated with a stable labor market.

The four-week moving average of claims, considered a better measure of labor market trends, slipped 2,750 to 421,250.

A total of 7.33 million people were claiming unemployment benefits during that period under all programs, down 159,000 from the prior week.

Article source: http://feeds.nytimes.com/click.phdo?i=cb328e00385bf0639d88377351f49b3b

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