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Jobless Claims: Modest Increase, Mostly in New York

August 29, 2019

Bottom Line: Jobless claims rose slightly last week. There was a sharp jump in claims in New York, which accounted for nearly all of the increased. Overall, the 4-week average is at 215k, still below the 13-week average that is now 217k, indicating the labor market trends are still mostly steady or improving slightly.

Jobless Claims ROSE by 4k during the week ended August 24th, 215k, compared with market expectations for an increase to 216k.The 4-week average FELL by 0.5k to 215k and the 13 week average FELL by 0.2k to 217k.

Continuing Claims ROSE by 22k during the week ended August 17th to 1,698k, after the prior week was revised slightly lower from 1,676k to 1,676k.The 4-week average held at 1,697k.

On a non-seasonally adjusted basis, Continuing Claims FELL by 6k to 1,613k during the week ended August 10th.

The Insured Jobless Rate STAYED at 1.2% during the week ended August 17th. The insured jobless rate only reflects the number of people collecting regular state unemployment insurance.

Article by Contingent Macro Advisors