Today the United States Department of Labor, released their News Release on Unemployment Insurance Weekly Claims for the second week in a row for the week ending July 12, 2014. Fewer jobless claims than expected last week may be pointing to economic momentum. This report speaks to the weekly national unemployment activity by reporting on the number of Americans filing for unemployment benefits. DOL News Release provides information and analysis on the weekly national unemployment claims.
After revisions to the previous week claims and monthly average the overall unemployment claims for the week came in at 302,000 claims which is an decrease of 3,000 claims from the previous week's revised level of 305,000. The 4-week unemployment claims moving average was 307,500 claims which is in increase of 3,000 claims from the previous week's revised average.
For the week ending July 5, 2014 the states that had the largest weekly increases for initial claims were Michigan with 9,821 initial claims due to layoffs in the service industry. New York followed with an increase of 5,272 claims due to layoffs in the transportation and warehousing, educational service and health care and social assistance industries. For the second week in a row California lead all states with a reduction of 4,008 unemployment claims due to fewer than expected layoffs in the service industry followed by New Jersey with a decrease of 3,953 initial claims.
According to this Department of Labor report for the week ending July 5, 2014 there were 2,584,000 people claiming unemployment benefits. This represents a significant decrease of claims from the prior week. One year ago there were 3,003,000 people claiming unemployment benefits.
While this News Release provides a snapshot of weekly and monthly averages of initial unemployment claims and does not consider the long term unemployed, employer hiring or those who have dropped out of the labor force. To view the full News Release go to Unemployment Insurance Weekly Claims released July 17, 2014. The next national Department of Labor weekly unemployment claims report will be released on July 24, 2014 and will measure unemployment claims activity for the earlier week.
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