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Jobless Claims Drop for Third Week in Row

Jobless claims drop for the third week in a row.
Jobless claims drop for the third week in a row.
Screenshot of News Release

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 19, 2014. Fewer jobless claims than expected may be pointing to economic momentum. Weekly report speaks to the 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. This weeks report has unemployment benefit claims falling for the third week in a row.

After revisions to the previous week claims and monthly average the overall unemployment claims for the week came in at 284,000 claims which is an decrease of 19,000 claims from the previous week's revised level of 306,000. The 4-week unemployment claims moving average was 302,000 claims which is a decrease of 7,250 claims from the previous week's revised average.

For the week ending July 12, 2014 the states that had the largest weekly increases for initial claims were New York with 14,427initial claims due to layoffs in the transportation and warehousing, construction and public administration industries. California followed with an increase of 11,126 claims due to unexpected layoffs in the service industries. Michigan lead all states with a reduction of 6,846 unemployment claims due to fewer than expected layoffs in the manufacturing industry followed by New Jersey with a decrease of 5,886 initial claims.

According to this Department of Labor report for the week ending July 12, 2014 there were 2,500,000 people claiming unemployment benefits. This represents a significant decrease of claims from the prior week. One year ago there were 2,991,000 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 24, 2014. The next national Department of Labor weekly unemployment claims report will be released on July 31, 2014 and will measure unemployment claims activity for the earlier week.

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