Today the United States Department of Labor, released their News Release on Unemployment Insurance Weekly Claims for the week ending May 31, 2014. This report speaks to the weekly national unemployment activity. DOL News Release provides information and analysis on the national unemployment claims.
After revisions to the previous week claims and monthly average the overall unemployment claims for the week came in at 312,000 which is an increase of 8,000 claims from the previous week's revised level. The 4-week unemployment claims moving average was 310,250 claims. This report has the 4 week unemployment claims average at the lowest claim level since June 2, 2007.
For the week ending May 24, 2014 the states that had the largest weekly increases for initial claims were New York with 1,347 initial claims due to unexpected layoffs food services, construction and educational services with Ohio following with an increase of 966 claims due to layoffs. Michigan lead all states with a reduction of 6,683 unemployment claims due to fewer than expected layoffs in the wholesale trade industry followed by Kansas with a decrease of 2,093 initial claims.
According to this Department of Labor report for the week ending May 24, 2014 there were 2,603,000 people claiming unemployment benefits. This represents a decrease of increase of 20,000 claims from the prior week. A year ago there were 2,979,000 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 June 5, 2014. The next national Department of Labor weekly unemployment claims report should be released on June 12, 2014 and will measure unemployment claims activity for the earlier week.
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