Today the United States Department of Labor (DOL), released their advance News Release on Unemployment Insurance Weekly Claims for the week ending August 9, 2014. This weeks report continues to encourage economic recovery is at work despite a weekly jobless claims report of 311,000. The News Release report speaks to the national unemployment activity by reporting weekly on the number of Americans filing for unemployment benefits. Lower unemployment is considered a market indicator of economic growth. 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 this week unemployment claims increased by 21,000 from the previous week's revised level of 290,000 claims. The 4-week unemployment claims moving average was 295,750 claims which is a increase of 2,000 claims from the previous week's revised average.
For the week ending August 2, 2014 the states that had the largest weekly increases for initial claims was South Carolina with 982 initial claims. Pennsylvania followed with an increase of 853 claims. California lead all states with a reduction of 9,244 unemployment claims due to fewer than expected layoffs for the week followed by Tennessee with a decrease of 1,090 initial claims due to fewer claims.
According to this Department of Labor report for the week ending July 25, 2014 there were a total of 2,536,430 people claiming unemployment benefits. This represents a decrease of 40,062 claims from the prior week. One year ago there were 4,579,832 people claiming unemployment benefits.
While this News Release provides a only 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 August 14, 2014. The next national Department of Labor weekly unemployment claims report will be released on August 21, 2014 and will measure unemployment claims activity for the earlier week.
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