Today the United States Department of Labor, released their News Release on Unemployment Insurance Weekly Claims for the week ending May 24, 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 300,000 which is a decrease of 27,000 claims from the previous week's revised level. The 4-week unemployment claims moving average was 311,500 claims. This report has the 4 week unemployment claims average at the lowest claim level in seven years.
For the week ending May 17, 2014 the states that had the largest weekly increases for initial claims were Michigan with 1,403 initial claims due to unexpected layoffs in the wholesale trade industry with California following with an increase of 4,477 claims due to layoffs in the service industry. Wisconsin lead all states with a reduction of 1,870 unemployment claims by New York with a decrease of 1,348 initial claims thanks to few layoffs than anticipated in the construction, professional, scientific and technical services and manufacturing industries.
According to this Department of Labor report for the week ending May 17, 2014 there were 2,631,000 people claiming unemployment benefits. This represents a decrease of increase of 17,000 claims from the prior week. A year ago there were 2,763,767 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 May 29, 2014. The next national Department of Labor weekly unemployment claims report should be released on June 5, 2014 and will measure unemployment claims activity for the earlier week.
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