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Weekly Unemployment Claims Continue Downward

Yesterday the United States Department of Labor (DOL), released their advance News Release on Unemployment Insurance Weekly Claims for the week ending August 16, 2014. This week’s report continues to encourage economic recovery as weekly jobless claims were 298.000. This weekly News Release report speaks to the national unemployment activity by reporting on the number of Americans filing for unemployment benefits. Lower unemployment and fewer claims are 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 decreased by 14,000 from the previous week's revised level of 300,750 claims. The 4-week unemployment claims moving average was 296,000 claims which is an increase of 4,750 claims from the previous week's revised average.

For the week ending August 9, 2014 the states that had the largest weekly increases for initial claims was California with 10,107 initial claims due to unexpected layoffs in the service industry. New York followed with an increase of 1,928 claims due to layoffs in the food service, transportation and warehousing and construction industries. Connecticut lead all states with a reduction of 397 unemployment claims due to fewer than expected layoffs followed by Kansas with a decrease of 305 initial claims.

According to this Department of Labor report for the week ending August 2, 2014 there were a total of 2,517,465 people claiming unemployment benefits. This represents a decrease of 18,965 claims from the prior week. One year ago there were 4,431,604 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 21, 2014. The next national Department of Labor weekly unemployment claims report will be released on August 28, 2014 and will measure unemployment claims activity for the previous week.

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