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Weekly Unemployment Claims Hits 7 Year Low

BLS Weekly Unemployment Claims for May 10, 2014
BLS Weekly Unemployment Claims for May 10, 2014
File Screenshot of News Release

Today the United States Department of Labor, released their News Release on Unemployment Insurance Weekly Claims for the week ending May 10, 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 297,000 which is a decrease of 24,000 claims from the previous week's revised level. This weeks report on unemployment claims is the lowest in seven years. The 4-week unemployment claims average increased to 325,250 at the end of the reporting week.

For the week ending May 3, 2014 the states that had the largest weekly increases for initial claims were Pennsylvania with 1,403 initial claims due to unexpected layoffs in the several industries with Texas following with an increase of 1,147 claims due to layoffs in a broad range of industries. New York lead all states with a reduction of 20,637 unemployment claims thanks to fewer layoffs in transportation, warehousing, food services and educational services followed by California with a decrease of 3,713 initial claims thanks to few layoffs than anticipated in the service industry.

According to this Department of Labor report for the week ending April 26, 2014 there were 2,705,019 people claiming unemployment benefits. This represents a decrease of increase of 127,674 claims from the prior week. A year ago there were 4,835,833 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 15, 2014. The next national Department of Labor weekly unemployment claims report should be released on May 22, 2014 and will measure unemployment claims activity for the earlier week.

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