The U.S. labor market continues to roll along as applications for jobless claims fell again last week and remain at healthy levels in the face of high-interest rates, higher wages and inflation. In the week ending August 12, the advance figure for seasonally adjusted initial claims declined by 11,000 to 239,000 from the previous week’s revised level. The previous week’s level was revised up by 2,000 from 248,000 to 250,000.
The 4-week moving average was 234,250, an increase of 2,750 from the previous week’s revised average. The previous week’s average was revised up by 500 from 231,000 to 231,500.
The advance seasonally adjusted insured unemployment rate was 1.2 percent for the week ending August 5, an increase of 0.1 percentage point from the previous week’s unrevised rate. The advance number for seasonally-adjusted insured unemployment during the week ending August 5 was 1,716,000, an increase of 32,000 from the previous week’s unrevised level of 1,684,000. The 4-week moving average was 1,692,750, a decrease of 8,250 from the previous week’s unrevised average of 1,701,000 seasonally-adjusted insured unemployment.
Unadjusted Data
The advance number of actual initial claims under state programs, unadjusted, totaled 212,850 in the week ending August 12, a decrease of 15,067 (or -6.6 percent) from the previous week. The seasonal factors had expected a decrease of 4,753 (or -2.1 percent) from the previous week. There were 187,391 initial claims in the comparable week in 2022.
The advance unadjusted insured unemployment rate was 1.2 percent during the week ending August 5, unchanged from the prior week. The advance unadjusted level of insured unemployment in state programs totaled 1,819,449, an increase of 9,671 (or 0.5 percent) from the preceding week. The seasonal factors had expected a decrease of 25,253 (or -1.4 percent) from the previous week. A year earlier the rate was 1.0 percent and the volume was 1,423,854.
The total number of continued weeks claimed for benefits in all programs for the week ending July 29 was 1,834,497, a decrease of 17,663 from the previous week. There were 1,481,402 weekly claims filed for benefits in all programs in the comparable week in 2022.
No state was triggered “on” the Extended Benefits program during the week ending July 29.
Initial claims for UI benefits filed by former Federal civilian employees totaled 377 in the week ending August 5, a decrease of 8 from the prior week. There were 457 initial claims filed by newly discharged veterans, an increase of 80 from the preceding week.
There were 5,106 continued weeks claims filed by former Federal civilian employees the week ending July 29, an increase of 196 from the previous week. Newly discharged veterans claiming benefits totaled 4,047, an increase of 31 from the prior week.
The highest insured unemployment rates in the week ending July 29 were in Puerto Rico (2.6), New Jersey (2.5), California (2.2), Massachusetts (2.0), Rhode Island (2.0), Connecticut (1.9), New York (1.9), Oregon (1.9), Pennsylvania (1.8), and Minnesota (1.7).
The largest increases in initial claims for the week ending August 5 were in Ohio (+5,406), California (+2,363), Texas (+2,237), New Jersey (+1,622), and Connecticut (+1,288), while the largest decreases were in Missouri (-781), Florida (-410), Iowa (-335), Arkansas (-198), and Kentucky (-79).
