"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Thursday, March 24, 2011

First Time Jobless Claims

Reviewing the news for the week of 3/12, seasonally-adjusted first time jobless claims came in at 385,000, right in line with expectations, and the unadjusted number of initial claims was 372,370. The seasonally-adjusted level for state program insured unemployment was 3,706,000, and the unadjusted level was 4,276,916. And finally,a s of 2/26, the total number of persons claiming unemployment benefits in all programs was 8,953,610.
Looking at the week ending 3/19, the Econoday-surveyed analysts are expecting another week of 385,000 new first time claims.
As always, we turn to the US Department of Labor for the actual results. First off, the seasonally-adjusted first time claims was revised upwards to 387,000 (so, things were a little bit worse than anticipated). Now, for the week ending 3/19, the advance figure for seasonally adjusted initial claims came in at 382,000, down 5000 from last week's revised numbers and beating expectations by 3000. The unadjusted advance number of initial claims is reported at 351,204, down 21,166.
The seasonally-adjusted level for state program insured unemployment was revised upwards for 3/12 to a level of 3,723,000 (an increase of 17,000). For the week ending 3/19, the seasonally adjusted state program insured unemployment level is being reported at 3,721,000 (down 2000 from the revised level). The unadjusted level comes in at 4,260,519 (down 16,397[1]).
As of 3/5, the total number of people claiming benefits in all programs was 8,766,062 (down 187,548[2]).
[1] Hopefully down due to an increase in employment levels. But, since the Employment Situation report isn't due out until the inauspicious date of April 1, we won't know for another week.
[2] See [1], above.

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