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

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Thursday, June 30, 2011

First Time Jobless Claims

As you all may remember, I was on vacation last week.  Amongst other things, this means that I did not pay attention to any form of economic data beyond the balance of my checking account.  I have no idea what the figures looked like last week.  Econoday is reporting that the seasonally adjusted level for initial claims came in at 429,000, missing expectations by 9000.  They also indicate that the US Department of Labor had to estimate results for six states due to "technology issues", so this number could be heavily revised.  And right now, the Econoday-surveyed analysts are anticipating 420,000 new initial claims,f or the week ending 6/25.
So let's pull up the Unemployment Insurance Weekly Claims Report for the week ending 6/25, and see what actually happened.
Right off the bat, the seasonally adjusted initial claims figures for last week have not been revised.  They remain at a level of 429,000.  For 6/25, the initial claims have come in at an expectations-missing 428,000.  Actual initial claims for 6/25 came in at 403,284, up 8,998 from last week.  And the total number of people claiming benefits in all programs for the week ending 6/11 came in at 7,511,613, down 30,701.

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