UPDATE: Initial jobless claims numbers are out.
New claims last week were 369K, just below expectations of 370K.
Last week’s claims were revised up to 392K from 388K.
Continuing claims were slighlty below expectations at 3254K, while last week’s continuing claims number was revised up to 3256K from 3252K.
California was a huge outlier, with claims soaring by 26,935 due to “layoffs across all sectors, with the largest share from the service industry” last week.
Here is a state-by-state breakdown:
Here is the unadjusted data, from the press release:
The advance number of actual initial claims under state programs, unadjusted, totaled 342,702 in the week ending October 20, a decrease of 20,032 from the previous week. There were 377,156 initial claims in the comparable week in 2011.
The advance unadjusted insured unemployment rate was 2.2 per cent during the week ending October 13, an increase of 0.1 percentage point from the prior week’s unrevised rate. The advance unadjusted number for persons claiming UI benefits in state programs totaled 2,811,504, an increase of 63,421 from the preceding week. A year earlier, the rate was 2.5 per cent and the volume was 3,196,554.
The total number of people claiming benefits in all programs for the week ending October 6 was 4,917,460, a decrease of 84,525 from the previous week. There were 6,679,024 persons claiming benefits in all programs in the comparable week in 2011.
Extended Benefits were only available in New York during the week ending October 6.
Initial claims for UI benefits by former Federal civilian employees totaled 1,991 in the week ending October 13, an increase of 49 from the prior week. There were 2,824 initial claims by newly discharged veterans, a decrease of 638 from the preceding week.
There were 17,559 former Federal civilian employees claiming UI benefits for the week ending October 6, an increase of 680 from the previous week. Newly discharged veterans claiming benefits totaled 38,069, a decrease of 393 from the prior week.
States reported 2,052,957 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending October 6, a decrease of 45,836 from the prior week. There were 2,921,937 persons claiming EUC in the comparable week in 2011. EUC weekly claims include first, second, third, and fourth tier activity.
The highest insured unemployment rates in the week ending October 6 were in Alaska (3.9), Puerto Rico (3.8), Virgin Islands (3.8), California (3.0), New Jersey (3.0), Pennsylvania (3.0), Oregon (2.8), Nevada (2.7), New York (2.6), Arkansas (2.5), Connecticut (2.5), Illinois (2.5), and North Carolina (2.5).
The largest increases in initial claims for the week ending October 13 were in California (+26,935), Florida (+3,947), Ohio (+1,936), Washington (+1,435), and Alaska (+1,383), while the largest decreases were in New York (-3,395), New Jersey (-1,311), Georgia (-1,285), Massachusetts (-1,141), and Kentucky (-982).
ORIGINAL: Minutes away from another key initial jobless claims report at 8:30 AM ET.
Economists polled by Bloomberg are expecting 370K new claims, down from 388K last week.
Continuing claims are expected to rise to 3260K from 3252K last week.
We will have the number LIVE on Money Game at 8:30 AM ET. Click here for updates >