US Jobless Claims Rise to 272K

The number of Americans filing for unemployment benefits increased by 12 thousand to 272 thousand in the week ended September 23rd, slightly above market expectations of 270 thousand. The previous week's level was revised up by 1 Thousand to 260 Thousand. The claims remained above 260K for the fourth consecutive week as Hurricanes Irma and Harvey had disrupted the labor market in Florida, Georgia and Texas.

Unadjusted figures showed fillings for unemployment insurance surged by more than 8,000 in Florida to 18,212, and by about 3,000 in Georgia to 7,917. In contrast, applications in Texas fell by about 8,200, as the state recovers from Hurricane Harvey.

The 4-week moving average was 277,750, an increase of 9,000 from the previous week's unrevised average of 268,750. This is the highest level for this average since February 6, 2016 when it was 277,750. 

Meanwhile, continuing jobless claims decreased by 45 Thousand to 1,934 Thousand during the week ending September 16. It is the lowest number since the week ended May 27th.

The total number of people claiming benefits in all programs for the week ending September 9 was 1,765,477, an increase of 37,410 from the previous week. There were 1,874,794 persons claiming benefits in all programs in the comparable week in 2016.

The highest insured unemployment rates in the week ending September 9 were in Puerto Rico (3.3), New Jersey (2.3), Alaska (2.1), California (1.9), Connecticut (1.9), Pennsylvania (1.8), Texas (1.7), Illinois (1.6), Nevada (1.6), the District of Columbia (1.5), Massachusetts (1.5), and New York (1.5).

The largest increases in initial claims for the week ending September 16 were in California (+9,497), Florida (+5,279), Ohio (+4,068), Puerto Rico (+2,133), and South Carolina (+1,533), while the largest decreases were in Texas (-23,637), Iowa (-665), Oklahoma (-368), Michigan (-308), and Nevada (-305).

US Jobless Claims Rise to 272K

Anna |
9/28/2017 12:52:22 PM