The U.S. weekly jobless claim rate fell 41,000 in the week ended January, according to a statement from Department of Labor. As a result, the seasonally adjusted initial claims were 220,000 in the week ended January 13 compared to 261,000 in the preceding week.
The latest date of the U.S. weekly jobless claim rate suggested that this was the lowest level after February 24, 1973 when the claims rate was 218,000. The four-week moving average also fell 6,250 to 244,500 in the same period.
As far as the advance claims in respect of insurance, it was 1.4 percent in the week ended January 6, up 0.1 percent from the preceding week’s unrevised rate.
The release added, “The advance number for seasonally adjusted insured unemployment during the week ending January 6 was 1,952,000, an increase of 76,000 from the previous week’s revised level. The previous week’s level was revised up 7,000 from 1,869,000 to 1,876,000. The 4-week moving average was 1,921,000, an increase of 4,000 from the previous week’s revised average. The previous week’s average was revised up by 1,750 from 1,915,250 to 1,917,000.”
Similarly, unadjusted actual initial claims under state programs fell 43,599 to 360,020 in the week ended January 13 representing a 10.8 percent drop from the previous week. There was an expectation that the seasonal factors would add 6.0 percent of 24,280 from the preceding week.
For the week ended January 6, unadjusted insured jobless rate was 1.7 percent, up 0.1 percentage point from the previous week. The biggest jobless claims were in New York for the week ended January 6. Georgia, California, Pennsylvania and Texas followed it. On the other hand, the biggest drop was seen in New Jersey, Massachusetts, Michigan, Ohio and Iowa.