US Jobless Claims Fall to 260K


Initial Jobless Claims in the United States decreased by 12 thousand to 260 thousand in the week ending September 30th. Economists had expected jobless claims to go down to 265 thousand. Still, the claims remained above 260K for the fifth consecutive week as Hurricanes Irma, Harvey and Maria had disrupted the labor market in Florida, Georgia, Texas, Puerto Rico and Virgin islands.

Applications for unemployment insurance fell by a combined 9,000 in Florida, Georgia and Texas before seasonal adjustments, as those states recover from the hurricanes in late August and early September. Claims for Puerto Rico were estimated again and from the Virgin Islands surged to 1,039 from 68 as the islands cope with severe disruptions coused by Hurricane Maria.

The 4-week moving average was 268,250, a decrease of 9,500 from the previous week's unrevised average of 277,750. 

The advance seasonally adjusted insured unemployment rate was 1.4 percent for the week ending September 23, unchanged from the previous week's unrevised rate.

The advance number for seasonally adjusted insured unemployment during the week ending September 23 was 1,938,000, an increase of 2,000 from the previous week's revised level. The previous week's level was revised up 2,000 from 1,934,000 to 1,936,000. The 4-week moving average was 1,947,000, a decrease of 3,250 from the previous week's revised average. The previous week's average was revised up by 500 from 1,949,750 to 1,950,250. 

The largest increases in initial claims for the week ending September 23 were in Florida (+8,425), Michigan (+3,635), Georgia (+3,370), Kansas (+2,505), and Missouri (+1,377), while the largest decreases were in Texas (-8,283), Ohio (- 3,765), New York (-2,536), Oregon (-686), and California (-528).

Anna | anna@tradingeconomics.com
10/5/2017 12:50:12 PM