New unemployment claims are compiled weekly to show the number of individuals who filed for unemployment insurance for the first time. An increasing (decreasing) trend suggests a deteriorating (improving) labor market. The four-week moving average of new claims smoothes out weekly volatility. Why Investors Care
| Released on 9/4/08 For wk 8/30 2008 | ||||||||||||
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Highlights
Initial jobless claims jumped 15,000 in the Aug. 30 week to a much higher-than-expected level of 444,000 though the four-week average did slip back 3,250 to 438,000. Continuing claims, in data for the Aug. 23 week, also continue to indicate weak conditions in the labor market, up 6,000 to another multi-year high of 3.435 million. There were no special factors in the data and no new details on the effects of the government's efforts to widen those eligible for benefits. Today's report is consistent with expectations for deepening declines in tomorrow's employment report.
Initial jobless claims fell back 10,000 in the week ending August 23 to 425,000, pulling the four-week average down by 6,000 to 440,250. Even though initial claims improved, the level is still quite high and continuing claims worsened. Continuing claims jumped 64,000 in the week ending August 16 to 3.423 million.
Jobless Claims Consensus Forecast for 8/30/08: 420,000
Range: 415,000 to 435,000
![[Chart]](chart.gif)
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Weekly series fluctuate more dramatically than monthly series even when the series are adjusted for seasonal variation. The 4-week moving average gives a better perspective on the underlying trend. |
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