Weekly Initial Jobless Claims Decrease To 298k

Initial jobless claims for the week ending August 16 were a seasonally adjusted 298k, down from the prior week’s revised reading of 312k. Not seasonally adjusted, jobless claims for the week were 249k.

Jobless Claims

The 4-week moving average of initial jobless claims is 301k.

Jobless Claims Long

The insured unemployment rate was 1.9%, unchanged from the week prior.

Insured Unemployment

The number of unemployment insurance recipients, or continuing claims, for regular state programs was 2.500 million, down from the previous week’s revised reading of 2.549 million.

UI Recipients

Individual states that had changes in claims of more than 1k (not seasonally adjusted):

States

Jobless claims and the unemployment rate:

Labor Market

Weekly Initial Jobless Claims Increase To 311k

Initial jobless claims for the week ending August 9 were a seasonally adjusted 311k, up from the prior week’s revised reading of 290k. Not seasonally adjusted, jobless claims for the week were 269k.

Jobless Claims

The 4-week moving average of initial jobless claims is 296k. This is nearing historic lows.

Jobless Claims 4W

The insured unemployment rate was 1.9%, unchanged from the week prior.

Insured Unemployment

The number of unemployment insurance recipients, or continuing claims, for regular state programs was 2.544 million, up from the previous week’s revised reading of 2.519 million.

Unemployment Insurance

Individual states that had changes in claims of more than 1k (not seasonally adjusted):

States

Jobless claims and the unemployment rate:

Labor Market

Weekly Initial Jobless Claims Decline To 289k

Initial jobless claims for the week ending August 2 were a seasonally adjusted 289k, down from the prior week’s revised reading of 303k. Not seasonally adjusted, jobless claims for the week were 247k.

Jobless Claims

The 4-week moving average of initial jobless claims is 294k. This is nearing historic lows.

Jobless Claims Average

The insured unemployment rate was 1.9%, unchanged from the week prior.

Insured Unemployment Rate

The number of unemployment insurance recipients, or continuing claims, for regular state programs was 2.518 million, down from the previous week’s revised reading of 2.542 million.

Recipients

Individual states that had changes in claims of more than 1k (not seasonally adjusted):

States

Jobless claims and the unemployment rate:

Labor Market

The U.S. Employment Situation – July 2014

The U.S. Bureau of Labor Statistics reported this morning that 209k nonfarm payrolls were added during the month of July. This follows revised payrolls gains of 298k in June and 229k in May.

Highlights:

  • Industry spread could have been better, but also could have been worse.
  • The U-3 unemployment rate increased to 6.2% from 6.1%, while the broader U-6 unemployment rate rose to 12.2% from 12.1%.
  • The labor force participation rate increased to 62.9% from 62.8%, and the employment-to-population ratio was unchanged at 59.0%.
  • For all private sector production and nonsupervisory employees, weekly hours worked was unchanged at 33.7. The average hourly wage improved to $20.61 from $20.57, sending average weekly earnings to $694.56 from $693.21.
  • The average duration of unemployment decreased to 32.4 weeks from 33.5 weeks. This figure tends to be volatile, and is still abysmally high, but a decrease is always good.
  • 80.82% of all jobs held last month were full-time positions, down from 80.84% last month.
  • Unemployment for all men decreased to 6.2% from 6.3%, while the rate for all women increased to 6.2% from 5.9%.
  • The veteran unemployment rate rose to 6.0% from 5.4%.
  • The unemployment rate for Whites was unchanged at 5.3%, for Blacks it increased to 11.4% from 10.7%, for Asians it decreased to 4.5% from 5.1%, and for Hispanics it was unchanged at 7.8%.
  • The unemployment rate increased for high school dropouts, high school graduates, and those who have completed some college, but decreased for those with a Bachelor’s degree or higher.
  • Unemployment decreased for 16 to 19 year olds, but increased or was unchanged for all other age groups.

Employment Situation

Employment Costs Growth Increases To 2.0% Year Over Year

The U.S. Bureau of Labor Statistics reports that the employment cost index for total compensation of all civilian workers in the first quarter of 2014 was up 2.0% from the same period the year prior. This growth rate is an increase from the 1.8% annual increase in the first quarter.

Total compensation for private industry workers was up 2.0% Y/Y, while total compensation for state and local government workers was also up 2.0% Y/Y.

Employment Cost Index

Intuit Small Business Employment Index Increases 0.07% In July

The Intuit Small Business Employment Index was a reading of 96.04 in July, meaning that U.S. small business employment is at 96.04% of the level it was in January 2007. This is a 0.07% increase from June’s level.

The Hours Worked Index, which is the average number of hours worked by U.S. small business employees during the month, was 107.16. This is a 0.32% decrease from June.

The Compensation Index, which indicates the average pay during the month to U.S. small business employees (owners included), was at $2,708.31. This is a 0.20% decrease from June.

Intuit provides an employment index for 39 states, those which it has more than a thousand customers. Each state is individually indexed to 100 in January of 2007.

Texas, New York, Oklahoma, and Washington are the only U.S. states whose small business employment level is higher than it was in January 2007. Idaho’s employment level is the worst at only 85.22% of its January 2007 level.

Intuit Employment