Unemployment Alert! In the week ending October 1, the advance figure for seasonally adjusted initial claims was 219,000, an increase of 29,000 from the previous week's revised level.
In the week ending October 1, the advance figure for seasonally adjusted initial claims was 219,000, an increase of 29,000 from the previous week's revised level. The previous week's level was revised down by 3,000 from 193,000 to 190,000. The 4-week moving average was 206,500, an increase of 250 from the previous week's revised average. The previous week's average was revised down by 750 from 207,000 to 206,250.
The advance seasonally adjusted insured unemployment rate was 1.0 percent for the week ending September 24, an increase of 0.1 percentage point from the previous week's revised rate. The previous week's rate was revised down by 0.1 from 1.0 to 0.9 percent. The advance number for seasonally adjusted insured unemployment during the week ending September 24 was 1,361,000, an increase of 15,000 from the previous week's revised level. The previous week's level was revised down by 1,000 from 1,347,000 to 1,346,000. The 4-week moving average was 1,370,750, a decrease of 10,250 from the previous week's revised average. The previous week's average was revised down by 250 from 1,381,250 to 1,381,000.
Why does this data matter?
This is one of the data points about the labor market that JPow cites every time during the post-rate-hike press conferences in support of the rate hikes--this shows they have not 'broken' the labor market yet and will continue to raise rates to fight wage growth (and the continued inflation that comes with it).
