Unemployment claim filings dip

Initial filings for insurance fall by 12,000 to 545,000, but continuing claims grow.

EMAIL  |   PRINT  |   SHARE  |   RSS
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Hibah Yousuf, CNNMoney.com contributing writer

How to get a job in 100 words or less
Meet some of CNNMoney.com's trusted career coaches and hear their best advice for finding a job.
How stimulus will help your state
The Obama administration says the Recovery Act created or saved 640,000 jobs through September. Here's a state-by-state breakdown.
How have your health care costs changed in the past few years?
  • They've risen a lot
  • They've risen a little
  • They're about the same
  • They're down

NEW YORK (CNNMoney.com) -- The number of Americans filing for first-time unemployment insurance fell last week, while ongoing claims jumped, the government said Thursday.

There were 545,000 initial jobless claims filed in the week ended Sept. 12, down 12,000 from a revised 557,000 the previous week, the Labor Department said in a weekly report.

A consensus estimate of economists surveyed by Briefing.com expected 557,000 new claims.

The 4-week moving average of initial claims was 563,000, down 8,750 from the previous week's revised average of 571,750.

"This looks good with claims down by 31,000 over the past four weeks, but the late Labor Day could well have distorted the latest data," wrote economist Ian Shepherdson of High Frequency Economics in a research note.

"We need to see what happens over the next couple of weeks before we can be sure whether a downward trend is really in place," Shepherdson said.

Continuing claims: The government said 6,230,000 people filed continuing claims in the week ended Sept. 5, the most recent data available. That's up 129,000 from the preceding week's revised 6,101,000 claims.

The 4-week moving average for ongoing claims fell by 5,500 to 6,180,250, down from the prior week's revised average of 6,185,750.

The initial claims number identifies those filing for their first week of unemployment benefits. Continuing claims reflect people filing each week after their initial claim until the end of their standard benefits, which usually last 26 weeks.

The figures do not include those who have moved to state or federal extensions, nor people whose benefits have expired.

State-by-state data: A total of three states reported a decline in initial claims of more than 1,000 for the week ended Sept. 5, the most recent data available.

Claims in California fell the most, by 2,751, which a state-supplied comment said was due to fewer layoffs in the trade and services industries.

Six states said that claims increased by more than 1,000. Washington reported the most new claims at 2,620, which a state-supplied comment said was due to layoffs in the construction, service, public administration and manufacturing industries.

Outlook. Shepherdson said claims should continue to fall in the coming weeks as the economy expands and the pace of layoffs slows to reconcile with current GDP growth.

"Companies are profoundly skeptical about the sustainability of the upturn, but unless they believe the economy is about to suffer a serious broad relapse, we think they will have to reduce the rate of job losses," Shepherdson said.  To top of page

They're hiring!These Fortune 100 employers have at least 350 openings each. What are they looking for in a new hire? More
If the Fortune 500 were a country...It would be the world's second-biggest economy. See how big companies' sales stack up against GDP over the past decade. More
Sponsored By:
More Galleries
10 of the most luxurious airline amenity kits When it comes to in-flight pampering, the amenity kits offered by these 10 airlines are the ultimate in luxury More
7 startups that want to improve your mental health From a text therapy platform to apps that push you reminders to breathe, these self-care startups offer help on a daily basis or in times of need. More
5 radical technologies that will change how you get to work From Uber's flying cars to the Hyperloop, these are some of the neatest transportation concepts in the works today. More
Worry about the hackers you don't know 
Crime syndicates and government organizations pose a much greater cyber threat than renegade hacker groups like Anonymous. Play
GE CEO: Bringing jobs back to the U.S. 
Jeff Immelt says the U.S. is a cost competitive market for advanced manufacturing and that GE is bringing jobs back from Mexico. Play
Hamster wheel and wedgie-powered transit 
Red Bull Creation challenges hackers and engineers to invent new modes of transportation. Play

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.