2 August 2001, 16:44 US Jobless Claims-OVERVIEW
--US new jobless claims -23,000 at 346,000 in latest week
--Aide notes seasonal volatility in US auto, textile jobless claims
--US new jobless claims at lowest level since Feb. 17
--US new jobless claims 4-week average -14,500 at 395,250
--US jobless claiming benefits -80,000 to 3.002 million
--US jobless benefits 4-week average -1,500 to 3,057,250
By Neil Stempleman
Washington, Aug. 2 (BridgeNews) - New claims for U.S. state
unemployment insurance benefits fell a seasonally adjusted 23,000 to
346,000 during the week ended Saturday, the third straight weekly decline,
and below the 385,000 median estimate of analysts surveyed by BridgeNews.
A Labor Department aide noted the traditional volatility of job layoffs
and hiring during this time of year in both the textile and auto
industries. The 4-week moving average fell 14,500 to 395,250.
The estimates of analysts surveyed by BridgeNews put initial jobless
claims for the latest week in a range of 365,000 to 435,000.
For the week ended July 21, initial claims fell 48,000 to a seasonally
adjusted 369,000, originally reported as 366,000, U.S. Labor Department
said.
For the same week, the 4-week moving average for new claims was 409,750,
originally 409,000 per week.
Jobless claims are at a 6-month low, having dropped 103,000 in the
last 3 weeks. In the last two weeks, Labor Department aides said layoffs
and hiring in auto and textile producing states are volatile this time of
the year, with the auto industry traditionally going through a retooling
for the new model year.
These changes in the labor force are difficult to account for in seasonal
adjustment factors.
In new data for the week ended July 21, continuing claims plunged
80,000 to a seasonally adjusted 3.002 million. For the same week, the
four-week moving average for continuing claims was 3,057,250, a fall of
1,500.
The seasonally adjusted rate of insured unemployment during the week
ended July 21 dropped to 2.3% from the previous week's 2.4%. The ratio
represents people claiming benefits as a percentage of the workforce
potentially eligible for these benefits.
Data on continuing claims and the insured unemployment rate are
reported with a one-week delay.
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