US Unemployment Claims Stuck at Around 800K
US unemployment claims missed expectations this week
Skerdian Meta•Thursday, February 11, 2021•1 min read
The US jobless claims jumped higher in March and April last year, to above 6 million, although they have started cooling off since then. They fell below 800K in Autumn 2020, but jumped back above 900K in the first half of January. Then they came back down, but it seems like they are holding steady at around 800K now.
US Initial Jobless Claims and Continuing Claims
- Initial jobless claims 793K vs. 760K estimate
- Prior week 779K revised to 812K
- Initial jobless claims 793K vs. 760K estimate
- 4-week moving average of initial claims 823K vs. 856.5K last week
- Continuing claims 4545K vs. 4420K estimate. Prior week 4690K vs. 4592K previously reported
- 4-week moving average of continuing claims 4748.75K vs. 4906.25K (revised)
- Pandemic unemployment assistance 8,715,306 vs 7,218,801 last week (was 7,217,713). That is a gain of 1,496,505
- 50 states reported 4,777,842 continuing claims for pandemic emergency unemployment compensation benefits vs. a revised 3,604,894 last week, or +1,172,948
- The largest increases in initial claims for the week ending January 30 were in California (+51,025), New York (+11,140), Florida (+6,322), Rhode Island (+4,684), and Pennsylvania (+3,844),
- The largest decreases were in Illinois (-55,473), Kansas (-7,496), Mississippi (-3,107), Ohio (-2,181) and New Jersey (-2,156).
The claims and continuing claims were higher than expected, but lower than the revised higher numbers last week. The claims for initial and continuing pandemic emergency assistance both rose sharply. As expressed by Fed officials, employment is well off full employment levels.
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Skerdian Meta
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Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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