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U.S. Jobless Claims Drop, California Reports Largest Increase
The U.S. Labor Department reported on Thursday that the number of Americans filing initial claims for unemployment insurance dropped to 787,000, a decrease of 55,000 from the previous week. That downward trend is also reflected in the four-week moving average of 811,250, a decrease of 21,500 from the previous week’s average.
California experienced the largest increase in initial claims for the week ending October 10 at 27,870 and reported the second highest unemployment rate for the week of October 3 at 11.5%.
Other states with initial claims increases were in Illinois (+11,261), Massachusetts (+10,481), Georgia (+9,292), and Indiana (+7,840), while the largest decreases were in Michigan (-2,615), North Carolina (-2,362), Virginia (-1,733), Montana (-579), and Mississippi (-375).
The national unemployment rate dipped to 5.7% for the week ending October 10, a decrease of 0.7 percentage point from the previous week’s rate. Economists believe the positive trending numbers could be a sign that job losses are easing slightly, though they still remain at historically high levels.
Other states with high insured unemployment rates in the week ending October 3 were Hawaii (14.9), Nevada (11.3), Georgia (9.3), Puerto Rico (9.3), Louisiana (8.8), District of Columbia (8.4), New Mexico (7.8), New York (7.7), and Illinois (7.6).
The government reported the number of people still receiving unemployment benefits dropped by one million to 8.4 million. But the decline was attributed to a number of factors including unemployed workers being recalled to a previous job or finding a new one; as well as the fact that state benefits have ran out and people are transitioning to the federal extended benefits program.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Economy
