In the week ending October 24, the advance figure for seasonally adjusted initial claims was 751,000, a decrease of 40,000 from the previous week’s revised level. The previous week’s level was revised up by 4,000 from 787,000 to 791,000. The 4-week moving average was 787,750, a decrease of 24,500 from the previous week’s revised average. The previous week’s average was revised up by 1,000 from 811,250 to 812,250.
The advance seasonally adjusted insured unemployment rate was 5.3 percent for the week ending October 17, a decrease of 0.5 percentage point from the previous week’s revised rate. The previous week’s rate was revised up by 0.1 from 5.7 to 5.8 percent.
Calculated Risk notes,
This does not include the 359,667 initial claims for Pandemic Unemployment Assistance (PUA) that was up from 344,905 the previous week.
The two graphs below show the trend.
Thursday’s report from the Labor Department said the number of people who are continuing to receive unemployment benefits fell more than 700,000 to 7.76 million. The decline shows that some of the unemployed are being recalled to their old jobs or are finding new ones. But it also indicates that many jobless Americans have used up their state unemployment aid — which typically expires after six months — and have transitioned to a federal extended benefits program that lasts an additional 13 weeks.
The still-elevated number of jobless claims underscores that a full recovery from the pandemic recession remains far off. Job growth has slowed for three straight months, leaving the economy still 10.7 million jobs short of its pre-pandemic level.
Again, a very slow and uncertain recovery.