JOBLESS CLAIMS 450k IN WEEK ENDED AUGUST 9
Jobless claims totaled 450k for the week ended August 9, down 10k from the previous week’s upwardly revised 460k. The August 2 claims number was revised up by 5k and is the highest number since the week ended March 30, 2002.
The number of people continuing to collect unemployment benefits totaled 3.417mln, up 114k from the prior week. This was the highest number of insured unemployed since Nov-03.
Jobless claims exceeded 400k for the fourth week in a row for the first time since July 2003. The 4week moving average totaled 440k and is the highest since April 2002.
The Labor Department also released more detail about the August 2 claims data. Puerto Rico showed the largest gains in unemployment with over 5,000 claims added to the rolls. Layoffs in trade, services and manufacturing increased Illinois claims by over 4,000. However, fewer layoffs in the auto industry reduced Ohio’s claims by over 5,000 for the week.
There were 1,831 people collecting extended benefits in the week ended July 26, up 348 from the prior week. Extended benefits are available under two programs that provide benefits once regular state unemployment compensation has been exhausted. Most of these people in the extended benefits program are in Alaska, the first state to qualify for extended benefits.