The United State Department of Labor reported U.S. unemployment level has risen to 260,000 for the week ending October 15, higher than the projected 250,000. The level reached is the highest recorded in the previous 5 weeks and the 85th consecutive week that jobless claims are below 300,000, a record streak since the 1970's.
The previous week was at the 247,000 level, 1,000 higher than the reported figure for that period. Figures are readjusted as data from unreported added into the weekly totals. The previous weeks total of 251,000 and 249,500 indicates an unpredictable trend but is clear that the unemployment in the U.S. is rising.
The increases are coming from Kentucky, California, Michigan, North Carolina and New York with increase of 5,621, 3,025, 2,721, and 2529, respectively. Two states hit by Hurricane Matthew, Pennsylvania and Missouri registered declines in jobless claims.
Actually, the previous 4-week average ended at Oct. 8 recorded level was at 2,058,250 which is a reduction by 12,750 from the previous 4-week adjusted average of 2,071,000. These figures are low when compared to the lowest 4-week average recorded since July 2000 which was at 2,056,250 level.
Labor market analysts are interested more on the figures for initial jobless claims rather than the continued claims levels. Initial job claims signify the new unemployment added to the previous unemployed group.
These figures show the true picture of the unemployment situation in the country. Other relevant information like short-term and long-term forecast figures, survey consensus, news, and economic calendars are given together with unemployment data on a weekly, monthly, or quarterly basis.
Comparison with data from previous years is also important to assess the present labor situation in the country. For the past 38 weeks, for example, jobless claims are below the 300,000 level.
These levels are comparable to the figures seen in the early part of the 1970, which may signify a stable jobs market.
