Jobless Update - New Jobless Claims Dissapointing

UPDATED May 14, 2012

New Claims for Unemployment Benefits dropped by a trivial amount. New claims level are now at early 2008 levels.  

The number of new applications for Unemployment Insurance dropped by 1,000 to  367,000 new applications from the previous week's revised figure 0f 368,000, in the week ending 5 May 2012, the US Department of Labor  reported Thursday. Initial claims have been consistently revised upwards since the beginning of February.

The 4-week moving average was 379,000, a decrease of 5,250 from the previous week's revised average of 384,250.

The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending April 28, a decrease of 0.1 percentage point from the prior week's unrevised rate of 2.6 percent.

The advance number for seasonally adjusted insured unemployment during the week ending April 28 was 3,229,000, a decrease of 61,000 from the preceding week's revised level of 3,290,000. The 4-week moving average was 3,290,000, a decrease of 10,500 from the preceding week's revised average of 3,300,500.

Note: This week's release reflects the annual revision to the weekly unemployment claims seasonal adjustment factors. The seasonal adjustment factors used for the UI Weekly Claims data from 2007 forward, along with the resulting seasonally adjusted values for initial claims and continuing claims, have been revised.

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