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The seasonally adjusted initial unemployment insurance claims in the U.S., an indicator that the Fed Reserve followly closely to adjust its interest regime, declined by 12,000, in the week ended October 26, 2024, reaching 216,000, down from a revised 228,000 the previous week.
Concurrently, insured unemployment fell by 26,000 to 1,862,000, with the insured unemployment rate holding steady at 1.2%, a report of the Department of Labor said.
The 4-week moving average of initial claims decreased to 236,500, down by 2,250 from the prior week’s revised 238,750. This marks a slight improvement, indicating a reduction in the number of people filing for unemployment benefits.
For the week ending October 26, the unadjusted initial claims totaled 200,132, representing a decrease of 3,349 from the previous week. Year-over-year comparisons show minimal change, with a comparable week in 2023 reporting 199,306 initial claims. Meanwhile, the unadjusted insured unemployment rate remained at 1.1%, with a volume of 1,623,229, only slightly lower than 1,574,484 from the same period last year.
Florida saw the largest increase in initial claims (+4,501), attributed to layoffs in industries including agriculture, construction, and retail. In contrast, significant decreases were observed in New York (-2,785), North Carolina (-2,767), and California (-2,012), with these declines linked to fewer layoffs in sectors like accommodation and food services and health care.
For the week ending October 19, 2024, initial claims filed by former federal civilian employees totaled 387, decreasing by 38 from the prior week. Claims by newly discharged veterans also dropped, totaling 378, down by 28 from the previous week.
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