April 22, 2021
The seasonally adjusted initial claims, advance estimate, decreased by 39,000 to 547,000, for the week ending April 17, from the prior week’s revised level, according to the U.S. Department of Labour (DOL). The prior week’s level was revised up from 576,000 to 586,000 by 10,000. In comparison to the previous week’s average, the 4-week moving average was 651,000, a decrease of 27,750. Moreover, the preceding week’s average was revised down by 4,250 from 683,000 to 678,750.
The advance seasonally adjusted insured unemployment rate stood at 2.6% for the week ending April 10 from the prior week’s revised rate. Moreover, DOL stated that, “the advance number for seasonally adjusted insured unemployment during the week ending April 10 was 3,674,000, a decrease of 34,000 from the previous week’s revised level. This is the lowest level for insured unemployment since March 21, 2020 when it was 3,094,000. The previous week’s level was revised down by 23,000 from 3,731,000 to 3,708,000.” Relative to last week’s revised average, the 4-week moving average decreased by 41,750 to 3,713,000. The prior week’s average was revised down by 8,250 from 3,763,000 to 3,754,750.
UNADJUSTED DATA
Based on the unadjusted advance estimate, there were 566,479 actual initial claims under state programs in the week ending April 17, a decrease of 56,554 (or -9.1%) from the previous week. The seasonal factors anticipated a fall of 17,548 (or -2.8%) from the previous week. Furthermore, for the week ending April 17, 52 states observed 133,319 initial claims for Pandemic Unemployment Assistance.
During the week ending April 10, the advance unadjusted insured unemployment rate stood at 2.8% relatively unchanged compared to the previous week. The advance unadjusted number of persons claiming UI benefits in state programs fell by 50,774 (or -1.3%) to 3,862,890 from a week earlier. The seasonal factors had anticipated a decrease of 17,145 (or -0.4%) from the previous week.
A total of 17,405,094 persons claimed benefits in all programs for the week ended April 3, a rise of 491,674 compared to the prior week.
Extended Benefits, during the week ending April 3, were accessible in the following 15 states: Alaska, California, Colorado, Connecticut, District of Columbia, Illinois, Massachusetts, Nevada, New Jersey, New Mexico, New York, Pennsylvania, Rhode Island, Texas, and the Virgin Islands.
For the week ending the 10th of April 1,153 former Federal civilian employees claimed for UI benefits, an increase of 41 relative to the previous week, whereas 580 newly discharged veterans (+10) claimed for benefits.
However, for the week ending the 3rd of April, 15,896 former Federal civilian employees claimed for UI benefits, a fall of 723 relative to the previous week, whereas, 7,737 newly discharged veterans (-114) claimed for benefits.
DOL noted that, “during the week ending April 3, 51 states reported 7,309,604 continued weekly claims for Pandemic Unemployment Assistance benefits and 51 states reported 5,605,935 continued claims for Pandemic Emergency Unemployment Compensation benefits.”
In the week ending April 3, Nevada observed the highest insured unemployment rate of 5.6% followed by Connecticut (5.2), Alaska (5.1), New York (4.4), Illinois (4.2), Pennsylvania (4.2), District of Columbia (4.1), Rhode Island (4.0), Vermont (4.0), and California (3.7).
New York (+16,028), Florida (+9,377), Alabama (+5,517), Washington (+5,380), and Georgia (+4,759) had the highest increases in initial claims for the week ended April 10, while California (-76,082), Virginia (-23,492), Ohio (-21,831), Texas (-17,436), and Kentucky (-15,424).
Analyst Certification –The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure –The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
