January 06, 2022

The advance figure for seasonally adjusted initial claims in the week ending January 1 was 207,000, a 7,000 increase from the previous week’s revised level. The prior week’s figure was raised by 2,000 points, from 198,000 to 200,000. The 4-week moving average was 204,500, an increase of 4,750 from the corrected average from the prior week. The previous week’s average was raised by 500 points, from 199,250 to 199,750.

For the week ending December 25, the advance seasonally adjusted insured unemployment rate was 1.3 percent, unchanged from the previous week’s unrevised estimate. The advance figure for seasonally adjusted insured unemployment for the week ending December 25 was 1,754,000, up 36,000 from the previous week’s revised figure. The previous week’s figure was raised by 2,000 points, from 1,716,000 to 1,718,000. The four-week moving average was 1,798,750, a 61,250 decrease from the previous week’s revised average. This average has been at its lowest level since March 14, 2020, when it was 1,730,750. The previous week’s average was raised by 500 points, from 1,859,500 to 1,860,000.

The unadjusted advance number of actual first claims under state programs totalled 315,469 in the week ending January 1, up 57,599 (or 22.3 percent) from the previous week. Seasonal considerations predicted a 50,464 (or 19.6 percent) increase over the previous week. In the similar week in 2021, there were 898,610 initial claims.

During the week ending December 25, the advance unadjusted insured unemployment rate was 1.4 percent, up 0.2 percentage point from the previous week. The advance unadjusted level of insured unemployment in state programs was 1,871,110, a 232,523 (or 14.2 percent) rise from the previous week. Seasonal considerations predicted a 195,929 (or 12.0 percent) increase over the previous week. The rate was 3.7 percent a year ago, and the volume was 5,362,688.

For the week ending December 18, the total number of continuing weeks claimed for benefits in all programs was 1,722,352, a decrease of 199,869 from the previous week. In the equivalent week in 2020, there were 20,155,922 weekly claims for benefits in all categories.

Extended Benefits were available in the following four states during the week ending December 18: Alaska, Connecticut, New Jersey, and New Mexico.

In the week ending December 25, there were 723 initial claims for UI benefits made by former Federal civilian employees, an increase of 28 from the previous week. There were 273 initial claims made by recently discharged veterans, a 94 decrease from the previous week.

The week ending December 18, there were 9,422 continuing weeks claims made by former Federal civilian employees, a reduction of 43 from the previous week. The number of newly released veterans claiming benefits was 4,236, a 528 reduction from the previous week.

Alaska (3.1), the Virgin Islands (2.6), New Jersey (2.3), California (2.2), Minnesota (2.2), Puerto Rico (2.0), Illinois (1.9), Massachusetts (1.9), New York (1.8), and Rhode Island had the highest insured unemployment rates in the week ending December 18. (1.8).

Initial claims increased the most in New Jersey (+4,660), Pennsylvania (+3,320), Ohio (+2,615), Michigan (+2,440), and New York (+2,287) for the week ending December 25, while they decreased the most in California (-7,320), Texas (-3,955), Virginia (-2,183), Alabama (-1,293), and Wisconsin (-1,181).

Disclaimer: 

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 affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.