Initial unemployment claims fall slightly as Verizon strike effect recedes

(Chart created by Meteor Blades, updated by Laura Clawson)

The Department of Labor is reporting 409,000 initial claims for unemployment this week. This represents:

...a decrease of 12,000 from the previous week's revised figure of 421,000. The 4-week moving average was 410,250, an increase of 1,750 from the previous week's revised average of 408,500.

Last week, remember, the Verizon strike contributed to totals. According to CNN:

Stripping out the effects of the Verizon strike, initial claims have barely changed over the last few weeks, and economists are predicting they'll soon be clouded by the effect of Hurricane Irene.

"Next week, the fact that 1.7 million homes and businesses are still out of power along the U.S. Eastern seaboard as of yesterday afternoon might have an impact on the claims data," said Jennifer Lee, senior economist with BMO Capital Markets in a research note.

Tomorrow, the Bureau of Labor Statistics releases the monthly jobs report, which makes today a good time to revisit Meteor Blades' advice on reading the numbers.

Source: http://feeds.dailykos.com/~r/dailykos/index/~3/KEf_2Zae9Z4/-Initial-unemployment-claims-fall-slightly-as-Verizon-strike-effect-recedes

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