US Jobless Claims Hit Three-Month High as Labor Market Cools

[mahatmakanejeeves]

Economics
Jobs

US Jobless Claims Hit Three-Month High as Labor Market Cools
• Applications rose to 240,000; economists expected 225,000
• Continuing claims also increased amid layoffs in tech sector

By Augusta Saraiva
November 23, 2022, 1:35 PM UTC Updated on November 23, 2022, 2:02 PM UTC

Applications for US unemployment benefits rose last week to a three-month high amid a wave of layoffs at technology companies, a sign of cooling in a tight labor market.

Initial unemployment claims increased by 17,000 to 240,000 in the week ended Nov. 19, Labor Department data showed Wednesday. The median estimate in a Bloomberg survey of economists called for 225,000.

{snip}

[mahatmakanejeeves]

1. From the source:

https://www.dol.gov/sites/dolgov/files/OPA/newsreleases/ui-claims/20222224.pdf

https://www.dol.gov/ui/data.pdf

News Release

Connect with DOL at
https://blog.dol.gov

TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL
8:30 A.M. (Eastern) Wednesday, November 23, 2022

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending November 19, the advance figure for seasonally adjusted initial claims was 240,000, an increase of 17,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 222,000 to 223,000. The 4-week moving average was 226,750, an increase of 5,500 from the previous week's revised average. The previous week's average was revised up by 250 from 221,000 to 221,250.

The advance seasonally adjusted insured unemployment rate was 1.1 percent for the week ending November 12, an increase of 0.1 percentage point from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending November 12 was 1,551,000, an increase of 48,000 from the previous week's revised level. The previous week's level was revised down by 4,000 from 1,507,000 to 1,503,000. The 4-week moving average was 1,509,750, an increase of 28,250 from the previous week's unrevised average of 1,481,500.

{snip}

UNADJUSTED DATA

{snip}

The total number of continued weeks claimed for benefits in all programs for the week ending November 5 was 1,256,068, a decrease of 50,474 from the previous week. There were 2,284,791 weekly claims filed for benefits in all programs in the comparable week in 2021.

{snip the rest of the ten-page news release, until the end}

Weekly Claims Archives
Weekly Claims Data

U.S. Department of Labor news materials are accessible at http://www.dol.gov. The Department's Reasonable Accommodation Resource Center converts Departmental information and documents into alternative formats, which include Braille and large print. For alternative format requests, please contact the Department at [phone] (voice) or [phone] (federal relay).

U.S. Department of Labor
Employment and Training Administration
Washington, D.C. 20210
Release Number: USDL 22-2224-NAT

Program Contacts:
Kevin Stapleton: [phone] {Note the new telephone number this week. It looks like his home phone number. His work number used to be [phone].}
Media Contact: [phone]

[Warpy]

2. Tech workers are likely over represented

since Twitter and Farcebook have both slashed their work forces, Twitter to the point it might actually self destruct.

Gotta love employers who throw people out of work just before the major holidays.