Investing November 1, 2001

Initial Claims Dip, Continuing Claims Jump

November 1, 2001 (PLANSPONSOR.com) - The number of Americans lining up for initial unemployment benefits shrank by 2% in the week ending October 27. However, continuing claims rose again, indicating that conditions in the labor market have still not improved.
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The number of first-time benefits claimants dipped to 499,000, a decrease of 10,000 on the previous week’s revised figure of 509,000, according to data just released by the US Department of Labor.

The more closely-watched four-week moving average, viewed by economists as more reliable barometer of joblessness, fell by 9,000 to 497,250, while continued claims increased by 55,000 to 3.69 million- their highest level since May 1983

The state where the unemployment picture seemed brightest this week was Missouri, with 5,141 fewer layoffs, primarily in the transportation industry.

In contrast, the number of layoffs increased in Michigan increased by 1,207- these were felt hardest in the automobile industry.

The release comes ahead of tomorrow’s monthly unemployment report.

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