Weekly Initial Unemployment Claims increase to 1,106,000

The DOL reported:

In the week ending August 15, the advance figure for seasonally adjusted initial claims was 1,106,000, an increase of 135,000 from the previous week’s revised level. The previous week’s level was revised up by 8,000 from 963,000 to 971,000. The 4-week moving average was 1,175,750, a decrease of 79,000 from the previous week’s revised average. The previous week’s average was revised up by 2,000 from 1,252,750 to 1,254,750.
emphasis added

The previous week was revised up.

This does not include the 542,797 initial claims for Pandemic Unemployment Assistance (PUA) that was up from 489,639 the previous week.

The following graph shows the 4-week moving average of weekly claims since 1971.

Click on graph for larger image.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims decreased to 1,252,750.

Initial weekly claims was well above the consensus forecast of 900 thousand initial claims, and the previous week was revised up.

The second graph shows seasonally adjust continued claims since 1967 (lags initial by one week).

At the worst of the Great Recession, continued claims peaked at 6.635 million, but then steadily declined.

Continued claims decreased to 14,844,000 (SA) from 15,480,000 (SA) last week and will likely stay at a high level until the crisis abates.

Note: There are an additional 11,224,774 receiving Pandemic Unemployment Assistance (PUA) that increased from 10,723,396 the previous week. This is a special program for business owners, self-employed, independent contractors or gig workers not receiving other unemployment insurance.

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