US Weekly Initial Jobless Claims Trend Higher in the Week Ending November 2nd

On Thursday, the US Department of Labor reported that the advance figure for seasonally adjusted initial unemployment claims was 221,000 during the week ending Saturday, November 2nd. This is an increase of 3,000 from the previous week’s revised level of 218,000 (originally 216,000). The 4-week moving average was 227,250—a decrease of 9,750 from the previous week’s revised average of 237,000 (originally 236,500).

The advance number for seasonally adjusted insured unemployment, known as continuing claims, during the week ending October 26th was 1,892,000. This is an increase of 39,000 from the previous week’s revised total of 1,853,000 (originally 1,862,000) and the highest level for this average since November 13, 2021, when it was 1,974,000. The 4-week moving average was 1,875,500—an increase of 8,500 from the previous week’s revised average of 1,867,000 (originally 1,869,250) and the highest level for this average since November 27, 2021, when it was 1,928,000.

The advance seasonally adjusted insured unemployment rate was 1.2% for the week ending October 26th, unchanged from the previous week’s unrevised rate.