Unemployment Insurance Claims Lowest Since January

Here is what the DOL numbers say. The following three paragraphs are from DOL report.

The number for seasonally adjusted initial unemployment insurance claims for the week ending October 31 was 512,000, a decrease of 20,000 from the previous week's revised figure of 532,000. The 4-week moving average was 523,750, a decrease of 3,000 from the previous week's revised average of 526,750.

The seasonally adjusted insured unemployment rate was 4.4 percent for the week ending Oct. 24, unchanged from the prior week's unrevised rate of 4.4 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Oct. 24 was 5,749,000, a decrease of 68,000 from the preceding week's revised level of 5,817,000. The 4-week moving average was 5,886,250, a decrease of 79,500 from the preceding week's revised average of 5,965,750.

On the other hand, according to AP analysis, observers expect the unemployment rate to show 9.9 percent for the month of October as the numbers will come out this Friday. In September the unemployment rate was 9.8, which was 26 year high.

Despite the initial sings of economy recovery employers are reluctant to hire new workers. Either the future still seems to be uncertain in terms of economic terms, or the employers are going more conservative this time ensuring the continuity of their businesses during tough economic times.

Perhaps if we have few months when the economy may see fewer number of workers filing for unemployment insurance the employers will start hiring more.

Written by Armen Hareyan