Unemployment Claims Fall to 227,000 as Economy Records Robust Job Growth
Seasonally adjusted initial unemployment claims decreased by 15,000, while the insured unemployment rate rose to its highest level since 2021
Initial unemployment claims in the U.S. decreased by 15,000 to 227,000 in the week ended October 19, 2024, according to seasonally adjusted data from the Department of Labor. Despite this decline in initial claims, the insured unemployment rate increased by 0.1 percentage point to 1.3 percent, marking the highest level since November 2021.
The advance seasonally adjusted insured unemployment figure for the week ending October 12, 2024, reached 1.897 million, an increase of 28,000 from the previous week. This represents the highest level of insured unemployment since late 2021. The four-week moving average for insured unemployment also rose, increasing by 17,500 to 1.860 million.
Insured Unemployment Rate Remains Steady
Unadjusted data showed a 10% drop in initial claims, totaling 202,635, down 22,634 from the previous week. Meanwhile, the advance insured unemployment rate, unadjusted, remained steady at 1.1%, with 1.635 million insured unemployed under state programs.
