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New unemployment claims increase 5.1% as of March 2022

New unemployment claims increase 5.1% as of March 2022

In this article you will find relevant information about new unemployment claims increase by 5.1% as of March 2022.

Another important aspect to emphasize is that continuing claims are at the lowest level since March 1970.

Initial claims for U.S. unemployment insurance were 227,000 for the week to March 5, 2022, on a basis that was seasonally adjusted, which has represented an increase of 11,000 (5.1%) from the previous week’s revised figure.  This followed five declines in the previous six weeks. It was also 5.1% above the estimate of 216,000.

The four-week moving average for initial claims has been 231,250, 500 (0.2%) more than the figure that was revised the week before that. In December 2021, these claims were down to 188,000.

Record low layoffs, record high vacancies.

Employers obtained more than 11 million vacancies, that’s about two for every employee, yet they are still struggling to fill many of them. Almost all are offering higher wages and benefits to attract new employees. Also, the increase in new claims during the week ending March 5, 2022.

Continuing claims: up for the week, but moving average fell

Continuing claims for unemployment insurance have fallen, although the compilation of this data lagged a week in new claims. For the week ended February 26, 2022, the number of continuing claims, was 1 ,494,000, an increase of 25,000 (1.7 %) over the number that was revised from the previous week.

Adjusted vs. unadjusted data

The seasonally adjusted national initial claims figure of 227,000 for the week ended March 5, 2022 was derived from an unadjusted figure of 218,072. That unadjusted figure increased by 22,025 (11.2%) from the previous week. But, normal seasonal factors observed at this time of year led to an increase of 10,954 (5.6%) from the previous week to 207,001 as of the week ended March 5, 2022.

Initial Jobless Claims by State

It should be noted that the statistics compiled by the U.S. Department of Labor also include the Districts of Columbia, Puerto Rico, and the Virgin Islands, as well as the other 50 states. Of which, 27 reported decreases in new claims for the week ending March 5, 2022, and 26 reported increases.