Trend shows first-time jobless claims falling
The latest data on Oklahoma's unemployment filings show roughly the same number of people filed their first claim as did the previous week.
The data, which is current through Aug. 29, revealed 5,125 advance claims for unemployment benefits. A week earlier, 5,130 advance claims were reported.
A look at the four-week average, however, shows a decline for both initial and continuing claims. The moving average over four weeks was 5,859, a decrease of 371 from the previous week's average.
The number of Oklahomans who remain on unemployment assistance remained high, at 108,065 as of Aug. 22. A weekly report from the U.S. Department of Labor showed that number fell by about 3,000 compared to the prior week.
Nationally, fewer people were on unemployment rolls, too. The Labor Department reported that seasonally adjusted initial claims were 881,000, a decrease of 130,000 from the prior week's level.
The seasonally adjusted insured unemployment rate was 9.1%.
“We'll take good news when we can get it. Jobless claims came in betterthan- expected and on the decline,” said Mark Hamrick, senior economic analyst for Bankrate. “New claims fell to the lowest level since the explosion seen in March.”
When the pandemic first began affecting the workforce, up to 6.8 million people filed for unemployment benefits.
Hamrick noted the previous record was logged in 1982, when 695,000 new claims were filed.
“Some of the recent state trouble spots were broadly mixed. New claims jumped in California and Texas, were flat in New York and down in Florida and Georgia,” he said.
In some ways, he added, the economy is now in a tug of war.
“On one side, the housing market, auto sales, ascendant stock market and resurging manufacturing are flexing strength. On the other,
the leisure and hospitality, aspects of retailing, travel- related, energy, agricultural and commercial real estate and construction sectors are struggling,” said Hamrick.
“While it won't show up in the jobs data immediately, United Airlines' announcement that it will cut or furlough some 16,000 employees beginning in October is just the latest in the badly hurt airline industry. As the Federal Reserve's Beige Book survey noted, there's an acceleration of permanent job cuts being made to previously furloughed workers.”