Impact of Omicron Variant Spikes Initial Jobless Claims to Highest Level Since October

Initial jobless claims spiked higher this week by 55,000 to 286,000 depicting the negative impact the Omicron variant is having on an already tight labor market. The four-week moving average for initial claims increased by 20,000 to 231,000, up from at 199,250, the lowest it had been since October 25, 1969, which reflected the tightness of the labor market before Omicron. Americans filing for unemployment benefits had fallen to the lowest level of initial claims in 52 years.

The BLS reported that initial claims for the week ending January 15 increased by 55,000 to 286,000 (consensus 211,000). Continuing claims for the week ending January 8 increased by 84,000 to 1.635 million.

  • The four-week moving average for initial claims increased by 20,000 to 231,000.
  • The four-week moving average for continuing claims decreased by 55,250 to 1,664,250.

The total number of continued weeks claimed for benefits in all programs for the week ending January 1 was 2,128,752, an increase of 180,114 from the previous week. In the same week a year ago, there were 16,946,982 weekly claims filed for benefits in all programs.

US initial jobless claims and continuing claims for current week

United States Initial Jobless Claims
US Initial jobless claims

The initial claims data corresponds with the BLS survey week.

  • Initial jobless claims 286K versus 220K estimate. The prior week was revised up 1K to 231K from 230K last week.
  • 4 week moving average initial jobless claims 231K vs 211K last week
United States Continuing Jobless Claims
US Continuing Claims

The initial claims data corresponds with the BLS survey week.

  • Continuing claims 1.635 K vs 1.58M estimate
  • 4 week moving average continuing claims 1.664M vs 1.719M last week that you pick

The largest increases in initial claims for the week ending January 8, 2022

California (+11,295), New York (+10,639), Texas (+10,437), Kentucky (+8,476), and Missouri (+7,768),

The largest decreases for the week ending January 8, 2022

Massachusetts (-2,079), Connecticut (-1,437), Michigan (-1,158), New Hampshire (-424), and Rhode Island (-424).

Source: DOL

From The TradersCommunity US News Desk

One thought on “Impact of Omicron Variant Spikes Initial Jobless Claims to Highest Level Since October”

  1. TradersCom says:

    Initial jobless claims recuperate from Omicron impact

    Initial jobless claims for the week ending January 29 decreased by 23,000 to 238,000 (consensus 245,000) while continuing claims for the week ending January 22 decreased by 44,000 to 1.628 million.

    The four-week moving average for initial claims increased by 7,750 to 255,000.
    The four-week moving average for continuing claims decreased by 31,250 to 1,619,750. That is the lowest average since August 4, 1973.

    The total number of continued weeks claimed for benefits in all programs for the week ending January 15 was 2,067,781, a decrease of 73,205 from the previous week. In the same week a year ago, there were 18,521,105 weekly claims filed for benefits in all programs.

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