April 7 (UPI) — Those filing for unemployment insurance for the first-time last week dropped 5,000 to a seasonally adjusted total of 166,000, according to a new report from the Labor Department on Thursday.
The number was the lowest seen since 1968.
The previous week’s report was revised down from 202,000 to 171,000 due to a methodology change in seasonal adjustment factors based on the coronavirus pandemic playing a lesser factor on the economy.
“Prior to the pandemic, the unemployment insurance claims series used multiplicative models to seasonally adjust the claims,” the Labor Department said in a statement. “Starting in March 2020, Bureau of Labor Statistics staff, who provide the seasonal adjustment factors, specified these series as additive. Now that most of the large effects of the pandemic on the UI series have lessened, the seasonal adjustment models are once again specified as multiplicative models.”
The report said the four-week moving average initial jobless claims reached 170,000, a decrease of 8,000 from the previous week’s revised average. The previous week’s average was revised down by 30,500 from 208,500 to 178,000.
The advance number for all U.S. residents applying for unemployment benefits for the week of March 26 was 1.523 million, an increase of 17,000 from the previous week’s revised level 1.506 million.
Employment data show ongoing worker shortage, with about 5 million more jobs open than available workers, CNBC reported.
