Continued Unemployment Claims Decline for 32nd Consecutive Week
OESC Creates Hotline to Assist Claimants with IRS Tax Form 1099-G
OKLAHOMA CITY – The Oklahoma Employment Security Commission (OESC) continues to report a continued decline in continued and initial unemployment claims, with the continued claims four-week moving average declining for the 32nd consecutive week.
“As we continue to recover from the pandemic, we are pleased to see the decline in initial and continued claims,” said Shelley Zumwalt, OESC Executive Director. “Our staff is continuing to work hard to get federal and state unemployment benefits out the door. So far, we have paid out more than $300 million in Continued Assistance Act benefits in late January, with more than 100,000 Oklahomans receiving payments.”
OESC mailed out IRS tax form 1099-G to all claimants who received unemployment benefits in 2020, and claimants should receive their form in early February. To address any questions or concerns with the 1099-G form, OESC set up a hotline number for claimants to call to receive assistance at 405-521-6099.
By Monday, Feb. 8, claimants can view and print their 1099-G online at https://unemployment.state.ok.us. Claimants should use the information provided on the 1099-G while filing their 2020 taxes. If someone receives a 1099-G but did not receive unemployment benefits in 2020, they should call OESC’s dedicated hotline to discuss the issue with OESC’s team.
Claimants are required to report all unemployment benefits received since it is considered taxable income. This includes all federal programs and payments from Pandemic Unemployment Assistance (PUA), Pandemic Emergency Unemployment Compensation (PEUC), Lost Wages Assistance (LWA), and Federal Pandemic Unemployment Compensation (FPUC).
Weekly Unemployment Numbers for Week Ending Jan. 30
- For the week ending Jan. 30, the advance number of initial claims, unadjusted, totaled 5,698, a decrease of 556 from the previous week's revised level of 6,254.
- Initial claims’ four-week moving average was 6,528, a decrease of 91 from the previous week's revised average of 6,619.
- The advance unadjusted number of continued claims totaled 31,252, a decrease of 7,022 from the previous week’s revised level of 38,274.
- Continued claims’ four-week moving average was 37,765, a decrease of 2,726 from the previous week's revised average of 40,491.
Nationally, the advance figure for seasonally adjusted initial claims during the same period was 779,000, a decrease of 33,000 from the previous week's revised level, the U.S. Department of Labor reports. The four-week moving average was 848,250, a decrease of 1,250 from the previous week. For the week ending Jan. 23, DOL reports the advance seasonally adjusted insured unemployment rate was 3.2%, a decrease of 0.2 percentage point from the previous week's unrevised rate.
The national weekly seasonally adjusted initial claims report is one of 10 components in the Composite Index of Leading Economic Indicators. To smooth out the volatility in the weekly initial claims data, a four-week moving average is used to assess trends.