Cyclical Unemployment Trends, Weekly Claims Numbers Continue to Fluctuate Nationwide
OKLAHOMA CITY – The Oklahoma Employment Security Commission (OESC) reports that unemployment claims increased across all reporting categories for the week ending July 30.
“We are paying close attention to trends in unemployment claims numbers, and with our continued claims’ four-week moving average remaining relatively stable over the past several weeks, longer-term trends indicate that unemployment numbers are holding steady at this time. As we know, the four-week averages are more accurate indicators of the state’s unemployment,” said Shelley Zumwalt, OESC Executive Director. “This week’s larger-than-usual increase in initial claims is primarily due to the volatility of the weekly claims numbers. OESC continues to watch the cyclical trends occurring nationwide in order to respond to changes in statewide unemployment numbers with resources and support for Oklahomans. The agency’s ongoing national leadership in economic recovery efforts has provided Oklahoma the opportunity to host the National Governors Association Summer 2022 Workforce Symposium next week. The high-caliber collaboration and discussion at this event will produce innovative ideas to help the state continue addressing the ever-changing, multifaceted needs of the state’s labor force and economy.”
Weekly Unemployment Numbers for Week Ending July 30
- For the file week ending July 30, the number of initial claims, unadjusted, totaled 3,478, an increase of 997 from the previous week's level of 2,481.
- For the same file week, the less volatile initial claims’ four-week moving average was 2,687, an increase of 433 from the previous week's average of 2,254.
- The unadjusted number of continued claims totaled 11,455, an increase of 12 from the previous week’s level of 11,443.
- For the same file week, the less volatile continued claims’ four-week moving average was 11,211, an increase of 157 from the previous week's average of 11,054.
Nationally, the advance figure for seasonally-adjusted initial claims for the week ending Aug. 6 was 262,000, an increase of 14,000 from the previous week's revised level, the U.S. Department of Labor (U.S. DOL) reports. The four-week moving average was 252,000, an increase of 4,500 from the previous week's revised average.
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.
