Initial and Continued Claims' Four-week Moving Averages Decrease

OKLAHOMA CITY – The Oklahoma Employment Security Commission (OESC) reports that continued unemployment claims, continued claims’ four-week moving average and initial claims’ four-week moving average decreased, while the number of initial claims increased for the week ending July 2.

“We are encouraged to see the four-week moving averages decrease for both initial and continued claims, as it reflects positively on the overall strength of our workforce and our economy,” said OESC Executive Director Shelley Zumwalt. “The state’s four-week moving average for unemployment claims is a strong predictor of longer-term trends and gives us a better picture of the state of our workforce. We are confident in the overall status of Oklahoma’s economy and will continue to monitor any variations in claims volume, including the slight increase in initial claims. Additionally, the agency is paying close attention to statewide and national unemployment trends to ensure we are providing necessary resources for Oklahomans seeking employment.”

• For the file week ending July 2, the number of initial claims, unadjusted, totaled 1,749, an increase of 500 from the previous week's level of 1,249.
• For the same file week, the less volatile initial claims’ four-week moving average was 1,624, a decrease of 56 from the previous week's average of 1,680.
• The unadjusted number of continued claims totaled 10,827, a decrease of 90 from the previous week’s level of 10,917.
• For the same file week, the less volatile continued claims’ four-week moving average was 10,927, a decrease of 46 from the previous week's average of 10,973.

Nationally, the advance figure for seasonally-adjusted initial claims for the week ending July 9 was 244,000, an increase of 9,000 from the previous week's unrevised level, the U.S. Department of Labor (U.S. DOL) reports. The four-week moving average was 235,750, an increase of 3,250 from the previous week's unrevised average. For the week ending July 2, the U.S. DOL reports the advance seasonally adjusted insured unemployment rate was 0.9%, a decrease of 0.1 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.