Jobless claims top 200,000 after changes to formula for seasonal adjustments
The numbers: The number of Americans applying for jobless benefits have topped 200,000 for nine weeks in a row and look worse than previously reported, based on a change in how the government adjusts for seasonal swings in employment.In the seven days... The numbers: The number of Americans applying for jobless benefits have topped 200,000 for nine weeks in a row and look worse than previously reported, based on a change in how the government adjusts for seasonal swings in employment.
Changes to the formula for seasonal adjustments now show jobless claims to be significantly higher early in 2023 than previously reported. That might reflect as flurry of corporate layoffs that had not shown up in the data before. Key details: The government altered how it adjusts jobless claims for seasonal swings after the pandemic because of the large distortions it caused.
Raw or unadjusted jobless claims, for their part, still show new unemployment filings at extremely low levels. Some 207,000 people filed applications for benefits last week before seasonal adjustments raised the number to 228,000.
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