iM-Weekly Employment Monitor, 2/5/2021

iM-Weekly Unemployment Monitor

Even though the BLS Employment Situation Report shows that the unemployment rate dropped 0.4% to 6.3% in January, the economic recovery remains stalled as shown by yesterday’s weekly DOL Unemployment Insurance Report. The BLS reports that 10.130 million are unemployed whereas the DOL reports that 17.836 million persons receive some form of unemployment benefit, or 11.4% of the labor force.

The unadjusted initial claims totaled 873,966 in the week ending totaled 816,247 in the week ending January 30, a decrease of 23,525) from the previous week, this is the eighth running week of over 800,000. This makes up 0.57% of the Covered Employment. The 50 year long term average (January 1971 to today) is 0.38% and the average of the last business cycle (July 2009 to March 2020) is 0.24%

The unadjusted level of insured unemployment in state programs totaled 5,094,605, a decrease of 127,726 from the preceding week.

Also, the total number of people claiming benefits in all programs for the week ending January 16 was 17,835,525, a decrease of 486,405 from the previous week..

Please refer The iM-Weekly Unemployment Monitor