More New Yorkers Say They’re Unemployed, More Seek Insurance

Jobless claims report

The US Department of Labor released last week’s unemployment claims data on May 9 at 8:30 AM EDT. The seasonally adjusted initial jobless claims dropped further to 228,000, a decrease of 2,000 compared to the week of April 27. However, the four-week moving average of these claims climbed to 220,000 from the previous week’s 212,500.

The number of non-seasonally adjusted claims, which is an absolute number, doesn’t adjust for claims resulting from seasonal unemployment. The number of non-seasonally adjusted claims also decreased during the week of May 4.

More New Yorkers Say They’re Unemployed, More Seek Insurance

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Although they were lower than the previous week, jobless claims were higher than analysts’ expectations. Insured unemployment continued to rise and came in at 1.684 million compared to the previous week’s 1.671 million.

MA and CA saw the highest drops

According to the report, Massachusetts reported the highest drop in claims. The state received 4,644 jobless claims in the week of May 4, a massive 6,632 fall. It said that fewer layoffs in the educational services industry had led to the fall.

California reported a 3,588 drop in jobless claims mainly on account of fewer layoffs in the services, agriculture, fishing, and hunting industries.

NY and NJ reported the highest claims

A total of 6,532 more people filed jobless claims in New York in the week of May 4 compared to the previous week. Layoffs in the logistics, healthcare, accommodation, and food industries drove the number up.

New Jersey saw its number of claims rise by 3,041 in the week, with the education, logistics, accommodation, food services, and public administration industries seeing layoffs.

Market impact

At 9:08 AM EDT, S&P 500 futures (SPY) were trading at 2,853.25, ~0.4% lower than at 8:28 AM EDT, just ahead of the release of the jobless data.