U.S. Jobless Claims Decline, Oregon’s Insured Unemployment Rate Holds Steady

Oregon — New applications for U.S. unemployment benefits declined to a seasonally adjusted 194,000 during the week ending Oct. 24, down 1,000 from the previous week’s revised figure, the Labor Department reported Oct. 29.

The department’s three latest weekly reports show initial claims easing through October, although revisions changed some preliminary totals.

The Oct. 15 report initially put claims for the week ending Oct. 10 at 199,000, an increase of 1,000. The Oct. 22 release revised that figure to 200,000 and reported a decline to 194,000 for the following week. That second estimate was subsequently revised to 195,000.

The four-week moving average, which smooths weekly fluctuations, fell to 196,750 in the latest report. That compared with 226,750 during the corresponding period last year. Initial claims were also below the comparable year-earlier figure of 221,000.

Continuing claims also declined. Seasonally adjusted insured unemployment totaled 1.701 million for the week ending Oct. 17, down 21,000 from the previous week’s revised level. The insured unemployment rate remained at 1.1 percent.

Oregon’s unadjusted insured unemployment rate was 1.5 percent for the week ending Oct. 3, placing it among the higher rates listed in the Oct. 22 report. The state’s rate remained at 1.5 percent for the week ending Oct. 10, according to the following release.

The insured unemployment rate measures unemployment among workers covered by unemployment insurance. It differs from the broader unemployment rate, which includes unemployed people who are not receiving benefits. Weekly claims figures are preliminary and subject to revision.