Initial Unemployment Insurance Claims Jump 40% in State | Local business news

First-time jobless claims in the state rose 40%, according to a government report.

For the filing week ending July 30, the number of initial claims totaled 3,478, an increase of 997 from the previous week’s level of 2,481, according to the Oklahoma Employment Security Commission (OESC).

For the same filing week, the four-week rolling average of initial claims was 2,687, an increase of 433 from the previous week’s average of 2,254.

The unadjusted number of continuing claims totaled 11,455, an increase of 12 from the previous week’s level of 11,443.

For the same filing week, the four-week rolling average for continuing complaints was 11,211, an increase of 157 from the previous week’s average of 11,054.

“We pay close attention to trends in the number of jobless claims, and with the four-week moving average of our continuing claims remaining relatively stable over the past few weeks, longer-term trends indicate that unemployment numbers are currently holding,” OESC executive director Shelley Zumwalt said in a statement. “As we know, four-week averages are more accurate indicators of state unemployment.

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“The larger than usual increase in initial claims this week is primarily due to the volatility in the number of weekly claims. The OESC continues to monitor cyclical trends occurring nationwide in order to respond to changes in the number of unemployed statewide with resources and support for Oklahomans…”

Nationally, the anticipated seasonally adjusted initial claims figure for the week ending Aug. 6 was 262,000, up 14,000 from the revised level the previous week, the US Department of Labor reports. The four-week moving average was 252,000, an increase of 4,500 from the revised average of the previous week.

The number of Americans receiving traditional unemployment benefits rose by 8,000 in the week ending July 30 to 1.43 million, the highest since early April.

Unemployment claims are a proxy for layoffs and are often seen as an early indicator of where the labor market is headed.

So far this year, hiring in the United States has been remarkably strong and resilient in the face of rising interest rates and weak economic growth.