Country / Language

NJ Unemployment Claims Data Mixed


3/27/14

by Patrick J. O'Keefe, Director of Economic Research

Earlier today, the U.S. Department of Labor published unemployment insurance (UI) data, including statistics for New Jersey through the week ended March 15. 

NJ Highlights: 

  • Applications at lowest level since August;
  • Continuing claims steady, but well above pre-recession average;
  • Insured unemployment rate second highest nationally.
     

View accompanying charts.

Initial claims (chart 1), a proxy for layoffs, fell 10.6% in the most recent week, dropping to the lowest level since last August. 

New filings were down by almost two-thirds (-62.6%) compared to the end-of-year seasonal spike; and, were almost one-fifth (-19.7%) below the average weekly total during the five years (2003-2007) prior to the recession. 

When adjusted for seasonal factors (chart 2), new filings were 7.9% less than the prior week’s total and slightly less than one-fifth (-18.4%) below the post-holiday peak. 

The seasonally adjusted four-week moving average (chart 3) -- which adjusts for regularly recurring changes and smoothes weekly fluctuations -- has been fairly flat since mid-January and, most recently, was 4.3% below the pre-recession average.

Continuing claims (chart 4), that is individuals receiving regular benefits, rose 3.7% in the week ended March 8. Due to administrative changes in the reporting of on-going claims, week-on-week fluctuations are to be expected. However, the four-week moving average has been steady since mid-January at about one-third (31.7% most recently) above the pre-recession norm.

Adjusted for seasonality (charts 5 and 6), the number of beneficiaries has been relatively flat since the start of the year. 

The seasonally adjusted total is 15.9% above the pre-recession average, but 39.8% below the June 2009 recessionary peak.

The State’s insured unemployment rate (IUR), the number of beneficiaries as a percent of total covered employment, was unchanged at 4.1% in the most recent week. New Jersey’s IUR was second highest among all states.

In sum: Applications for unemployment benefits continued to decline, consistent with seasonal patterns when employment is stable or growing modestly.  The number of continuing claims remains elevated, however.


The statements, opinions, and conclusions contained herein are based solely upon the author’s own studies, research, and personal experience. Neither CohnReznick nor the author make any representation or warranty as to the accuracy or completeness of this information. CohnReznick and the author expressly disclaim any liability for any loss or damage which may be incurred, of any kind whatsoever, as a result of or arising from the use of any of the information contained herein or reliance on the accuracy or completeness of it.

Search Our People

Search Our People

Look ahead. Gain insight. Imagine more. Is your business ready to break through?

View our new TV commercial..

Industry Outlooks

Industry Outlooks

Gain insight into what is ahead for the Commercial Real Estate, Technology and Middle Market Private Equity industries.

READ MORE

Learn about our upcoming events.

READ MORE

Working With Us

Working With Us

What makes CohnReznick different from others in our profession? And what should our clients come to expect when working with us? The answer is The CohnReznick Advantage. Contact us to learn how we can out the CohnReznick Advantage to work for your business.


People

The value of an organization is determined by the skills and qualities of its leaders. With more than 280 partners serving clients nationwide, CohnReznick is renowned for the diverse experiences, knowledge and backgrounds of its leadership.

Learn More

Services

We align our services in three segments: Accounting and Assurance, Tax, and Advisory. This approach allows us to provide holistic solutions to complex business problems and to seize upon opportunities requiring an integrated approach.

Learn More

Industries

Accounting and tax issues different significantly based on an organization's industry. We provide clients with expertise in nearly two dozen industries – we know the opportunities, the obstacles, the competitive landscape.

Learn more

Insights

CohnReznick professionals are thought leaders in their industries. Clients benefit from relevant and timely economic, legislative and industry insights that can keep them a step ahead of competition.

Learn More

Global Reach

Our involvement in the Nexia International network of firms enables us assist our clients wherever they do business-providing local expertise and connections wherever they needed. Nexia is comprised of 20,000 professionals operating in over 100 countries.

Learn More