by Calculated Risk on 9/11/2008 09:05:00 AM

The DOL reports on weekly unemployment insurance claims:

In the week ending Sept. 6, the advance figure for seasonally adjusted initial claims was 445,000, a decrease of 6,000 from the previous week's revised figure of 451,000. The 4-week moving average was 440,000, an increase of 250 from the previous week's revised average of 439,750.

Click on graph for larger image in new window.

The first graph shows weekly claims. The four moving average is at 440,000.

This is a very high level, and indicates continued weakness in the labor market.

Continued claims are now above 3.5 million for the first time since 2003.

The advance number for seasonally adjusted insured unemployment during the week ending Aug. 30 was 3,525,000, an increase of 122,000 from the preceding week's revised level of 3,403,000. The 4-week moving average was 3,429,000, an increase of 36,750 from the preceding week's revised average of 3,392,250.

By these measures, the economy is clearly in recession.