by Calculated Risk on 11/13/2008 08:39:00 AM

Initial unemployment claims of 516,000 were the highest since Sept 2001; just after the attacks of 9/11. Continued unemployment claims are at the highest level since 1983.

The DOL reports on weekly unemployment insurance claims:

In the week ending Nov. 8, the advance figure for seasonally adjusted initial claims was 516,000, an increase of 32,000 from the previous week's revised figure of 484,000. The 4-week moving average was 491,000, an increase of 13,250 from the previous week's revised average of 477,750.
...
The advance number for seasonally adjusted insured unemployment during the week ending Nov. 1 was 3,897,000, an increase of 65,000 from the preceding week's revised level of 3,832,000.

Click on graph for larger image in new window.

The first graph shows weekly claims. The four moving average is at 491,000. This is a very high level, and indicates significant weakness in the labor market.

Continued claims are now at 3.897 million, the highest level since 1983.

The second graph shows continued claims since 1989.

Note: Continued claims hit 4.7 million during the 1982 recession (not shown), although the population was much smaller then. The unemployment rate peaked at 10.8% in 1982 (compared to 6.5% currently).

This suggests that Novemeber will be another very weak month for employment.