by Calculated Risk on 1/28/2021 08:45:00 AM

The DOL reported:

In the week ending January 23, the advance figure for seasonally adjusted initial claims was 847,000, a decrease of 67,000 from the previous week's revised level. The previous week's level was revised up by 14,000 from 900,000 to 914,000. The 4-week moving average was 868,000, an increase of 16,250 from the previous week's revised average. The previous week's average was revised up by 3,750 from 848,000 to 851,750.
emphasis added

This does not include the 426,856 initial claims for Pandemic Unemployment Assistance (PUA) that was down from 447,328 the previous week.

The following graph shows the 4-week moving average of weekly claims since 1971.

Click on graph for larger image.

The dashed line on the graph is the current 4-week average. The four-week average of weekly unemployment claims increased to 868,000.

The previous week was revised up.

The second graph shows seasonally adjust continued claims since 1967 (lags initial by one week).

At the worst of the Great Recession, continued claims peaked at 6.635 million, but then steadily declined.

Regular state continued claims decreased to 4,771,000 (SA) from 4,974,000 (SA) the previous week and will likely stay at a high level until the crisis abates.

Note: There are an additional 7,334,193 receiving Pandemic Unemployment Assistance (PUA) that increased from 5,707,397 the previous week (there are questions about these numbers). This is a special program for business owners, self-employed, independent contractors or gig workers not receiving other unemployment insurance.