U.S. weekly unemployment insurance claims fall to 214,000

New applications for U.S. unemployment insurance benefits fell 12,000 for the week ending October 15 to a seasonally adjusted 214,000. The previous week’s figure was revised down from 228,000 to 226,000. The four-week moving average as of October 15 rose to 212,250 from a revised 211,000 as of the week ending October 7.

The number of continuing unemployment insurance claims, which refers to the number of unemployed workers who filed for benefits at least two weeks ago and are actively receiving unemployment benefits, rose 21,000 from the previous week’s revised number to a seasonally adjusted 1.385 million for the week ending October 7. Reporting for continuing claims lags one week.

Unemployment insurance is a joint federal and state program that provides temporary monetary benefits to eligible laid-off workers who are actively seeking new employment. Qualifying individuals receive unemployment compensation as a percentage of their lost wages in the form of weekly cash benefits while they search for new employment.

The federal government oversees the general administration of state unemployment insurance programs. The states control the specific features of their unemployment insurance programs, such as eligibility requirements and length of benefits.

Additional reading: