Unemployment initial claims flat in January
Initial claims for unemployment insurance (UI) in Nevada totaled 12,900 in January, down 0.5 percent from December’s reading of 13,000.
Overall, initial claims activity is down 8.7 percent relative to January of 2017, a decrease of 1,200 claims.
The reduction in initial UI claims is likely an indication that the seasonal peak of claims activity has been reached, with declines more than likely being reported next month.
Year-over-year declines in initial claims activity have been recorded in nine of the past 12 months.
Other positive indicators include the average duration claimants receive benefits is down 5.7 percent, and the share of claimants who ran out of benefits prior to finding employment is also down at 34.7 percent, down more than two-and-a-half points relative to last year, said Jeremey Hays, economist at the Nevada Department of Employment, Training and Rehabilitation (DETR).
According to data released by DETR:
— Initial claims totaled 12,900 in January, relatively flat compared to last month.
— Initial claims decreased 8.7 percent year-over-year, the ninth decrease of the past 12 months.
— The relative trend, expressed in the 12 month moving average of the series, indicates stability at an average of 11,100 claims per month.
— Average unemployment duration has fallen to 13.3 weeks, down from 14 weeks a year ago.
— The exhaustion rate stands at 34.7 percent, 2.8 percentage points lower than last January.