Initial unemployment claims drop
Breaking from the recent trend, 14,910 initial claims for unemployment insurance were filed in June, an 11.8 percent decrease from the 16,896 claims filed in June 2012. This is the second-largest decline this year, and the first time since January that the decline has been more than 10 percent.
From February through May, the annual decline in initial clams had been getting smaller each month, with a decline of just 0.8 percent in May. June’s level of initial claims, in contrast, is the second-lowest in the past five years, and only the second time in that period that initial claims have been below 15,000.
“This suggests that in June the rate of people losing their jobs was lower than it has been in previous months,” said Bill Anderson, chief economist for Nevada’s Department of Employment, Training and Rehabilitation. “However, the overall level of initial claims still remains higher than prior to the recession.”
From 2003 through 2007, initial claims averaged less than 13,000 per month while over the last 12 months claims are averaging 17,600 per month. This pattern is very similar to the overall level of unemployment in the state, which sharply increased during the recession and has only slowly been falling over the years since.
Initial claims peaked during the recession at 36,414 in December 2008, and since then, the low point for initial claims was 13,932 in September 2012. Initial claims typically peak each year in December and January, with seasonal low points around June and September of each year.