For the week ending December 17th, 2022, unemployment insurance saw 216,000 new claims. This represents an increase of 2,000 compared to the prior week’s unemployment insurance claims.

Examining Prior Unemployment Insurance Claims in December

According to the Department of Labor, the advance rate for insured unemployment claims for the week ending December 10th was 1.2%. This figure remained unchanged from the previous week’s rate.

However, the advance number of those receiving unemployment insurance benefits during the week ending December 10th came in at 1,672,000. This marks a decrease of 6,000 from the previous week’s level. Later, analysts revised this statistic by 7,000.

Taking a Look at States with the Highest Unemployment Rates in December

For the week ending on December 3rd, Alaska led the pack of states with the highest unemployment rate. Alaska’s percentage came in at 2.3%. Following Alaska, the Department of Labor reported Puerto Rico (2.1%), California (2.0%), New Jersey (2.0%), Montana (1.7%), Minnesota (1.7%), New York (1.6%), Rhode Island (1.6%), Massachusetts (1.5%), and Washington (1.5%), respectively.

Notably, the week of December 10th had a different makeup for the states with the largest increases in initial claims for unemployment insurance. Connecticut led the roster with +471. Following Connecticut, we saw the District of Columbia (+237), Nevada (+157), Kentucky (+153), and Illinois (+138). On the decline, New York saw the biggest drop at -7,134. New York was then followed by California (-4,830), Georgia (-4,273), Texas (-3,954), and Pennsylvania (-2,669).

Unemployment Insurance Claims Rose for the Week Ending on December 17th

Conclusively, unemployment insurance claims rose for the week ending on December 17th. As 2022 winds down, investors expect to see a slowdown in trading activity.

To begin your financial planning strategy for 2023, contact the financial advisors at IHT Wealth Management.

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Information accredited to Broadridge.