South By North Strategies, Ltd.

For the benefit week ending on March 27th, 12,323 North Carolinians filed initial claims for state unemployment insurance benefits, and 1987,429 individuals applied for state-funded continuing benefits. Compared to the prior week, there were fewer initial and continuing claims. (Note the filing week had one fewer day due to the Good Friday state government holiday.) These figures come from data released today by the U.S. Department of Labor.

Averaging new and continuing claims over a four-week period — a process that helps adjust for seasonal fluctuations and better illustrates trends — shows that an average of 14,610 initial claims were filed over the last four weeks, along with an average of 194,750 claims. Compared to the previous four-week period, both initial and continuing claims were lower.

One year ago, the four-week average for initial claims stood at 28,393 and the four-week average of continuing claims equaled 226,231.

The graph (right) shows the changes in unemployment insurance claims (as a share of covered employment) in North Carolina since the recession’s start in December 2007.

Both new and continuing claims appear to have peaked for this business cycle, and the four-week average of new claims has fallen to a level last seen in October 2008. Yet continuing claims remain at an elevated level, which suggests that unemployed individuals are finding it extremely difficult to find new positions.