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High-Frequency Update: 10-27-24

Oct. 27, 2024
By George W. Hammond, EBRC director and Eller research professor

Arizona initial claims for unemployment insurance plunged last week

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Arizona initial claims for unemployment insurance plunged to 2,980 for the week ended October 19, down from 3,465 the prior week. That was down 11.5% over the year and down 15.1% from 2019.

U.S. initial claims for unemployment insurance fell from 225,269 the prior week to 202,635 for the week ended October 19. That was up 4.5% over the year and up 8.5% from 2019.

The U.S. hotel occupancy rate ticked down from 70.3% the prior week to 70.1% for the week ended October 19. That was up 1.6% over the year but down 3.2% from 2019.

U.S. movie box office sales fell for the third week in a row, reaching $94.1 million for the week ended October 24. That was down 11.1% over the year and down 49.1% from 2019. New movie releases were down 47.6% from 2019.

U.S. TSA traveler throughput rose to 18.1 million for the week ended October 19, up from 17.3 million the prior week. That was up 3.4% over the year and up 5.8% from 2019.

Weekly data Arizona new business applications will continue to be published by the Census Bureau, but only on a monthly basis. In September Arizona new business applications increased over the year for the first two weeks but weakened in the second half of the month. Applications were down 7.4% over the year for the week ended September 28, at 630.

Data on seated diners at restaurants using the OpenTable app is no longer being updated to compare the current week to 2019 results.

As of October 15, 2022, Google stopped updating mobility data.

Key News Articles and Research (subscription may be required)

Curated by Valorie Rice, Senior Business Information Specialist

Arizona and general topics: TSMC jump starts housing, business development in north Phoenix (AR 10/16)
Automation / AI: More organizations use AI when hiring. Why it’s important to proceed with caution (PBJ 10/22)
Demographic / socioeconomic / Census: The changing medical dept landscape in the United States (Urban Inst)
Economy: The paradox between the macroeconomy and household sentiment (Brookings 10/24)
Education / early childhood development: Brain drain or brain gain? Where university alumni locate (Upjohn)
Energy / environment / infrastructure: Powering up: the surging demand for electricity (FRBKC 9/25)
Housing / real estate: Where do the estimates of a “housing shortage” come from? (Brookings 10/21)
Commercial real estate: Retail space is going fast and pushing out local shops (WSJ 10/21)
Prices/inflation: As used car prices fall, the cost of EVs falls even harder (USA Today 10/23)
Public finance: Going into 2025, cities plan for leaner budgets (Route Fifty 10/18)
Wages/income/wealth: An opportunity to address Americans’ retirement savings crisis (Governing 10/24)
Workforce/employment/labor market: Cost of childcare increasingly weighs on labor force engagement (FRBKC 10/9)

 

Weekly Indicators 

Use your cursor as a tooltip and click on charts to view values. Click on the names of indicators listed at the bottom any chart to switch them on/off to view fewer at one time and make comparisons. Icons allow you to download and share.

Note: The official initial claims for unemployment insurance numbers for the U.S. are released every Thursday morning covering the week ending on the previous Saturday.

Note: See (http://www.eia.doe.gov/oil_gas/petroleum/data_publications/wrgp/mogas_home_page.html) for further definitions. Regular Gasoline has an antiknock index (average of the research octane rating and the motor octane number) greater than or equal to 85 and less than 88. Octane requirements may vary by altitude.

The U.S. Census Bureau continues to produce weekly estimates; however, the weekly estimate files are published as part of the Monthly Business Formation Statistics (BFS) Release.One key dataset with these estimates is High-Propensity Business Applications, a subset of total weekly business applications in Arizona that measures the number of applications with a high-propensity of turning into a business with a payroll, based on various factors. These data reflect weekly applications for Employer Identification Numbers (EINs) in Arizona which are likely to result in employment and wages. These include applications: (a) from a corporate entity, (b) that indicate they are hiring employees, purchasing a business or changing organizational type, (c) that provide a first wages-paid date (planned wages); or (d) that have a NAICS industry code in manufacturing (31-33), retail stores (44), health care (62), or restaurants/food service (72). Applications for EINs occur before the jobs and wages are added, so this is a leading indicator. Read more about the Business Application dataset from the U.S. Census Bureau.