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High-Frequency Update: 5-12-24

May 12, 2024

U.S. initial claims for unemployment insurance spiked last week

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Arizona initial claims for unemployment insurance dropped modestly to 4,476 for the week ended May 4, down from 4,656 the prior week. That was down 3.5% over the year and down 3.4% from 2019.

U.S. initial claims for unemployment insurance spiked to 209,324 for the week ended May 4, up 2.7% over the year. That was up from 189,634 the prior week and up 2.6% from 2019.

The U.S. hotel occupancy rate ticked down to 64.4% for the week ended May 4, down from 65.7% the prior week. That was down 1.2% over the year and down 6.8% from 2019.

U.S. movie box office sales bounced up to $99.2 million for the week ended May 9, up from $88.1 million the prior week. That was down 52.6% over the year and down 61.5% from 2019. New movie releases were down 44.9% from 2019.

U.S. TSA traveler throughput fell modestly for the week ended May 4, hitting 17.1 million. That was down from 17.2 million the prior week. Throughput was up 6.3% over the year and up 5.1% from 2019.

Arizona new business applications were stable over the week at 740. That was down 6.3% over the year.

Data on seated diners at restaurants using the OpenTable app is no longer being updated to compare the current week to 2019 results.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


Weekly Indicators 

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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.