Thus the number of new unemployment claims is a negative indicator of economic activity. Claims for unemployment insurance were higher than last month's unusually low figures. In fact, unemployment claims were up 25.53 percent over the previous month. The leading indicator was also up 10.63 percent over August 1999, up 19.19 percent over 1998, and down a slight 0.27 percent over 1997. National claims for unemployment insurance are low, yet they have increased somewhat over the incredible lows reached last spring.
Many economists cite the jobless rate as one of several indicators that the economy is slowing.
Manufacturing orders , a leading indicator of activity and employment in the County, showed mixed results in August. The Building permit leading indicator declined 5.08 percent over the previous month's revised report. New building permits across the country declined 2.8 percent in August. The current activity is the lowest since December 1997. Relatedly, the Federal Reserve reports that residential construction activity throughout the nation has continued to soften over the previous month.