Down: First-time claims for unemployment insurance in Louisiana for the week ending July 16 decreased from the previous week’s total, The Associated Press reports. The state labor department figures released today show the initial claims fell to 3,062 from the previous week’s total of 3,163. For the comparable week a year earlier, there were 2,694. The four-week moving average, which is a less volatile measure of claims, increased to 3,016 from the previous week’s total of 2,956. Continued unemployment claims claimed for the week ending July 16 increased to 27,611 compared to 27,150 in the previous week.
Mixed bag: Louisiana lost two rigs exploring for oil and gas this week, while the country as a whole gained 15. According to Houston-based Baker Hughes, Louisiana ended the week with 44 rigs, ending a three-week run of weekly gains. Overall, there are 23 rigs on land, 18 offshore and three operated in water inland. For the U.S., the total stands at 462, up from 447 last week and 404 in the last week in May. The breakdown is 371 oil rigs, 88 gas rigs and 3 miscellaneous rigs. At this time last year, there were 76 rigs in Louisiana and 876 in the country.
Call the bank: Louisiana is laying the groundwork for possibly taking out a short-term loan to pay the state’s bills, The Associated Press reports. The Bond Commission on Thursday agreed without objection to start the process, with a final decision in August. Gov. John Bel Edwards’ administration, Treasurer John Kennedy’s office and legislative leaders are monitoring state cash flow to determine if the loan will be needed temporarily. The state usually borrows from its own savings accounts until tax collections, fees and other payments roll into the treasury. But former Gov. Bobby Jindal and lawmakers raided many of those accounts to patch together prior budgets, leaving the state with fewer reserves for short-term borrowing.
