Posted on 01/31/2013 6:23:14 AM PST by mykroar
The number of Americans filing new claims for unemployment benefits bounced off five-year lows last week, pulling them back to levels consistent with modest job growth.
Initial claims for state unemployment benefits increased 38,000 to a seasonally adjusted 368,000, the Labor Department said on Thursday. The prior week's claims figure was unrevised.
Economists polled by Reuters had expected claims to increase to 350,000.
Read more: http://www.foxbusiness.com/economy/2013/01/31/weekly-jobless-claims-rise-more-than-expected/#ixzz2JYwXRXIp
(Excerpt) Read more at foxbusiness.com ...
Go ahead and delete thread if possible. SeekandFind beat me by a minute....LOL
(is that gay?)
FMCDH(BITS)
Wow, what a convoluted sentence to create a positive spin.
Everybody drink!
You know why all these people are acting surprised about the negative GDP growth and the weak employment stats?
Because they truly believe that 0bama’s policies will “work” as defined as “causing a prospering economy”.
And they truly accepted the “recovery” meme, have assumed that we have been in a “recovery” since summer 2009, and have cognitive dissonance when it comes to what is actually happening in the economy.
Unemployment up, GDP down, next thing you know the MSM will unexpectedly tell even more of the truth.
Unemployment up, GDP down, next thing you know the MSM will unexpectedly tell even more of the truth.
Analysis from Global Insight:
Initial unemployment insurance claims increased by 38,000 in the week ended 26 January, to 368,000.
- Initial unemployment insurance claims spiked to 368,000, a rise of 38,000. On a nonseasonally adjusted basis, claims fell by 70,429, to 366,596.
- The four-week moving average rose slightly, to 352,000.
- Continuing benefits programs reported 22,000 more claimants in the week ended 19 January, bringing the total down to 3.2 million. Regular benefits typically last for a period of 26 weeks; claimants are required to check in weekly to provide updates on their job search to receive compensation.
- Emergency unemployment compensation (EUC), which immediately follows the exhaustion of regular benefits, was provided to 2.11 million people in the week ended 12 January—a rise of 418,762.
- In the week ended 12 January, 657 people were collecting extended benefits (EB), down 540 from the prior week. Extended benefits are made available to those who have exhausted emergency unemployment compensation.
Unemployment claims rose in the week ended 26 January by the most since November, though the recent volatility is attributable to unwinding of seasonal patterns. Even in a typical month, week-to-week claims data can be volatile, and the four-week moving average provides a more reliable gauge of the level of unemployment claims. Last week, the four-week moving average hit a new post-recession low, and it is currently 24,750 below a year ago. Time will tell whether this marks the beginning of a sustained downward trend in claims, or whether the trend will reverse as it has in previous years.
The changes in emergency unemployment compensation and extended benefits data seen over the past month may reflect the effects of the American Taxpayer Relief Act of 2012. These programs had been slated to expire at the end of December; however, they were extended until the end of 2013, as part of the fiscal cliff agreement. Continuing claims and initial claims were not affected by the fiscal cliff deal. The only programs threatened by the cliff were those serving people who had been receiving unemployment benefits for upwards of 26 weeks.
The most recent employment report showed a mixed picture of the labor market. Nonfarm payrolls rose by 155,000 in December, as private payrolls grew and government payrolls shrank. However, the labor-force participation rate was unchanged, holding the unemployment rate steady at 7.8%. The labor-force participation rate stands just a fraction above its low point for the cycle—not a good sign. IHS Global Insight expects January payrolls to increase by 165,000.
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