Skip to comments.Weekly Jobless Claims Fall More Than Expected
Posted on 02/28/2013 6:08:49 AM PST by mykroar
The number of Americans filing new claims for unemployment benefits fell more than expected last week, suggesting some traction in the labor market recovery.
Initial claims for state unemployment benefits dropped 22,000 to a seasonally adjusted 344,000, the Labor Department said on Thursday. The prior week's claims figure was revised to show 4,000 more applications received than previously reported.
Economists polled by Reuters had expected first-time applications to fall to 360,000.
Claims have seen large swings in recent months because of difficulties smoothing the data for seasonal fluctuations, making it hard to get a clear pulse of the labor market's health.
(Excerpt) Read more at foxbusiness.com ...
344,000 Americans out of work....Wait until Mid-April when 880,000 Federal Workers request unemployment to make up for the day they lose every week. Now you guys will really see some unemployment numbers!!!!!
“The prior week’s claims figure was revised to show 4,000 MORE applications received than previously reported.”
Unexpected! *DRINK* :)
The corrections to this number will not be published though.
Extended Claims Jump 8.5% As Initial Claims Continue Sideways Crawl
The prior week's claims figure was revised to show 4,000 more applications received than previously reported.
Here’s where all this good news is heading....
And, which of the heavily debt-ridden states are among those that had to be “estimated” or left out?
IIRC, last Monday was a Federal holiday. Many states (including state UE offices) also observe Presidents’ Day.
And there was that big snowstorm.
And the Oscars.
I see their ‘revised up’ number has increased. Last year, it was typically 2,000 week after week. This report upped it to 4,000.
Federal employees can’t collect unemployment because they are only unemployed for one day a week.
The unemployment offices were closed, were they not?
It was a 4-day week.
They get the expectations wrong every time. Isn’t it time to stop predicting what they don’t know how to predict?
It seems that every week a federal holiday is involved the jobless claims number falls.
Yes you can in Maryland. I called and asked.
My office was told you had to be unemployed for a week, but I live in WA. We are looking at one day per pay period which is better than a lot of agencies. No weekends or nights and an 80% cut in our operating budget.
This is the correct interpretation of the drop in numbers. Many unemployed file via the internet, and a holiday impacts the ability of the unemployment offices to process them. Unprocessed filings are not counted.
We are looking at one day per pay period which is better than a lot of agencies. No weekends or nights and an 80% cut in our operating budget.
We are having 2 days a payperiod and the rest is the same.
Smoothing? So that's what they're calling the lies these days.
Has anyone corrected these unemployment numbers to determine what percentage of the actual working population is being laid off at this time? If there are 10% less people working today than there were four years ago, even a reduction in the reported number of newly-unemployed today (which will be revised upward later) could be indicating a worse labor market than a higher number reported in the past.
Check JOLTS data...
The last time there were ‘furlough’ days, when the budget was settled, ALL the missing money was paid back to the Federal employees. They lost nothing.
The difference is that most employees got a retroactive paid vacation. Essential employees got paid late for work they did. Some old guys in my office said they never got the overtime they worked during the nopay period.
I suspect we’ll see unemployment trending down as more employees are converted to “29ers” and more “29ers” are hired to pick up the slack.