U.S. jobless claims point to firmer labor market: Down by 6,000 to seasonally adjusted 289,000

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, suggesting the labor market continued to strengthen.

Initial claims for state unemployment benefits dropped by 6,000 to a seasonally adjusted 289,000 for the week ended Dec. 13, the Labor Department said on Thursday.

The report came a day after the Federal Reserve offered an upbeat assessment of the labor market and the broader economy, and signaled it could start raising interest rates next year.

The U.S. central bank, which has kept its short-term interest rate near zero since December 2008, lowered its unemployment rate forecast on Wednesday. Many economists expect the first rate hike in mid-2015.

RE: What is it? 200,000 to 300,000 WEEKLY jobless claims every WEEK for the last 6 years and things are “looking good” “firmer” “promising”?

1) It has been below 300,000 for several weeks now.

2) We have to look at the other side of the ledger, not just the layoffs. The hirings minus the layoffs are now averaging above 200,000.

Of course the following have tobe taken into account:

1) The quality of the jobs created ( most are part time and low paying ).

2) Those who have dropped out of the labor force are not being counted as part of the official unemployment rate.

... 1) It has been below 300,000 for several weeks now. Even 6 years at 200,000 per week is terrible....above 200K is nothing to crow about
2) We have to look at the other side of the ledger, not just the layoffs. The hirings minus the layoffs are now averaging above 200,000. Not if you are counting weekly numbers against monthly numbers.

Of course the following have to be taken into account:
1) The quality of the jobs created ( most are part time and low paying ). Jobs created are reported MONTHLY they gloss over this fact.
2) Those who have dropped out of the labor force are not being counted as part of the official unemployment rate.< p> This is true. It's why the real UR is higher.

In other words, you cannot believe anything spoken, written or otherwise imparted from any agency of this government that falls under the direction of this President.

above 200K is nothing to crow about

You don't have a single clue, do you?

Seasonally-adjusted UI claims haven't touched a number below 200K since 1969. Seasonally-unadjusted? Since 1973.

So, you're somewhere between 40 and 45 years out of date. Let me be the first to thank you for plastering your abject ignorance all over this thread.

Here are the facts: Every month, about 3.2 million people quit, retire or are fired. Of those, about 1.3 million file new claims for unemployment "insurance" in any given month. About 300K/week.

The rest (about 1.9 million) quit to take a new job, retired or don't bother filing a UC claim because they know they are disqualified (fired for cause or they quit without a new job to go to) from receiving benefits for many weeks.

That's all one can say about that -- it's got nothing to do with net employment. Nothing. At all.

Not if you are counting weekly numbers against monthly numbers

Which only someone who is totally and completely ignorant of labor statistics would do.

UI claims have absolutely nothing to do with either the unemployment rate or net employment gains or losses.

While those 3.2 million quit, retired or were fired, what else happened? About 3.4 million were hired.

There's the 200K of NET new job creation/month. Get it yet? UI claims have nothing to do with net changes in total employment. All that matters is total hires/total separations.

UI claims are only slightly predictive of changes in the unemployment rate. Mainly when they rocket up to 500-600K per week. Then, you can be pretty sure that new hires aren't going to exceed separations.

Meanwhile, the UI numbers are at about the best levels they've been at for about 15 years, and, on a percentage of work-force basis, much longer. Never mind that you don't have even the foggiest understanding of them.

Believe it or not, and despite the worst that President Chickenshit can do and has done to wreck the U.S. economy, it still manages net employment gains. We should be doing twice as well, but that will have to wait until the lying sack of chickenshit is gone. Nothing can defeat the U.S. economy, not even jug-ears.

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