Posted on 11/22/2006 6:23:16 AM PST by rightinthemiddle
Weekly Jobless Claims Climb by 12,000 to 321,000, but Data Indicates Stable Job Market
WASHINGTON (AP) -- Considerably more newly laid-off workers signed up for unemployment benefits last week, although the figures suggest the job market remains stable even as a housing slump afflicts the economy.
The Labor Department reported Wednesday that new applications filed for the work week ending Nov. 18, rose by a seasonally adjusted 12,000 to 321,000. The increase was bigger than many economists were expecting. They were forecasting new claims to clock in at about 310,000.
Even though the increase left claims at a three-week high, the level was still considered consistent with a jobs climate that remains decent despite the strain of job losses related to the cooling of the once-sizzling housing market. The current number of new filings for unemployment benefits is in line with last year's applications in this same time frame, when claims stood at 322,000.
The more stable, four-week moving average of claims, which smooths out week-to-week fluctuations, rose to 317,000 last week. That was an increase of 3,000 from the previous week. And it marked the highest level since late August. Compared with a year ago, the four-week moving average of claims has remained fairly stable. For the same week last year, the moving average stood at 316,750.
The report also said that the number of people continuing to collect unemployment benefits grew by 14,000 -- to 2.45 million -- for the week ending Nov. 11, the most recent period for which that information is available.
Other barometers suggest that the job market thus far is weathering well the slowdown in overall economic activity.
The unemployment rate sank to a five-year low of 4.4 percent in October and workers' wages grew solidly, the government reported earlier this month.
(Excerpt) Read more at biz.yahoo.com ...
My, my... Ms. Aversa is much more upbeat after the elections! Where is the doom and gloom she is well-know for here on FR? What about the "left-out poor and middle class? Could it be the Democrats might be blamed for bad news, now?
According to the U.S. Department of Labor, initial filings for government unemployment benefits dropped by 20,000 during October. The decline in unemployment was described as “the last gasp of failed Republican economic policy” by incoming Senate Majority Leader, Harry Reid (D-Nev.).
And, as you point out, after the election, there is far less to worry about:
Considerably more newly laid-off workers signed up for unemployment benefits last week, although the figures suggest the job market remains stable even as a housing slump afflicts the economy.
Amazing, isn't it?
Not a peep about the "housing bubble" bursting, or $100/bbl oil, inverting yield curve. etc. etc. etc. etc. etc.
Yup.
She and Martin Crutsinger (both AP Economics/Business writers) never missed an opportunity to editorialize in the "reports."
The MSM convinced Americans they have it bad before the elections. Now, they'll convince Americans they have it good, because the Democrats control Congress.
"WOMEN AND MINORITIES HIT HARDEST".
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