Seasonally unadjusted dropped somehow by a ridiculous 95,506. All those thousands of bankers being laid off this week must not be people - that explains it? And the stunner: those added to extended benefits was a whopping 332K, an unprecedent large number for a weekly change.
A new tactic of hiring in the professional ranks is: less than 6 month contract terms. Someone on unemployment accepts one of these positions and works for 5 to 6 months. Just shy of 6 mos, the contract is up and they are let go again. Not having worked 2 full quarters - in most cases they are not eligible for UE. They end up unemployed, again, and not eligible or counted.
>>Seasonally unadjusted dropped somehow by a ridiculous 95,506. <<
As I said in the post above this one a bit, the reported number is seasonally adjusted. Actual employment always rises going into the Christmas season, but most of it is temporary.
It will fall dramatically, after Christmas, on the order of 500-800,000, but those numbers will be adjusted too, and the result might even be a further fall in the total applying for unemployment.
All those thousands of bankers being laid off this week must not be people - that explains it?
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The bankers just haven’t figured out how to apply ,, it’s all new to them.