Posted on 01/24/2019 9:33:42 AM PST by SeekAndFind
The number of Americans filing applications for unemployment benefits fell to more than a 49-year low last week, but the drop likely overstates the health of the labor market as claims for several states including California were estimated.
Still, labor market conditions remain strong, which for now should help to temper fears of a sharp slowdown in economic growth. The economy is facing several headwinds, including a month-long partial shutdown of the federal government, which is starting to hurt both consumer and business confidence.
Initial claims for state unemployment benefits dropped 13,000 to a seasonally adjusted 199,000 for the week ended Jan. 19, the lowest level since mid-November in 1969 when 197,000 applications were recorded, the Labor Department said on Thursday. Data for the prior week was revised lower to show 1,000 fewer applications received than previously reported.
Economists polled by Reuters had forecast claims rising to 220,000 in the latest week. The Labor Department said claims for California, Kansas, North Dakota, Virginia, West Virginia, and Hawaii were estimated last week because of Monday's Martin Luther King Jr. holiday.
This suggests last week's surprise decline in claims probably exaggerates the labor market's health. The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 5,500 to 215,000 last week.
U.S. Treasury yields held at session lows after the data. Major U.S. stock index futures had been trading higher earlier in the morning but fell after U.S. Commerce Secretary Wilbur Ross said the United States and China were "miles and miles" from resolving their trade dispute.
(Excerpt) Read more at cnbc.com ...
SUMMARY:
* The number of Americans filing applications for unemployment benefits fell to more than a 49-year low last week.
* The drop likely overstated the health of the labor market as claims for several states including California were estimated.
* The partial shutdown of the federal government so far appears to be having a limited impact on the claims data.
* The number of federal workers filing for jobless benefits rose 14,965 to 25,419 in the week ending Jan. 12.
Too bad filing for unemployment doesn’t disqualify you from back pay (as far as I know).
More of Obamanomics?
Too bad filing for unemployment doesn’t disqualify you from back pay (as far as I know).
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
It does. It’s called an overpayment. You can’t double dip on unemployment.
Trump’s fault!
labor market ... claims for several states including California were estimated
“Any business man who uses government numbers to make investment decisions is an idiot.”
“The partial shutdown of the federal government so far appears to be having a limited impact on the claims data.
* The number of federal workers filing for jobless benefits rose 14,965 to 25,419 in the week ending Jan. 12.”
Y-you mean people are managing without the federal government to ‘help’ them?
Now consider that the population is about 60% more than in 1969. Things are even better than stated, unless you are desperate to hire someone.
Unexpected!
But with Trump the unexpected is always good news, unlike the previous President where the unexpected was always bD news.
Because everybody has at least 2 jobs!
* The number of Americans filing applications for unemployment benefits fell to more than a 49-year low last week.
HOWEVER, HOWEVER, HOWEVER
* The drop likely overstated the health of the labor market as claims for several states including California were estimated, so don't go crowing about the great Trump economy!"
(That's how they want you to read this report).
So those numbers are junk. And, IIRC, the unemployment numbers are survey based and do not include those who have given up looking for work.
Received wisdom used to be that an unemployment rate of six percent was full employment and could not get any lower. This turned out to be wildly off the mark.
Nobody knows nothing.
Mr President: don’t relent but continue to implement the “jobs,jobs,jobs” program It is all part of MAGA>
But in the O&G industry there are sill engineers looking for jobs.
This is just one of the reasons Pelosi is pushing back on a State of the Union Address.
...but the drop likely overstates the health of the labor market...
IOW, Partisan Media Shills continue to operate CNBC.
Yet just another failure of our president. Damn, can he not get unemployment to rise, rise, rise so that the Dimocrats can use that against him in 2020. How the heck does he expect the Dims to win if he keeps this up. Man oh man, that Trump. Low unemployment, conservatives love him, military loves him, real Americans love him, Patriots (no not the football team) loves him, border wall, yada, yada. Come on Trump, get that unemployment rate up higher!!! (full sarcasm on)
The demand for good workers is so great, that friends/relatives our age and we still get job offers.
One of our college age grand kids flew back home from the east coast for the Christmas and semester break. One of her summer employers offered to send a limo to pick her up at the airport if she would work that day. She said no thanks and reported to work the next day on Wednesday and had 41 hours working in 4 days.
Many restaurants in California are closing or open for limted hours as they can't find employees to work.
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