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US weekly jobless claims fall to the lowest level since 1969
CNBC via Reuters ^ | 01/24/2019

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 ...


TOPICS: Business/Economy; Culture/Society; Front Page News; Government
KEYWORDS: joblessclaims; maga; unemployment; winning

1 posted on 01/24/2019 9:33:42 AM PST by SeekAndFind
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To: SeekAndFind

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.


2 posted on 01/24/2019 9:34:21 AM PST by SeekAndFind (look at Michigan, it will)
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To: SeekAndFind

Too bad filing for unemployment doesn’t disqualify you from back pay (as far as I know).


3 posted on 01/24/2019 9:38:16 AM PST by TheZMan (I am a secessionist.)
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To: SeekAndFind

More of Obamanomics?


4 posted on 01/24/2019 9:49:51 AM PST by antidemoncrat
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To: TheZMan

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.


5 posted on 01/24/2019 9:51:41 AM PST by shelterguy
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To: SeekAndFind

Trump’s fault!


6 posted on 01/24/2019 9:56:17 AM PST by rdl6989
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To: SeekAndFind

labor market ... claims for several states including California were estimated


I liked what Abe Abelson said in Barron’s magazine...

“Any business man who uses government numbers to make investment decisions is an idiot.”


7 posted on 01/24/2019 9:57:11 AM PST by sparklite2 (Don't mind me. I'm just a contrarian.)
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To: SeekAndFind

“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?


8 posted on 01/24/2019 10:07:35 AM PST by Eleutheria5 (If you are not prepared to use force to defend civilization, then be prepared to accept barbarism.)
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To: SeekAndFind
the lowest level since mid-November in 1969 when 197,000 applications were recorded

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.

9 posted on 01/24/2019 10:20:02 AM PST by KarlInOhio (Leave the job, leave the clearance. It should be the same rule for the Swamp as for everyone else.)
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To: SeekAndFind

Unexpected!

But with Trump the unexpected is always good news, unlike the previous President where the unexpected was always bD news.


10 posted on 01/24/2019 10:22:57 AM PST by crusher2013
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To: SeekAndFind

Because everybody has at least 2 jobs!


11 posted on 01/24/2019 10:27:14 AM PST by unixfox (Abolish Slavery, Repeal the 16th Amendment)
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To: SeekAndFind
"SUMMARY:

* 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).

12 posted on 01/24/2019 10:28:58 AM PST by daler
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To: daler

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.


13 posted on 01/24/2019 10:36:23 AM PST by sparklite2 (Don't mind me. I'm just a contrarian.)
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To: SeekAndFind

Mr President: don’t relent but continue to implement the “jobs,jobs,jobs” program It is all part of MAGA>


14 posted on 01/24/2019 1:21:42 PM PST by 353FMG
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To: unixfox

But in the O&G industry there are sill engineers looking for jobs.


15 posted on 01/24/2019 1:24:35 PM PST by 353FMG
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To: SeekAndFind

This is just one of the reasons Pelosi is pushing back on a State of the Union Address.


16 posted on 01/25/2019 7:34:10 AM PST by Amish with an attitude
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To: AdmSmith; AnonymousConservative; Arthur Wildfire! March; Berosus; Bockscar; cardinal4; ColdOne; ...
...but the drop likely overstates the health of the labor market...
IOW, Partisan Media Shills continue to operate CNBC.

17 posted on 01/25/2019 7:57:02 AM PST by SunkenCiv (and btw -- https://www.gofundme.com/for-rotator-cuff-repair-surgery)
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To: SeekAndFind

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)


18 posted on 01/25/2019 12:19:44 PM PST by RetiredArmy (We are in the Last Days of human history. Jesus is coming back, & soon! Do U know Him?)
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To: KarlInOhio
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.

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.

19 posted on 01/27/2019 8:07:09 AM PST by Grampa Dave (Liberals//GOPe's 2019 Strategy, mantra, plan = 'No Borders, No Walls, No USA at All!'!)
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