Posted on 11/12/2009 7:32:02 AM PST by xzins
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT
SEASONALLY ADJUSTED DATA
In the week ending Nov. 7, the advance figure for seasonally adjusted initial claims was 502,000, a decrease of 12,000 from the previous week's revised figure of 514,000. The 4-week moving average was 519,750, a decrease of 4,500 from the previous week's revised average of 524,250.
The advance seasonally adjusted insured unemployment rate was 4.3 percent for the week ending Oct. 31, unchanged from the prior week's unrevised rate of 4.4 percent.
The advance number for seasonally adjusted insured unemployment during the week ending Oct. 31 was 5,631,000, a decrease of 139,000 from the preceding week's revised level of 5,770,000. The 4-week moving average was 5,790,750, a decrease of 100,750 from the preceding week's revised average of 5,891,500.
UNADJUSTED DATA
The advance number of actual initial claims under state programs, unadjusted, totaled 529,446 in the week ending Nov. 7, an increase of 46,904 from the previous week. There were 539,787 initial claims in the comparable week in 2008.
The advance unadjusted insured unemployment rate was 3.8 percent during the week ending Oct. 31, an increase of 0.1 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 4,944,307, an increase of 10,863 from the preceding week. A year earlier, the rate was 2.6 percent and the volume was 3,460,633.
Extended benefits were available in Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, Washington, West Virginia, and Wisconsin during the week ending Oct. 24.
Initial claims for UI benefits by former Federal civilian employees totaled 2,378 in the week ending Oct. 31, an increase of 309 from the prior week. There were 2,255 initial claims by newly discharged veterans, a decrease of 252 from the preceding week.
There were 22,478 former Federal civilian employees claiming UI benefits for the week ending Oct. 24, an increase of 818 from the previous week. Newly discharged veterans claiming benefits totaled 34,254, an increase of 354 from the prior week.
States reported 3,520,151 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending Oct. 24, an increase of 22,390 from the prior week. There were 820,503 claimants in the comparable week in 2008. EUC weekly claims include both first and second tier activity.
The highest insured unemployment rates in the week ending Oct. 24 were in Puerto Rico (6.4 percent), Oregon (5.4), Nevada (5.2), Pennsylvania (4.9), Alaska (4.8), Arkansas (4.8), California (4.8), Wisconsin (4.8), North Carolina (4.6), Michigan (4.5), and South Carolina (4.5).
The largest increases in initial claims for the week ending Oct. 31 were in Wisconsin (+1,501), Illinois (+1,390), Michigan (+1,135), Puerto Rico (+1,101), and Texas (+965), while the largest decreases were in California (-6,752), Florida (-3,409), Georgia (-2,686), New York (-2,067), and North Carolina (-1,872).
They can always say that the good news is — IT WAS LESS THAN ECONOMISTS EXPECTED.
You haven’t seen nuthin’ in terms of unemployment until “health care” is enacted.....think doubling in 18months
Lemme get this straight, if 350,000 people are losing their job every week it will cause the private economy to grow? Please elaborate.
Less than econ’s expected?
I thought I had $100 bucks in my wallet when I lost it. Turns out there was only $10 bucks in it.
That means I have 90 extra dollars. Right? (Or is it $100?)
I’m sure a date night and a party at the White House will make them all feel better. Afterall, the economy isn’t effecting THEM.
I think that we are in uncharted territory with respect to the economy. We are likely undergoing long-term structural changes wherein former “rules-of-thumb” just don’t apply.
I think what you were referring to is something that government statisticians used to refer to as “churning” — the number of jobs typically lost during a given period where the unemployed can gain new employment within a minimal defined period.
Looks to me like Obama was spending a “Day at the Beach”. Given his gesture I’d say he just took a mulligan.
There is a level of unemployment claims that we see even in a good economy.
During the past two decades, the four week moving average (4MA) of initial unemployment claims would bottom out around 300K during the best parts of the business cycle. So looking for a week where we see initial claims under 350K would be in alignment with the past data from the 4MA of initial claims to say “OK, now we’re possibly seeing some growth in hiring again...”
That’s not to say that a level of 300K to 350K initial claims means we’re seeing new hiring NOW, because we’re now seeing long-term structural changes in the US economy which invalidate quite a bit of economic assumptions from the last 20 to 60 years of economic data. But saying that 300K to 350K initial claims in any week means that we should start looking for employment growth IS consistent with the data we have.
Claiming a level of 450K initial claims is consistent with new job growth, however, is not supported by anything but unicorn farts and happy thoughts.
Your number is in the ballpark and supported by the last 20 years of unemployment claims and graphs of the four-week moving average of initial claims. No doubt about that.
We still do not see the long-term (> 6 months or 26 weeks) unemployment trendline coming down, tho.
There is HUGE slack in the labor force. Employers can go forward without hiring two+ million workers simply by pulling back in part-timed labor to full-time, and bringing furloughed workers back on to active employment.
The slack in the labor force is going to be the biggest impediment to creating “new jobs” going foward.
Hmmmmm...I wonder how Nazi Pelosi expects all these unemployed people to afford to buy healthcare so they won’t be arrested.....?
Since Obama’s inauguration the the weekly filings of new unemployment claims has averaged over 500,000 people. New claims represent real job losses as a person cannot claim unless she/he became unemployed. Over 38 weeks since the inauguration this equates to over 19 million jobs lost.
The employment situation is a disaster and continues to get worse. Expect more retail bankruptcies after the holiday season which will result in tens of thousands of additional job losses.
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Plus all the temp jobs that expire after the Holidays - pushing the U6 rate higher.
As you say - DISASTER.
This is terrible. There has been no let up to the slaughter. I didn’t expect any, but it is brutal seeing these poor people getting axed month after month. I cringed all along at the glee regarding a “service economy” and seeing us kill real job after real job and substituting millions of disposable jobs that provided us with conveniences but not necessities. I can groom my own dog. I can pour my own coffee. I can wash my own car. I can make my own bacon and eggs.
Brutal. Just keeps coming with no letup. Imagine the 2010 elections and the slaughter just keeps coming. Imagine 2012.
Brutal.
That is one reason there won't be a recovery. Huge taxes on the horizon is another. And, despite the beliefs of many in the business community, a socialist government won't really transfer many of their costs to elsewhere.
Not so. There are many workers who will be content to receive the government handouts once health care is added. Think of it. Welfare payments, food stamps, and health care. That will certainly keep the current welfare population on welfare, and it will seduce a good many more to enter on that lifestyle. In a sense, it's a rational conclusion.
In the long run, that falls back on the producers to carry the extra load. More of them will fail. Fewer of them will survive to carry a greater load. Repeat.
Socialism dooms everyone to failure or to eventual membership in the regime, and Mugabe proves that even they are pitiful creatures.
Lemme get this straight, if 350,000 people are losing their job every week it will cause the private economy to grow? Please elaborate.
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That’s the economics theorized break even spot on people losing and people finding work weekly. Above that - and we’ve been well above that for a long time - means the economy is shedding more jobs than it’s creating.
Another 200+ layoffs coming to landsend Dodgevile WI ,
it will target employee’s that have over 20 years on the job ,
will save the vacation money payed out along with the health care benefits payed out ( they are self insured )
so where will the over 50 workforce find some one to hire them and retrain them ,
Do you resole a old pair of shoe’s or replace them with new cheaper and vibrant ones
Our company is shedding jobs this month, I’ll be out of work at the end of it.
Change you can believe in.
Our prayers are with you Naspino.
Lord God, you are the One who directs us to earn our own living. We pray for those who have no job and who are not afraid of work. Make things fit together so that with their own labor they can provide for their families and themselves. We pray in the name of Jesus, Father, Son, and Holy Spirt; Amen.
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