U.S. jobless claims [455,000] rose in latest week

Biz.Yahoo/Reuters ^ | April 24, 2003

[Starwind]

Reuters
U.S. jobless claims rose in latest week
Thursday April 24, 8:32 am ET

 WASHINGTON, April 24 (Reuters) - U.S. Labor Department
report of initial state jobless benefit claims, seasonally
adjusted.
  Week Ended  Initial Claims  4-Week Avg.  Continued Claims   
  04/19/03     455,000      439,250         Unavailable
  04/12/03     447,000-R    426,000-R        3,589,000        
  04/05/03     412,000      421,250          3,547,000-R      
  03/29/03     443,000      423,250          3,488,000-R      
r-revised
 REVISIONS:
 INITIAL CLAIMS: April 12 from 442,000
 4-WEEK AVG: April 12 from 424,750
 CONTINUED CLAIMS: April 5 from 3,574,000; March 29 from
3,498,000
 STATES WITH DECREASE IN CLAIMS OF MORE THAN 1,000:   
 Five states reported a decrease in claims of more than 1,000
in the week ended April 12, the latest period for which  the
data are available. Those were:
 Illinois                -3,237
 Massachusetts           -2,183
 Arkansas                -1,985
 STATES WITH INCREASE IN MORE THAN 1,000:
 Fourteen states reported an increase in claims of more than
1,000 in the week ended April 12, the latest period for which
the data are available. Among the largest were:
 Michigan             +11,752
 California            +8,927
 Pennsylvania          +6,052
 Indiana               +2,448
 Louisiana             +2,379
 Maryland              +1,871
 FORECAST:
 Reuters survey of U.S. economists forecast:
 U.S. jobless claims 425,000 in the April 19 week
 HISTORICAL COMPARISONS:
 US JOBLESS CLAIMS AT HIGHEST LEVEL SINCE 486,000 IN WEEK OF MAR
30, 2002
 U.S. 4-WK AVERAGE HIGHEST SINCE 449,000 IN WEEK OF APR 20,
2002
 NOTES:
 The insured unemployment rate, a measurement of the work
force receiving unemployment benefits, was 2.8 percent in the
April 12 week, unchanged from the prior week.
 The department said 802,777 individuals filed for the new
government program that extends unemployment benefits for the
week ended April 5, up from 786,355 in the prior week.
 Michigan had more layoffs in the automobile and furniture
industries. California had more layoffs in the trade and service
industries.
 Pennsylvania said it had more layoffs in the construction,
trade, service, food and transportation equipment industries.
Indiana had more layoffs in the automobile and manufacturing
industries.
 Louisiana said it had an increase due to the start of a new
quarter of wage credits for benefits purposes, as well as
layoffs in the automobile industry.
 Illinois had fewer layoffs in the construction, trade,
service and manufacturing industries.
 Massachusetts, Arkansas and Maryland had no comment.

[Starwind]

Fyi...

[Illbay]

How did you beat Willie Green?

[PatrioticAmerican]

No doubt these numbers are low as people have rolled off th dole. I live in Highlands Ranch (Denver), capital of the out of work computer geeks. 65 Percent of people in HR work in the tech sector. Most have changed careers and many homes have foreclosed. I have heard foreclosure rates of 3.5-7 percent and a county number that says 23 percent of all homes are at least one month behind in mortgage payments, and 7 percent are at least two months behind. Banks are providing new financing to keep people in their homes as a high foreclosure rate kills banks.

Many geeks have been out of work for at least six months and around 25 percent at least a year. Those long term unemployed have taken on new jobs in other sectors but are making 1/3 to 1/2 of what they were, and I'm not talking the six figure incomes. Many that made $60-80K are now happy to have $40K. Last year, I did a large project and got high end developers for $50K, and they were real happy to have the jobs. One guy just took a $40K job, and he's 42 with 20 years experience.

We seriously need to review the H1-B program and the offshore developments.

[theDentist]

This is going to be the Dems biggest cudgel in the election. And it will be effective.
"It's the economy, stupid" will make a strong comeback.

[StolarStorm]

The GOP needs to blunt dem criticisms by ending the H1-B program and limiting l1-visas. I know a lot of people who are conservative .... but who are now considering the Democratic party due to these issues. Leadership needs to pull their heads out of the sand.

[Moonman62]

We seriously need to review the H1-B program and the offshore developments.

Fighting for a fixed or shrinking number of jobs isn't going to help much. What we need is economic growth to create new companies and new jobs. It's too bad we can't count on a Republican president to help out in that regard.

[freeper12]

Its a lie..all lies...there are no people out of work...it is just a vast left-wing conspiracy to taint Bush for the 2004 election.

</sarcasm>

[StolarStorm]

If you kicked out all the H1-Bs, there would be no shortage of jobs. Economic growth would obviously help, but many of the new jobs would be filled by H1-Bs and outsourcing firms.

[Starwind]

I have heard foreclosure rates of 3.5-7 percent and a county number that says 23 percent of all homes are at least one month behind in mortgage payments, and 7 percent are at least two months behind. Banks are providing new financing to keep people in their homes as a high foreclosure rate kills banks.

What does that financing look like?

Many of my friends have lost jobs, homes, marriages are dissolving...children are being hurt.

[StolarStorm]

The rich are getting richer... and the middle class is getting poorer. Classic stratification going on right now. Sure, completly free trade and open borders improve the economy long term... no doubt.... but the wealth becomes consolidated in fewer hands. free trade = much greater wealth for a few = poor working class.

[Starwind]

"It's the economy, stupid" will make a strong comeback.

And it ought to. It is the economy. Not the war, not oil, not a "soft patch"...but the economy.

This is going to be the Dems biggest cudgel in the election

Only if the Stupid Party cooperates with them. This mess was created by Greenspan, under Clinton's watch, with Republican complicity.

[clamper1797]

Hate to tell ya brother ... but the capital of laid off high tech workers is firmly in Silly-con Valley. The real estimated unemployment of these workers was put at over 33% by the Merk News back before Dec. The merky News and Channel 7 KGO reported that the number of area home mortgages at least one month in arears was 42%. I have at least a dozen high tech friends who are out of work. No jobs to be had ... not even at Micky D's for these people. 90%+ of the high tech jobs listed on the job boards are bogus and/or are H1B bait. A couple of my friends have already lost their house and a couple have moved to other locations in the USA. However, Silly-Valley is STILL knee-deep with "guest" invaders workers .... go figure

[drlevy88]

Because more and more US money is getting thrown to slave operations overseas.

[StolarStorm]

Do you know if anyone ever tries to sue the firms posting the H1-B bait? There are plenty of very qualified Americans out there... I'm suprised they aren't challenging firms that hire an H1-B over them. I'm employed (for now) but I fully expect to research a company's H1-B list if I get denied an interview in the future... for a job for which I'm capable. If everyone starts to be very agressive with H1-B violators perhaps the abuses can be limited.

[drlevy88]

H1-B is totally superfluous now. Congress should abolish it, period.

[clamper1797]

Sun Micro is being sued for H1B violations right now. There may be others but the suit against Sun is and has been in the news.

[arete]

"It's the economy, stupid" will make a strong comeback. And it ought to. It is the economy. Not the war, not oil, not a "soft patch"...but the economy. This is going to be the Dems biggest cudgel in the election Only if the Stupid Party cooperates with them. This mess was created by Greenspan, under Clinton's watch, with Republican complicity.

Greenspan works for Wall Street and Washington. He does what they want and not what needs to be done. It's all about delaying consequences and making excuses.

Richard W.

[Steven W.]

Sadly, unemployment is always a trailing indicator. Leading indicators, such as durable goods orders, etc., were UP today. They're looking in the rear-view mirror.

[WhiteGuy]

JMHO,

I've observed that the the largest segment of the business community hurt by the now 3 year long "no growth economy" is small business.

Small shops and offices are closing, for good. The entrapaneurs who drove the high growth economy of the last decade are now choosing to take 9-5 jobs where available.

As I travel around Cowtown, I make mental notes that there aren't many office buildings, industrial parks, or strip retail parks without obvious vacency.

Much like the industrial "downsizing" of the 70's these are jobs and businesses that are not coming back. Which is the prime indicator of why there is no "rebound".

Unfortunately, without real tax code reform, (not just rehtorical 10-years down the line miniscule tax cut promises), massive reduction in in government spending, and an iron-clad replacement for the ponzi-scheme that is Social Security, the American Dream will become a fond memory from the prior generations.

The GOP has a little over a year and a half to solve the problems, otherwise, the opportunity will be gone, perhaps for ever.

On the other ahnd I could be wrong........

Maybe, the economy is far better every where but here.

I sure hope so.