Posted on 07/12/2012 5:36:06 AM PDT by John W
WASHINGTON (MarketWatch) - U.S. jobless claims fell by 26,000 last week to 350,000, but onetime factors such as fewer auto-sector layoffs than normal likely caused the sharp decline, the Labor Department said Thursday. The level of claims is the lowest in four years, although they could move higher in the next few weeks as onetime seasonal factors unwind.
(Excerpt) Read more at marketwatch.com ...
That don’t surprise me. It only means that there less and less jobs to get laid off from.
“The prior week’s figure was revised slightly higher to 376,000 from the previously reported 374,000.”
==
“A Labor Department official noted that part of the drop might be due to some auto manufacturers keeping their plants open during the first week of July to meet demand.”
==
Above from Reuters.com
==
Typically in a few days or weeks, this will be readjusted back to the real numbers, which shall prove to be just as dismal as the preceding several months, and with no change, or even a slight increase, in the number of the “disemployed”. A factor not included shall be the number of new “disabled” added to the rolls.
“..About 5.87 million people received some kind of state or federal benefit in the week ended June 23, up 17,011 from the prior week. “
July fourth was on Wednesday. This was expected, well except by liberal economists who find everything ‘unexpected’.
Considering that there were only four days to file last week, I simply don’t see anything to cheer about.
Make no mistake, they will drop the unemployment rate below 8.0% just long enough for the election.
Due to the damage from the severe storm on June 29, I believe these unemployment numbers will be lowered for about the next 3 months. We’ve had large crews working on our commercial building that lost its 10,000 sq ft roof since the derecho hit us.
You are correct. A major holiday where govt offices are closed in the middle of the week was the contributing factor here. Next week, it will be back up at around 400k
Um, ya think?
4th of July....unenployment offices closed.....add at least 10%....385,000 if full week
I expect the numbers to jump back up above 400,000 next week. If not 400,000 it'll easly be 395,000 and some change.
By the way, my employer laid off 750 people in February of this year, the rumor mill at our place is already saying another round coming in mid-Sept to early October. Looking like another 500 or so will be leaving the company. (Don't want to say who I work for...)
Until the next revision of the “good news”.
It takes them a nice 10 weeks and 5 or 6 trips to the job office with papers to rescan again and again until one gets approved for joblessness.
Meanwhile disability people are always around the job fairs pushing any one there to get on disabilities... What are they doing at job fairs?
You can add +1 to that number, I was laid off last week but have not filed for unemployment yet.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.