Skip to comments.U.S. jobless claims fall 26,000 to 350,000
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.
Since they only counted 4 days last week instead of 5, since 4 July fell in the middle of the week, of course the number is lower.
In fact, the daily average is very high: I think last week was 375 or 385 thousand.
That means 75,000 per day 2 weeks ago and 87000 a day last week. So....numbers per day were up significantly.
Another +1 here. My boss was on vacation last week, so he let me go Monday of this week.
So, 350,000 more people LAST WEEK are added to the pool of prospective employees to fill all of 80,000 new jobs that were created LAST MONTH.
Indeed, a more accurate figure would include those laid off and those companies unlikely to hire.
However laid off is a worse term politically than unemployed.
And government hiring should not be included because that is tax payer based paid and budgetized on the economy.
THey are going to pyramid scheme on these figures and financial magic manipulations at the corrupt and intimidated Fed Reserve, no doubt.
Exactly. Companies have and will cut their employment to the bone only for so long, which will result in less filings for unemployment insurance (now 99 weeks of welfare). Might as well have your FR "unexpected" drink now, because a future adjustment is coming without a doubt. It always does.
If Romney doesn't push the real numbers of the unemployed in the coming debates with Bambi, then he doesn't deserve to be a dog-catcher.
Every single day I see on Fox Business Channel, and even CNBC, a discussion about businesses afraid to use their cash to hire because of Bambi policies. Yet, The One, gives them crap about not spending their money for more hires or increasing inventory or making investments.
Makes a logical person wonder why socialists can't see the similarity between a company sitting on its cash reserves and an individual/family not spending their discretionary cash. It's all because of uncertainty. Don't the socialists ever balance a personal checkbook?
Yeah.,.,..and if it were such good news the Stock Market wouldn’t be dropping like a stone this morning.
Did anybody stop to realize that it was short Holiday week?
Sorry, I don't see any connection anymore. I have never been a conspiracy type, but I have never seen everything go up and down in unison, as it has of late.
Used to be if equities look bad, gold goes up and vice versus. Now everything goes up and down equally, including energy. I've watched too many times the unemployment numbers go up and the market go up when it used to go down with high unemployment.
Wall Street makes no since anymore. It's being manipulated by computer trading and/or something more. I'm out and have been out since I made some money back after the bottom in March 2009. Unfortunately, I bought some China stocks early 2010 and lost more than half I gained from 2009.
I'm staying out, and that includes dividend stocks (which I could use being retired), unless the Dow slips to 10,000 or below. I refuse to watch my equity crash&burn while getting some pitiful 3-5 % dividend that Bambi is going to tax more.
People here did, but, the original story didn’t.
It’s pretty impressive they were able to write that article without mentioning July 4th....
We have to remember last week was only a 4-day week, so it can be expected the claims would decline.
Sounds like Obama signed up 26K more on SS disability. Notice spending and deficit goes up not-down with these reduction of the ‘jobless’.
Why is SS disability counted as a job anyway? Isn't that like eating your own offspring, or planting seeds, claiming that the food supply is growing ('moving in the right direction' as Obama says)
Yes, I considered that, but see my post above. Wall Street makes NO sense anymore. Even the best economists don't know what to make of it anymore - they are all over the map in their predictions, other than we're heading to another recession. I'm out and going to spend my cash in my back stretch.
Screw this socialist nation/world, I'm going to have a good time. Yes, I'll keep fighting, but going to enjoy myself while doing so. If nothing else, I pay little to be cremated with no funeral and will rest beside my Father in Riverside National Cemetery.
Apparently the press forgot to mention that millions of families were without power for some or all of last week and July 4th was right in the middle of last week, but I’m sure all that was taken into account in the numbers reported.
The money you save on your heating bill by tearing the siding off your house and burning it in your fireplace is taxed as income, I believe. ;-)
Is there any report that lists 401(k) loan and disbursement trends? A lot of long-time-unemployed professionals who didn’t qualify for unemployment assistance because they got a severance package wind up borrowing against their future by dipping into their 401(k)s. It would be interesting to see the data for this little overlooked segment of society.
This is how yahoo “reports” jobless numbers....”US jobless claims plunge to lowest in 4 years”.....never mention that #s at based on 4 days NOT 5 days......
Once the unemployment benefits have been exhausted you are no longer counted as "unemployed".
Eventually (because of the way it's figured) we could start seeing 4% unemployment after enough unemployment benefits end but the real unemployment could be 20% or more.
...and those putting out these numbers were not any of them.
And we need these weekly?
2. Identify the bureaus/agencies
3. Name them
4. Publish name and locations .
5. Make the news of these that should only be PART TIME government bureaucracies.
With due respect, may I replace your word "impressive" with the word, pathetic?
Happy days are here again, the skies above........oh, wait.
Some of it could be due to people intending to go apply needed to stay home & tend to their power outages.
Only 4 days last week.
Also note that the low for Q2 was the first week - first week of April.
So the trend is for the first week of a quarter to be the low. Probably because companies are compiling their numbers and on hold. After they get their numbers and layout their plans or prep to coordinate layoffs with earnings announcements then the pick slips may increase.
Any good news is good. But this is not a game changer. We are still in a very deep hole.
But, but, but-—don’t they have to add the 84,000 new applications for disability for last week. That would push it up to @ 434,000. Disability seems to be the new normal unemployment insurance claim? Now we have three instead of two numbers that actually count: New W4 hires minus new unem. comp. claims minus new disability claims. When the first gets larger than the total of the second two we’ll be making progress-——that won’t happen until Obamuzzie is history.
Lets see - July 4 people were off and govt closed, and major part of the country had no power for a week.
Wait till next week - it will be right back at 375k
Car Plants didn’t shut down as the normally do this time of the year
A lot of people have giving up looking for work and are now working hard at getting on food stamps and “disability”. Good news for “daytime” TV.