Posted on 06/27/2013 5:49:13 AM PDT by mykroar
The number of Americans filing new claims for unemployment benefits fell slightly last week in line with the recent moderate pace of jobs growth.
Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 346,000, the Labor Department said on Thursday. Claims for the previous week were revised to show 1,000 more applications than previously reported.
Economists polled by Reuters had expected first-time applications to fall to 345,000 last week.
The four-week moving average for new claims, which irons out week-to-week volatility, fell 2,750 to 345,750.
A Labor Department analyst said no states had been estimated and there were no special factors in the state data.
(Excerpt) Read more at reuters.com ...
Just more statistical noise around a bad mean. It’s up, it’s down, it’s up, it’s down.
The headline should have the word “New” at the beginning. There’s a BIG difference between “Jobless Claims” and NEW Jobless Claims. I know the story says New,but the headline should too.
False numbers since they never take in to account those that have decided to quit looking. Never show any correlation to the increase in the number of folks on assistance programs. And they are always “surprised” at the “unexpected” increase or decrease whichever it happens to be for that particular period.
translation: 346,000 new recipients just went on the SSI rolls...
There isn't a single number reported in this article that is affected by those who have decided to quit looking for work.
This is news until the “Revised Upward” news comes out next week.
Fewer people employed. Obama cooked the books.
Highest number of people drawing food stamps and disability payments.
It’s a shell game.
“Quit looking” means “have not gotten a job in their field and have been kicked off unemployment rolls”.
And the kicking begins far before 52 weeks. Some may get “99 weeks” but that is hardly the norm.
At least if you aren’t in Obama’s demographic.
Thank you for pointing that out. It is getting embarrassing to see so many on this site that get that wrong every week.
Nor do they factor in people like me who would like to work a few hours a week to supplement the family income, but don’t, because of taxes. The money I would clear would be a pittance. Why go to work just to have one’s earnings confiscated by the millionaires in government?
Not saying I would expect to be included in any “official” numbers, just stating that there are many people who would like to work, but taxes and regulations are discouraging people from working and creating wealth. We are all growing poorer as government hamstrings the economy.
The headline should have the word “New” at the beginning. There’s a BIG difference between “Jobless Claims” and NEW Jobless Claims. I know the story says New,but the headline should too.
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Good point.
Lets do the basic math of this number of ‘new’ claims.
350,000 NEW claims a week translates into over 18M new claims on annual basis.
This 350,000 represents a low water mark over the last five years so at times it has been much higher. But even using this low water mark for 5 running years the number of newly employed would be 91M people. That is around half the entire workforce. Half!
The real number of initial claims over the4 last 5 years IS much higher than 91M. So of these are ‘double layoffs’. My wife is the pipeline to become a ‘double layoff’ during this time period after losing one job, retraining for a new (less lucrative) career going from high paying IT to lower paying medical. So people are not only not finding jobs in their fields at similar pay, when they start new careers they are the ‘low person on the totum pole’. So when that segments cuts it cuts these newly retrained people.
Nothing is working right now, Nothing.
Any take a close look at company revenues in 1Q? Anyone? On a broad look? Down, down hard. Covered up by profits. But job generating TOP LINES were DOWN for many, many big companies. Missing estimates by over a billion dollars were names like Walmart, IBM, HP, Intel.
Recovery? It shows in the top line revenue. And revenues are down. 2Q will be telling.
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