Skip to comments.Initial Jobless claims rise to 336k; 330k expected
Posted on 08/22/2013 5:32:30 AM PDT by Perdogg
Initial Claims 336K, Exp. 330K— zerohedge (@zerohedge) August 22, 2013
Does this represent only those who have filed for jobless benefits?
Yes, it’s the number in one week who’ve filed for unemployment checks.
Good question. I am assuming is it only those who have filed claims whether or not the state has accepted it.
Every news story I’ve seen on this is spinning it as good news as it remains near a several years low and the average number dropped a hair. Amazing how in the tank for Obama they ALL are.
They are initial claims - new claims filed this week.
So, the trend of weekly claims applying for unemployment benefits is below the 50+ year average. Still well over 300,000 NEW unemployment claims EVERY week, but, below that average. So, what are we to surmise from the number being below the 50+ year average?
From Zero Hedge
“Continuing claims were also worse than expected at 2999K, up from 2970K, and missing expectations of 2963K.”
People freak out over 300,000+ claims but that is very common in the economy. Tens of thousands of people are hired and fired each week. The point of 330,000 initial claims being “low” is that companies are not laying off people at a rate anywhere near where they were back in 2008 and 2009. That activity is much more “normal”.
Separately, job creation is also low for this point in a recovery. So companies are not laying people off at an abnormal rate but they aren’t hiring much either. This is why we are seeing 1-2% GDP growth.
I am curious to see the ADP number next Wednesday (I believe) to see how much July was revised. I also believe that NFP for July will be revised lower.
I think NFP will be revised downward. There was a pause in growth during June. Picked back up a bit in July.
I heard the opposite. A gentleman on CNBC said on 8/1/13 that the amount of taxes collected on payroll plummeted in late July to the extent that it was not going to be fully realised in the NFP report released on 8/2/13.
Could be. I was referring to the economic data. Our business slowed down a good bit in June but started picking back up in July and gotten stronger in August.