US jobless queue shortens, but housing starts plunge sharply in June

CNBC ^ | 07/17/2014

[SeekAndFind]

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, suggesting the labor market recovery was gaining traction. However, a separate report showed U.S. housing starts and building permits unexpectedly fell in June, suggesting the housing market recovery was struggling to get back on track after stalling in late 2013.

Initial claims for state unemployment benefits dropped 3,000 to a seasonally adjusted 302,000 for the week ended July 12, the Labor Department said on Thursday.

The prior week's claims were revised to show 1,000 more applications received than previously reported. Economists polled by Reuters had forecast first-time applications for jobless aid rising to 310,000 last week.

The four-weak average of claims, considered a better gauge of labor market trends as it irons out week-to-week volatility, fell 3,000 to 309,000, the lowest level since June 2007.

[SeekAndFind]

It's fun with Thursday jobless claims numbers once again...

[rarestia]

I truly hope that some time in the future when all of this madness is over someone will be able to give us the actual real-world numbers. I’m genuinely interested to see how bad it truly is/has been.

[demshateGod]

Queue? Are we still in the Commonwealth.

[demshateGod]

Queue? Are we still in the Commonwealth.

[mykroar]

The prior week's claims were revised to show 1,000 more applications received than previously reported.

And the sun came up today too.

[SeekAndFind]

RE: I’m genuinely interested to see how bad it truly is/has been.

Things WERE really bad... but has it not occurred to you that things might actually be improving (although not at the pace we would like it to be )?

[Wyatt's Torch]

LOL! You are tilting against the FR windmills again... :-)

On housing (more my specialty than labor economics) here is a chart I put together this morning. the label is wrong as it should read 24-months instead of 36 but the point stands. Single family housing has been essentially flat for the last two years:

[rarestia]

No, it hasn’t, but then I have a job. For those without, I’m sure things seem hopeless.

[Wyatt's Torch]

Philly fed just blew it out of the water

[Common Sense 101]

Remain calm... all is well!

[Wyatt's Torch]

Interesting chart. South is the housing story:

[smokingfrog]

The South’s gonna rise again!

[Wyatt's Torch]

[Mycroft Holmes]

Cool huge image, but it runs out of the frame in various FR views. Try this instead:

<img src="http://4.bp.blogspot.com/-5bkLQbWb59k/U8fFuzuZS1I/AAAAAAAAfvk/YeT2yeM1cWo/s1600/WeeklyClaimsJuly172014.jpg" width="100%">

Using width="100%" gets you the entire chart no matter how the user's window is sized.

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[Caipirabob]

"The captain would like you to know that we are addressing the problem and that your next flight will be much better!"

[minnesota_bound]

I am sure that “former” Microsoft employees are happy with the news.

[Night Hides Not]

Hard to buy a house when you’re maxing out at 28 hours a week.

[SeekAndFind]

OK, based on the chart, there seems to be LESS people being laid off...

Next question — how many of those laid off in the past have found jobs?

[Wyatt's Torch]

Here is the 4WMA of Continuing Claims:

[SeekAndFind]

So, based on the chart, people ARE finding jobs.

So, why are 92 Million people not in the workforce?