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US weekly jobless claims total 236,000 vs 240,000 expected
CNBC ^ | 12/07/2017

Posted on 12/07/2017 7:03:15 AM PST by gubamyster

The number of Americans filing for unemployment benefits unexpectedly fell last week, suggesting a rapid tightening of the labor market.

Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 236,000 for the week ended Dec. 2, the Labor Department said on Thursday. Data for the prior week was unrevised. It was the third straight weekly decline in claims.

Economists polled by Reuters had forecast claims rising to 240,000 in the latest week. Last week marked the 144th straight week that claims remained below the 300,000 threshold, which is associated with a strong labor market. That is the longest such stretch since 1970, when the labor market was smaller.

The labor market is near full employment, with the jobless rate at a 17-year low of 4.1 percent. A Labor Department official said claims-taking procedures continued to be disrupted in the Virgin Islands months after Hurricanes Irma and Maria battered the islands. He said claims processing in Puerto Rico was still not back to normal.

The four-week moving average of initial claims, considered a better measure of labor market trends as it irons out week-to-week volatility, edged down 750 to 241,500 last week. The claims data has no impact on November's employment report, due to be published on Friday, as it falls outside the survey period.

According to a Reuters survey of economists, nonfarm payrolls probably increased by 200,000 in November after surging 261,000 in October. Job growth in October was boosted by the return to work of thousands of employees, mostly in low-wage industries like hospitality and retail, who had been temporarily dislocated by Hurricanes Harvey and Irma.

The unemployment rate is forecast unchanged in November. It has declined by seven-tenths of a percentage point this year.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: economy; jobs; unemployment

1 posted on 12/07/2017 7:03:15 AM PST by gubamyster
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To: gubamyster
The unemployment rate is forecast unchanged in November.

I am not an economist and, conceivably, there is a solid statistical reason for this. But I am struck by my recollection that when Obama was president, the jobless numbers were high, and higher than expected -- and unemployment rates generally dropped as a result.
It seemed ... odd.

Now Trump is president, hiring is clearly picking up and exceeding expectations, and the unemployment rate is unchanged.

It seems ... odd.

2 posted on 12/07/2017 7:08:04 AM PST by ClearCase_guy (Benedict McCain is the worst traitor ever to wear the uniform of the US military.)
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To: gubamyster

UNEXPECTED!......................


3 posted on 12/07/2017 7:12:05 AM PST by Red Badger (Road Rage lasts 5 minutes. Road Rash lasts 5 months!.....................)
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To: ClearCase_guy

The SAME bureaucrats are still fudging the numbers?..................


4 posted on 12/07/2017 7:13:27 AM PST by Red Badger (Road Rage lasts 5 minutes. Road Rash lasts 5 months!.....................)
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To: Red Badger

The new unexpected!


5 posted on 12/07/2017 7:19:50 AM PST by MNDude (God is not a Republican, but Satan is certainly a Democratt)
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To: MNDude

Their ‘Expectations’ were high for Obama, and rarely were they met.

Their ‘Expectations’ are low for Trump and he exceeds them every week!..................


6 posted on 12/07/2017 7:21:59 AM PST by Red Badger (Road Rage lasts 5 minutes. Road Rash lasts 5 months!.....................)
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To: Red Badger

Funny how the meaning of a word can change over the years...


7 posted on 12/07/2017 7:24:49 AM PST by crusher2013
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To: gubamyster

Just gotta love all this winning. Thank you President Trump!


8 posted on 12/07/2017 8:10:00 AM PST by upchuck ("Ex-obama" ... That phrase itself honors America. ~ h/t glennaro)
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To: ClearCase_guy
and unemployment rates generally dropped as a result.

Obamacare resulted in many part time jobs. If someone earns $1, they are not counted as unemployed.

The other problem with unemployment statistics is that they are based on surveys. Clinton brought his unemployment numbers down by having the Dept of Labor cease doing surveys in inner-cities. Then he reversed that action just before leaving office.

9 posted on 12/07/2017 8:41:28 AM PST by aimhigh (1 John 3:23)
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To: gubamyster

“The number of Americans filing for unemployment benefits unexpectedly fell last week...”

So we’re back to using “unexpectedly” again?


10 posted on 12/07/2017 8:55:17 AM PST by vladimir998 (Apparently I'm still living in your head rent free. At least now it isn't empty.)
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