Skip to comments.Unemployment claims drop below 400,000 (to 397,000 in the week ended Oct. 29)
Posted on 11/03/2011 6:32:20 AM PDT by SeekAndFind
First-time jobless claims dropped again last week to the lowest level in five weeks, as the labor market make halting improvements.
Applications for unemployment benefits dropped by 9,000 to 397,000 in the week ended Oct. 29, from last week's revised figure of 406,000, the Labor Department reported on Thursday.
The four-week moving average, a less volatile measurement, fell 2,000 to 404,500, from the previous week's revised average of 406,500. The monthly figures have shown consistent drops in recent weeks as companies curtail layoffs.
The government is due to release figures for October on Friday with estimates of job growth ranging between 95,000 and 125,000 the unemployment rate is expected to remain stuck at 9.1 percent.
Overall, the number of people receiving jobless benefits hit a six-month low, another sign the market may be stabilizing although progress remains slow.
Economists said claims for benefits need to drop below 375,000 to indicate a healthy job market, more jobs and a lower unemployment rate.
Applications fell to 375,000 in February and stayed below 400,000 for two months, before hitting an eight-month high of 478,000 in April.
The economy generated 103,000 net jobs in September, well below what is needed to lower the unemployment rate which stayed at 9.1 percent for the third straight month but calming fears of a double-dip recession.
Economic growth also helped to relax concerns last week when the Commerce Department announced the economy grew 2.5 percent in the third quarter.
A separate report on Wednesday, showed that the jobless rate dropped in 75 percent of the nation's largest U.S. cities, a sign that job creation is happening across most of the country.
The Labor Department said that unemployment rates fell in 280 large metro areas from August to September
(Excerpt) Read more at thehill.com ...
Upward revision due out next week?
Of course they will ignore this report next week when the numbers are adjusted above the 400,000 mark once again.
Ahem. Jobless claims have to drop below 200,000 a month to get the economy going so we can increase employment, and accomodate all of the new people just entering the job market.
The Hill’s way off. Surprise!
Have you noticed that every week, they revise the previous week UP and then quote the drop from that number? The 397,000 this week will probably be revised up to 400,000 next week and then if that week is 398,000 it will be reported as a 2000 DROP instead of a 1000 INCREASE. Who do these guys think they are kidding?
♪ Happy days are here again. The skies above are clear again.....♪
The MSM is positive that everything is just swell and the odor of the WH version of the Titan Arum really isn’t that bad.
Always difficult in life to appreciate the specific talents of an individual whom otherwise I find so repulsive.
I tried to make sense of this intentional gobbledygook to see how obama writers are obfuscating reality
From last week (Bloomberg)
Oct. 27 (Bloomberg) — Fewer Americans filed applications for unemployment assistance last week, while those on benefit rolls dropped to a three-year low, signaling limited improvement in the labor market.
First-time jobless claims decreased by 2,000 to 402,000 in the week ended Oct. 22, Labor Department figures showed today in Washington. The median forecast of economists in a Bloomberg News survey called for a drop to 401,000. The number of people collecting unemployment benefits fell in the prior week by 96,000 to 3.65 million, the fewest since September 2008.
OK, so this report TODAY indicates that last week’s report of “402,000” that was touted as “a drop of 2,000 from the previous week” was a LIE.
Now we see that last week’s figures were revised UPWARD to 405,600. So all the hype about last weak being a drop was a LIE
Anyone want to guess that next week, today’s figures will again be revised (unexpectedly) above 400K?
And Jaysus, this “400+K a week” is getting old. When is the last person in America going to file for first time unemployment?
The economy ALWAYS adds jobs headed into the holidays.
And, so......next week they will be revised upward to some number over 400,000, just as last week’s numbers were. These numbers folks have been over 400,000 per month since April, 2011!!! Anyone that believes this jive is only fooling themselves.
In other news - Swampland for sale on a bayou in Mississippi!
Anyone who believes the government's unemployment figures will believe anything.
One prediction: The closer we get to the election next year, the better the unemployment figures will look - another "miracle" wrought by "The One" - Barry Hussein 0bama. /sarc
FUBO GTFO! 444 Days until Noon Jan 20, 2013
>>>The economy needs 200k per WEEK just to stay even. That 103k for the month is short by about 700k.
I think your figures are off by a considerable amount. Even in 2005, the best year for jobs growth in the last decade, the monthly change in payrolls averaged 208,000. By your figures, we would have been 600,000 short per month. Yet the unemployment rate declined through the year from 5.3% to 4.9%.
Stuart Varney said on FoxNews about a year ago that the economy would need to be creating 200k jobs per week just to stay even.
At 400k new jobless per WEEK, that is 1.6 million new unemployed per month. 100k new jobs per MONTH isn’t going to make a dent in that.
Well as many here probably know, It’s a first time jobless claim every time you file after having a streach of employment.
Keep in mind people come and go from the job market, check the rolling numbers of unemployed for the actual unemployed rate. Keep in mind the current administration changed the way it’s figured, witch makes the numbers look better than they would under the old system. The actual unemployment rate is around 12% under the old system.
Check the posting history of the bot you’re responding to and you’ll understand exactly what you’re dealing with.
Huh? No, your are incorrect. It sounds like you are mixing up reports or something. The economy needs to add about 100,000ish jobs per month to account for population growth. That is approximately what we are getting which is why the unemployment rate has stuck at 9.1% for so long. If we actually added 800,000 per month it would signal a very rapid expansion and the unemployment rate would drop dramatically.
The weekly jobless claims is something entirely different. Even in a very good economy there are hundreds of thousands of new unemployment claims each week. If the number of new weekly jobless claims is over 400,000 it generally signals a very sluggish job market. Anything under 400,000 generally signals some job growth. If we start seeing numbers around 350,000 or under it means we are seeing more significant job growth.
At 400k new jobless per WEEK, that is 1.6 million new unemployed per month. 100k new jobs per MONTH isnt going to make a dent in that.
You are mixing up reports, apparently misunderstood Varney and are otherwise entirely incorrect. You should stop posting on this subject till you know what you are talking about.
TomGuy does not know what he is talking about.
Literally every week people post ignorantly about these reports because they’ve never bothered to find out what what they actually mean, how they are different and what represents good versus bad numbers. It is really quite tiresome.