Jobless Claims (4-Wk. Avg.) Fall to 6-Month Low
WASHINGTON -- The number of U.S. workers filing new claims for state jobless benefits rose last week, but they remain below peak levels reached in the spring.
Initial claims for jobless benefits rose by 25,000 to 584,000 on a seasonally adjusted basis in the week ended July 25, the Labor Department said in its weekly report Thursday. The four-week average of new claims, which aims to smooth volatility in the data, fell by 8,250 to 559,000, the lowest level since January 24 (see chart above).
Initial claims for jobless benefits rose by 25,000 to 584,000 on a seasonally adjusted basis in the week ended July 25, the Labor Department said in its weekly report Thursday. The four-week average of new claims, which aims to smooth volatility in the data, fell by 8,250 to 559,000, the lowest level since January 24 (see chart above).
The tally of continuing claims -- those drawn by workers for more than one week -- fell by 54,000 during the week ended July 18 to 6,197,000 the lowest level since April 11.
4 Comments:
Somebody says you're deeply wrong about those numbers:
http://market-ticker.org/archives/1272-Unemployment-Report-FAR-Weaker-Than-Claimed.html
In fact, it's getting worse.
What do you make of it?
Normally I just load up both barrels on this kind of thing, but here in Las Vegas, we're seeing a bottom, and not just the usual kind wrapped around a pole either. Housing has stabilized, sales are picking up, from what I hear, and restaurants are getting weekend crowds again. Unemployment is not the main issue, it's money movement, and I'm starting to street-level see it. I'll miss deflation. It made me feel wealthy.
Only here can rising initial unemployment claims be glossed over by averaging them with recent declines. The data is already seasonally adjusted so there's no need for additional 'smoothing'. Every forecaster on the planet is calling double digit UR by the end of the year.
What will the spin be when claims rise next week? Or will we cease talking about unemployment and stare at the tap dancing chimpanzee?
Bx, if you're seeing increases it's either a one-off event or only due to rock bottom prices. Gaming revenues are down, hotel occupancy is up, and restaurant sales and employment are down. The state of Nevada is at critical mass.
You might find this interesting, Forbes is tracking layoffs...
Layoff Tracker...
You'll see the following on that site:
Number of layoffs since Nov. 1, 2008, at America's 500 largest public companies*: 595,018
There's even a widget for those who think one would look cool on their blog site (hint! hint! Professor Mark)...
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