Thursday, September 17, 2009

Jobless Claims Have Fallen 17 of Last 23 Weeks

WASHINGTONThe number of newly laid-off workers seeking unemployment benefits fell last week to the lowest level since early July, evidence that job cuts are slowing. The Labor Department said Thursday that initial claims for unemployment insurance dropped to a seasonally adjusted 545,000 from an upwardly revised 557,000 the previous week.

The decline is the third in the past four weeks. The four-week average, which smooths out fluctuations, dropped 8,750 to 563,000 (see chart above).

MP: Since the early April peak, the weekly jobless claims (4-week moving average) have fallen in 17 out of the last 23 weeks.

4 Comments:

At 9/17/2009 10:20 AM, Anonymous Anonymous said...

And at the current rate of decline it will take only 64 more weeks (about 1 year, 3 months) to get back to the back to the bottom of the chart.

 
At 9/17/2009 10:50 AM, Anonymous Anonymous said...

I'm going up the mountain at a much slower rate stepping over the bodies of those below me. The deficit after this year will be going up at a much slower rate too.

 
At 9/17/2009 9:27 PM, Blogger BxCapricorn said...

It never occurs to anyone that the pool of potentially unemployable people is continuously shrinking? I really don't know why anyone looks at U3 when U6 is the number that's real.

http://www.bls.gov/news.release/empsit.t12.htm

I hope this links help. I can't tell you what a pleasure it is to go shopping now, having the entire store's sales team at my disposal, and all of the over-leveraged, credit abusing wanna-be's, out of the way.

 
At 9/18/2009 10:22 AM, Anonymous Anonymous said...

Yes, it does occur to SOME of us that the pool of people for future layoffs has shrunk. Businesses are down to bare bones. If the recession continues, there will be closures and MASS layoffs of all the remaining workers.

U-6 is alarming.

This chart also looks more like a stall than a fall in unemployment claims. It's amazing how people can spin bad news into good. This high level will take years to resolve. How can anyone flaunt falling claims when existing claims are so elevated and unemployment rising? It's beyond any reason.

 

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