Thursday, October 15, 2009

Jobless Claims (4Wk. Avg.) Fall to Lowest Level in 38 Weeks, Down 119,000 (-19.3%) From April Peak


WASHINGTON (Reuters) - The number of U.S. workers filing new claims for jobless insurance unexpectedly fell last week to the lowest level since January, according to a government report on Thursday that hinted at stabilization in the labor market.

Initial claims for state unemployment benefits fell 10,000 to a seasonally adjusted 514,000 in the week ended October 10, the Labor Department said. New jobless claims have declined for five of the last six weeks. The four-week moving average for new claims dipped 9,000 to 531,500 last week, declining for a sixth straight week (see top chart above).


MP: From the early April peak of 658,750, jobless claims (four-week average) have fallen by 127,250 to 531,500 (-18%), and that measure of jobless claims has fallen in 21 out of the last 27 weeks, including the last six months in a row. Jobless claims are now at the lowest level since January 17, 38 weeks ago. The bottom chart above shows that the 19% decline in jobless claims since the peak in April is consistent with the similar drops that marked the end of the 1990-91 recession (-15%) and the 2001 recession (-19%).

5 Comments:

At 10/15/2009 9:05 AM, Blogger Tom said...

Is the number reported the monthly rate number, or the actual number of claims filed that week? If the rate was 514,000 per week, that would be well over 2 million jobs lost per month, hard to believe.

 
At 10/15/2009 11:33 AM, Anonymous Anonymous said...

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At 10/15/2009 9:59 PM, Anonymous Anonymous said...

there has to be a correction along the way somewhere..

this is rediculous.

The guy from http://www.forecastfortomorrow.com/news has been spot on and says there could be a bit of one coming soon.

 
At 10/15/2009 10:28 PM, Anonymous Gozodome said...

The Census Bureau announced advance estimates of US retail and food services sales for September were $344.7 billion. This is down 1.5% from August and down 5.7% from September 2008. Retail trade sales were down 1.7% from August and gasoline station sales fell 25.3% from a year ago.

Manufacturers' and trade inventories fell 1.5% from July.

For the week ending October 9, the composite index of mortgage applications decreased 1.8 percent from a week earlier, seasonally adjusted. The refinance index fell 0.1% and the purchase index fell 5%.

Dr. Mark J. Perry was unavailable for comment.

 
At 10/16/2009 4:52 PM, Blogger juandos said...

First of all you might want to take a look at this: The Geography of Jobs

It maps job gains and losses over time...

Job gains are green and job losses are red...

Time span is Jan. '04 through Jul. '09...
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Payroll employment has fallen by 6.7 million since the recession began

 

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