Thursday, January 14, 2010

Jobless Claims (Four-Week Moving Average) Fall for 19th Consecutive Week to a New 16-Month Low

WASHINGTON (MarketWatch) - "First-time jobless claims rose last week by the largest amount in five weeks, surprising economists who had expected a decline. Initial claims rose by 11,000 to 444,000 in the week ended Jan. 9, the Labor Department reported today. This is the highest level since mid-December.

Despite the increase, the trend in jobless claims is still positive. The average number of workers filing claims over the past four weeks fell by 9,000 to 440,750. This is the lowest since late August 2008, just prior to the near-collapse of the financial system. The four-week average is considered a better gauge of the labor market than the volatile weekly number."

3 Comments:

At 1/14/2010 12:39 PM, Blogger Michael said...

Anyone who was on unemployment benefits who took a seasonal job and is now out of work would not be eligible to return to unemployment benefits.Same for people who got short term jobs from stimulus dollars.

How about some numbers on the total number of people not working?

 
At 1/14/2010 7:22 PM, Blogger OBloodyHell said...

> Same for people who got short term jobs from stimulus dollars.

You can't prove that!!!!

Mainly because you can't prove that anyone actually got ANY job from stimulus dollars...

 
At 1/17/2010 5:19 AM, Anonymous Pary Liki said...

Michael, you are exactly right but don't bother explaining it. It's been explained many times before and it always bounces off the deflector shield.

Not even the BLS is celebrating this decline because they understand that the universe of people eligible for benefits is shrinking.

Job losses reported by the BLS are only 30% of the number of initial claims. Therefore we can estimate that about 70% of initial claims are DENIED for lack of eligibility.

When people filing claims finally get the message that they are ineligible and give up, claims magically fall!

More voodoo economic indicators which are no more informative than chicken bones thrown in a tin pan.

The ratio of job openings to job applicants is extremely low.

Until nonfarm employment growth becomes positive, we are nowhere near an economic recovery.

That indicator was precisely the measure by which the NBER called the beginning of this recession. It must therefore be the measure which declares its end.

 

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