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:
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.
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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.
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.
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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