Latest unemployment initial claims was 349,000 - up 25,000

[papau]

http://www.dol.gov/opa/media/press/eta/ui/current.htm

December 2, 2004 UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending Nov. 27, the advance figure for seasonally adjusted initial claims was 349,000, an increase of 25,000 from the previous week's revised figure of 324,000. The 4-week moving average was 336,500, an increase of 4,250 from the previous week's revised average of 332,250.

The advance seasonally adjusted insured unemployment rate was 2.2 percent for the week ending Nov. 20, unchanged from the prior week's unrevised rate of 2.2 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Nov. 20 was 2,723,000, a decrease of 20,000 from the preceding week's revised level of 2,743,000. The 4-week moving average was 2,763,750, a decrease of 17,500 from the preceding week's revised average of 2,781,250.


UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 320,435 in the week ending Nov. 27, a decrease of 36,286 from the previous week. There were 357,811 initial claims in the comparable week in 2003.

The advance unadjusted insured unemployment rate was 1.8 percent during the week ending Nov. 20, a decrease of 0.2 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 2,335,927, a decrease of 192,760 from the preceding week. A year earlier, the rate was 2.3 percent and the volume was 2,949,992.


Friday - tomorrow - will be interesting as "Analysts" predict that employers expanded payrolls by around 200,000 in November and are expecting the nation's unemployment rate to dip to 5.4 percent in November from October's 5.5 percent.

[TahitiNut]

1. Not good in the Christmas run-up.

Not good at any time.

[papau]

4. Some hiring reports are "very modest increase"

Best Buy Co., has hired and trained almost 25,000 temporary workers for the holiday season, up 20 percent from last year

Atlanta-based United Parcel Service Inc expects to hire 70,000 people for the season

Factory hiring may be about to increase as well if the Institute for Supply Management's index of factory employment jumping to 57.6 in November from 54.8 the month before means anything.

Bloomberg reports that "Eighty percent of U.S. executives in a survey by the Business Roundtable survey expect hiring to increase or remain the same in the next six months. Even so, the 20 percent who expect hiring to decline is higher than the 12 percent recorded in the third quarter."

on the dark side, General Motors Corp said on Nov. 30 it plans to lay off the remaining 950 production workers at a Linden, New Jersey, factory in February. The plant builds two sport-utility vehicles that are being phased out. naturally General Motors says it will try to find jobs elsewhere in the company for the plant's 110 non-union employees (I doubt this is more than a free dig at unions).

[Komrade _azul]

2. I thought the B#sh economy was a smashing success!

[MrUnderhill]

3. I feel like we were just talking about this.....

:-)

Not a great number.

[papau]

6. :-)

:-)

[Wisc Badger]

5. Wonderefull News

NOT!

[UpInArms]

7. papau, have you been watching the party

over on Wall Street?

Markets are hip-hip-hurrah-ing, dollar is jumping for joy - economists are saying that the employment figures should be ignored, sales are dropping all over Main Street, but that's not to be worried about either, US automakers are reporting dismal sales - but quit looking at those things - we're having a PARTY!

Huh?

[MrUnderhill]

9. Where have you seen "sales are dropping over on Main St"?

And the unemployment figure doesn't need to be "ignored". It wasn't THAT bad... just unexpected after a few weeks of solid numbers. There's some indication that there was a flaw in the seasonal adjustment. We'll know next week.

So far... the S&P is up 6% (or so) for the year... while corporate profits have been up 19%. That's a lot of room for upward movement.

It would sure be nice if profits translated to a little more PAY for people with jobs.... or heck.. how about some more JOBS(???), but the market looks at profits.

[mhr]

8. Still Unemployed - 54 Months And Counting - No Serious Interest

From any company.

I am not surprised by these numbers because they reflect Main Street realities not Wall Street myths.