Unemployment initial Claims up 10,000 - higher than expected

[papau]

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

January 13, 2005 UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending Jan. 8, the advance figure for seasonally adjusted initial claims was 367,000, an increase of 10,000 from the previous week's revised figure of 357,000. The 4-week moving average was 344,000, an increase of 12,750 from the previous week's revised average of 331,250.

The advance seasonally adjusted insured unemployment rate was 2.1 percent for the week ending Jan. 1, a decrease of 0.2 percentage point from the prior week's revised rate of 2.3 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Jan. 1 was 2,631,000, a decrease of 219,000 from the preceding week's revised level of 2,850,000. The 4-week moving average was 2,746,500, a decrease of 26,250 from the preceding week's revised average of 2,772,750.


UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 694,292 in the week ending Jan. 8, an increase of 153,690 from the previous week. There were 677,897 initial claims in the comparable week in 2004.

The advance unadjusted insured unemployment rate was 2.7 percent during the week ending Jan. 1, an increase of 0.3 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 3,380,253, an increase of 350,605 from the preceding week. A year earlier, the rate was 3.3 percent and the volume was 4,150,431.

[ewagner]

1. Glad to see

the economy is doing so well...........<sarcasm off >

[opihimoimoi]

2. Bush is UNITING the unemployed I suppose....he making so much of them

[durablend]

6. Meg Whitman from Ebay is also helping...

She jacked up the fees for a number of listing options (if you've got an Ebay Store, prepare to take a bath).

From what I can see, the problem is all the poor people hate the rich for all their freedoms.

Yeah, that's it!

[papau]

3. 340 was the expected - actual was 367, but Bloomberg forecasts a good yr

http://story.news.yahoo.com/news?tmpl=story&cid=568&ncid=749&e=1&u=/nm/20050113/bs_nm/economy_dc

Retail Sales Up, Jobless Claims Rise

http://quote.bloomberg.com/apps/news?pid=10000103&sid=ahk8ypNZaCZc&refer=news_index

U.S. Initial Jobless Claims Rose 10,000 Last Week to 367,000

Jan. 13 (Bloomberg) -- <snip>The four-week average of initial claims, a less-volatile measure, rose to 344,000 from 331,250. Jobless claims within the 320,000 to 350,000 range are consistent with monthly job growth of about 150,000, according to Nariman Behravesh, chief economist at Global Insight Inc. in New York.

``My biggest concern for the labor market is that corporations continue to be risk averse,'' said Behravesh. Companies are still cautious about ``hiring additional workers and continue to try to squeeze productivity growth out of their existing workforce.''

Claims for jobless benefits typically increase around the start of the year because of seasonal job cuts at retailers and construction companies, a Labor Department official said. In the prior week, Michigan reported a 13,521 rise, reflecting layoffs in the automobile and transportation industries.

Economists forecast claims to fall to 340,000 last week, based on the median estimate in a Bloomberg News survey, from the 364,000 initially reported for the week earlier. Forecasts ranged from 330,000 to 375,000. <snip>

Last year, payrolls averaged 185,920 a month. Job growth of 100,000 to 150,000 a month is needed to keep pace with the increase in the labor force and keep the unemployment rate from rising, according to most economists.
<snip>

[TahitiNut]

5. Companies "continue to ... squeeze ... their existing workforce."

This is "cheap labor" neoconservatism - exploitative, repressive, imperious, and abusive.

[Goldeneye]

4. Another piece of good news.

Is someone writing a book about the wonders of Shrub Co.? I certainly wouldn't want to forget the things he's done.