Jobless claims fall sharply to 4-month low

[ProSense]

Source: Associated Press

WASHINGTON (AP) -- Fewer people applied for unemployment aid last week, the third drop in four weeks and evidence that the job market is showing signs of life.

<...>

The Labor Department said Wednesday that initial claims for jobless aid dropped by 24,000 to a seasonally adjusted 435,000. Many Wall Street economists expected a smaller decrease.

The four-week average of claims, a less volatile measure, fell 10,000 to 446,500. That's the lowest level for the average since the week that ended Sept. 13, 2008, just before the financial crisis intensified that weekend with the collapse of Lehman Brothers.

Weekly first-time claims are now at their lowest level since early July, when they were temporarily lowered by the July 4 holiday. Last week's figures are the second-lowest this year.



Read more: http://finance.yahoo.com/news/Jobless-claims-fall-sharply-apf-1451349266.html?x=0&.v=2

[AtheistCrusader]

1. Lies, dammned lies, and statistics.

(Not an attack on the OP, but the content)

[ProSense]

6. I know

they're facts when they're negative, lies when they're positive.

[AtheistCrusader]

8. I don't think it's bad news.

I think it's a meaningless number. Underemployment is the killer. People who aren't even applying for unemploymnt anymore, because they are tapped out, or people who've taken any old crap service job to support a family, where previously they worked a skilled or specialized job like a Machinist.

I think their seasonal adjustment is wrong, especially if its based on historical trends. The seasonal workforce is going to have a very different level of education and work history (and age) than years past.

This economy is still bleeding. (And no, I do not blame Obama or his policies, inertia is a bitch)

[ProSense]

9. I agree with that. Still

fewer new claims is still an encouraging sign.

[AtheistCrusader]

13. Can I meet you half way with

it could be an encouraging sign?

:)

[mahatmakanejeeves]

17. Here's a link to the source.

Unemployment Insurance Weekly Claims Report {11/10/2010}

TRANSMISSION OF MATERIAL IN THIS
RELEASE IS EMBARGOED UNTIL
8:30 A.M. (EDT), THURSDAY
November 10, 2010

The information is usually released every Thursday at 8 a.m., but because of the Veteran's Day holiday, it is being released a day ahead of time.

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending Nov. 6, the advance figure for seasonally adjusted initial claims was 435,000, a decrease of 24,000 from the previous week's revised figure of 459,000. The 4-week moving average was 446,500, a decrease of 10,000 from the previous week's revised average of 456,500.

The advance seasonally adjusted insured unemployment rate was 3.4 percent for the week ending Oct. 30, a decrease of 0.1 percentage point from the prior week's revised rate of 3.5 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Oct. 30 was 4,301,000, a decrease of 86,000 from the preceding week's revised level of 4,387,000. The 4-week moving average was 4,388,250, a decrease of 35,750 from the preceding week's revised average of 4,424,000.

[crim son]

2. Seasonal employment.

Why do they always claim to be surprised? I'll bet my three kittehs that they're going to be surprised again after Christmas when claim numbers are up.

[fasttense]

3. I don't understand this number.

That means almost a half million people a week are applying for unemployment. Using the 4 week moving average that means 1,786,000 a month are losing their job. How come we only have a 9.6% unemployment rate? With 21,432,000 people applying for unemployment a year that's about 14.3% of the working population applying for unemployment each and every year. Since the long term unemployment rate is well past 2 years, you can bet those people are not getting jobs any time soon.

So how come this administration claims we only have a 9.6% unemployment rate? The numbers don't add up.

[ProSense]

5. A lot of people

don't stay unemployed the entire year.

[OnlinePoker]

14. This number is just new claims

It doesn't take into consideration people who have been hired during that week. You could have 400k apply for UI and 500k get new jobs, but the number would still read -400k. If you look at the history of this report, though, next week they will revise the numbers up. For instance, last week's continuing claims were revised up by 47k. This has been the norm for the 3 months or so I've been paying attention. Look next week and you'll see it revised up to somewhere around 4.35 million continuing claims.

[boomerbust]

4. And with this good news

Another great conservative revolution will begin. Go figure.

[Enthusiast]

7. Electing a Republican majority

to the house has already helped the economy.

[JustABozoOnThisBus]

10. My unemployment benefits just ran out

So maybe I'm no longer part of the statistically unemployed.

Anyway, congratulations to the Labor Department for some exceptionally fine spin on the employment picture.

:hi:

[dmallind]

15. benefits have nothing to do with INITIAL claims for a start

nor do they have anything to do with the widely quoted rates such as U3 and U6. The only thing your expiration will change is the continuing claims number that gets very little press or attention.

[OHdem10]

11. Only a few days the report was just the opposite and after going

back and correcting more jobs had been lost.

[jefferson_dem]

12. But my brother-in-law doesn't have a job. So the economy actually sucks!

Seriously, while not perfect, this is progress.

[Donnachaidh]

16. suuuurrreeee it has

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=367x29360

That happens when people give up on finding work :shrug:

[Scurrilous]

18. K & R

:thumbsup: