Unemployment Claims Miss Many
Unemployment Claims Remain Stubbornly High
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First time filers for unemployment benefits numbered 469K in the week ended February 27. While unemployment claims were 29,000 lower than the prior week count of 498K (revised), that fact offered little comfort. The constant, heavy flow of initial unemployment claims filers portends a still troubled labor market, but the expiration of benefits for long-time filers is making it appear as though employment is improving.
Meanwhile, the jobless are losing their primary means of survival. That's why this latest benefits extension bill, held up a day by Senator Bunning, was so important. But what about the people who lost their jobs before the threshold date for the extension? Unemployment was about 4.5% at that time, which means some 6.75 million poor souls, minus the few who married into money or found a job, have little means of survival today. What are we doing for those folks, who also, like their benefits receiving peers, cannot find a job in a dead job market? Please call your Congressmen, and ask them to include all people searching for work in the unemployment benefits extension bill. I will, and I'll report back to you with the result.
The four-week moving average helps economists get a clearer picture of mixed weekly data. The metric shows that things are not really improving, with this week's count amounting to 470,750, down 3,500 from the prior week level. The seasonally adjusted insured unemployment rate improved to 3.5%, down from 3.6%, but the unadjusted rate was 4.3% and rose by 24K last week. That's a big difference, and it matters. I view seasonality a non-factor at deep trough points like we have today.
If the supposed economic growth we are experiencing now (rather a return to a above-panic level activity) is not resulting in labor demand, seasonality likely has nothing to do with it. It's not like corporations are calling multiple people in on a daily basis for multiple positions, and so snow storms are not holding up the imaginary masses; no, those meetings are just rescheduled to the next day. Whatever jobs there are available, a snow storm or two is not affecting. And we have the moving average figures to confirm this. What it does affect is the ability of job searchers to pound the streets.
"Come on Congress, can't you see this?"
What is driving the improving insured unemployment rate and the overall unemployment rate is the depth and degree of this recession. Things have been so bad for so long, that Americans are falling out of the labor pool. They have not won the lottery or started successful small businesses. No, they have simply been unemployed longer than the government statistics determine they should be if they were really looking for work. You and I both know that they are still out there, and guess what, they are looking for work as hard as ever. Starvation will do that for you. So, instead of burdening the government one way, these people are moving on to the welfare program, applying for food stamps, rent support and cash assistance. However, that program supplies approximately half the support of unemployment checks for single individuals. Families get a little more help. Come on Congress, can't you see this?
Helpful Info for you:
Extended benefits were available in Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, Washington, West Virginia, and Wisconsin during the week ending Feb. 13.
The highest insured unemployment rates in the week ending Feb. 13 were in Alaska (7.4 percent), Oregon (6.4), Pennsylvania (6.4), Idaho (6.3), Montana (6.3), Wisconsin (6.2), Puerto Rico (6.1), Michigan (5.8), Nevada (5.7), and North Carolina (5.4).
The largest increases in initial claims for the week ending Feb. 20 were in New Jersey (+4,879), Massachusetts (+4,744), Connecticut (+2,018), Missouri (+1,920), and Maryland (+1,499), while the largest decreases were in California (-12,000), North Carolina (-7,981), Florida (-2,564), Michigan (-2,484), and Ohio (-2,130).
This article should interest shareholders of Robert Half International (NYSE: RHI), Manpower (NYSE: MAN), Korn Ferry Int'l (NYSE: KFY), Monster World Wide (NYSE: MWW), General Employment Enterprises (NYSE: JOB), Global Employment Holdings (OTC: GEYH.PK), Career Education (Nasdaq: CECO) and 51job Inc. (Nasdaq: JOBS).
Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.
Visit the front page of Wall Street Greek to see our current coverage of Wall Street, economic reports and global financial markets.
(Tickers: NYSE: RHI, NYSE: MAN, NYSE: KFY, NYSE: MWW, NYSE: JOB, OTC: GEYH.PK, Nasdaq: CECO, Nasdaq: JOBS, NYSE: DIA, NYSE: SPY, Nasdaq: QQQQ, NYSE: DOG, NYSE: SDS, NYSE: QLD)
Unemployment Claims
First time filers for unemployment benefits numbered 469K in the week ended February 27. While unemployment claims were 29,000 lower than the prior week count of 498K (revised), that fact offered little comfort. The constant, heavy flow of initial unemployment claims filers portends a still troubled labor market, but the expiration of benefits for long-time filers is making it appear as though employment is improving.Meanwhile, the jobless are losing their primary means of survival. That's why this latest benefits extension bill, held up a day by Senator Bunning, was so important. But what about the people who lost their jobs before the threshold date for the extension? Unemployment was about 4.5% at that time, which means some 6.75 million poor souls, minus the few who married into money or found a job, have little means of survival today. What are we doing for those folks, who also, like their benefits receiving peers, cannot find a job in a dead job market? Please call your Congressmen, and ask them to include all people searching for work in the unemployment benefits extension bill. I will, and I'll report back to you with the result.
The four-week moving average helps economists get a clearer picture of mixed weekly data. The metric shows that things are not really improving, with this week's count amounting to 470,750, down 3,500 from the prior week level. The seasonally adjusted insured unemployment rate improved to 3.5%, down from 3.6%, but the unadjusted rate was 4.3% and rose by 24K last week. That's a big difference, and it matters. I view seasonality a non-factor at deep trough points like we have today.
If the supposed economic growth we are experiencing now (rather a return to a above-panic level activity) is not resulting in labor demand, seasonality likely has nothing to do with it. It's not like corporations are calling multiple people in on a daily basis for multiple positions, and so snow storms are not holding up the imaginary masses; no, those meetings are just rescheduled to the next day. Whatever jobs there are available, a snow storm or two is not affecting. And we have the moving average figures to confirm this. What it does affect is the ability of job searchers to pound the streets.
"Come on Congress, can't you see this?"
What is driving the improving insured unemployment rate and the overall unemployment rate is the depth and degree of this recession. Things have been so bad for so long, that Americans are falling out of the labor pool. They have not won the lottery or started successful small businesses. No, they have simply been unemployed longer than the government statistics determine they should be if they were really looking for work. You and I both know that they are still out there, and guess what, they are looking for work as hard as ever. Starvation will do that for you. So, instead of burdening the government one way, these people are moving on to the welfare program, applying for food stamps, rent support and cash assistance. However, that program supplies approximately half the support of unemployment checks for single individuals. Families get a little more help. Come on Congress, can't you see this?
Helpful Info for you:
Extended benefits were available in Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, Washington, West Virginia, and Wisconsin during the week ending Feb. 13.
The highest insured unemployment rates in the week ending Feb. 13 were in Alaska (7.4 percent), Oregon (6.4), Pennsylvania (6.4), Idaho (6.3), Montana (6.3), Wisconsin (6.2), Puerto Rico (6.1), Michigan (5.8), Nevada (5.7), and North Carolina (5.4).
The largest increases in initial claims for the week ending Feb. 20 were in New Jersey (+4,879), Massachusetts (+4,744), Connecticut (+2,018), Missouri (+1,920), and Maryland (+1,499), while the largest decreases were in California (-12,000), North Carolina (-7,981), Florida (-2,564), Michigan (-2,484), and Ohio (-2,130).
This article should interest shareholders of Robert Half International (NYSE: RHI), Manpower (NYSE: MAN), Korn Ferry Int'l (NYSE: KFY), Monster World Wide (NYSE: MWW), General Employment Enterprises (NYSE: JOB), Global Employment Holdings (OTC: GEYH.PK), Career Education (Nasdaq: CECO) and 51job Inc. (Nasdaq: JOBS).
Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only.
Labels: Labor Market
posted by The Greek | 2:15 PM
1 Comments:
The system also doesn't count many independent contractors who lose their contracts but aren't eligible for unemployment. My husband had a contract with the State and contract not renewed. He is looking for work, but can't draw unemployment.
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