Jobless claims of 331k shows labor market improvement?, Market Watch claims, Challenger Gray & Christmas January job cuts surge, ADP Jan job creation plunges, Labor force plummets
“11.4%: What the U.S. unemployment rate would be if labor force participation were back to January 2008 levels.” …James Pethokoukis, American Enterprise Institute, June 2013
“Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA. One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.
Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”…Duke University Fuqua School of Business December 11, 2013
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
Is the primary function of Market Watch to keep people throwing money into the financial markets, prop up Obama or both?
From Market Watch February 6, 2014.
“Jobless claims show labor-market improvement”
“The number of people who applied to receive unemployment benefits in the last week of January fell by 20,000, reversing the increase from the week before and signaling that the U.S. labor market continues to gradually improve.
Initial jobless claims fell to a seasonally adjusted 331,000 in the seven-days ended Feb. 1 from a revised 351,000 in the prior week, the Labor Department said Thursday. Claims from two weeks ago were 3,000 higher than previously reported.
Economists polled by MarketWatch had expected claims to total 337,000.”
From the US Labor Dept. February 6, 2014.
“In the week ending February 1, the advance figure for seasonally adjusted initial claims was 331,000, a decrease of 20,000 from the previous week’s revised figure of 351,000. The 4-week moving average was 334,000, an increase of 250 from the previous week’s revised average of 333,750.
The advance seasonally adjusted insured unemployment rate was 2.3 percent for the week ending January 25, unchanged from the prior week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending January 25 was 2,964,000, an increase of 15,000 from the preceding week’s revised level of 2,949,000. The 4-week moving average was 2,985,500, an increase of 25,750 from the preceding week’s revised average of 2,959,750.”
From Challenger, Gray & Christmas, Inc. February 6, 2014.
“FOR RELEASE AT 7:30 A.M. ET, FEBRUARY 6, 2014
Job Cuts Surge 47% to Kick Off 2014
EMPLOYERS PLAN 45,107 JOB CUTS; RETAILERS LEAD PACK AS HOLIDAY SALES DISAPPOINT
CHICAGO, February 6, 2014 – After falling to a 13-year low in December, monthly job cuts surged nearly 50 percent to kick off 2014, as U.S.-based employers announced plans to reduce their payrolls by 45,107 in January, according to the latest report on monthly job cuts released Thursday by global outplacement consultancy Challenger, Gray & Christmas, Inc.
The 45,107 job cuts last month were 47 percent higher than a December total of 30,623, which was the lowest one-month total since 17,241 planned layoffs were announced in June 2000. January job cuts were up 12 percent from the same month a year ago, when 40,430 job cuts were recorded.
The heaviest downsizing activity occurred in retail, where poor earnings led to a wave of job cut announcements from several national chains, including Macy’s, Sam’s Club, JC Penney, Sears, Best Buy and Target. Overall, retailers announced 11,394 job cuts in January; a 71 percent increase from the 6,676 retail cuts tracked in January 2013. Last month’s retail cuts were the heaviest for the sector since last March, when 16,445 planned layoffs were announced.
“Holiday sales gains were relatively weak and many retailers achieved the gains by slashing prices on their products, which adversely impacted their year-end earnings. The post-holiday job-letting in the sector was inevitable,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.
“Retail employment will, in fact, fall further than the announced job cuts indicate. Starting in January, retailers started shedding the tens of thousands of temporary seasonal workers hired to help handle the holiday rush. The announced job cuts, on the other hand, will impact full-time, permanent workers in the stores and at the corporate offices of these struggling chains,” he added.”
From Zero Hedge February 5 2014.
“ADP Plunges In January To 175K; Biggest Miss Since August; December Revised Lower: “Cold, Storms” Blamed”
“Earlier today, we predicted with absolute accuracy what today’s joke of an ADP print would be:
And sure enough, the January ADP print missed as we expected, printing at 175K vs the expected 185K, while the December 238K was revised lower to 227K, confirming that ADP is nothing but an NDP trend follower and an absolutely worthless and meaningless data point that does nothing to add relevant data to the economic picture.
For those who care, this was the biggest miss since August and the largest monthly drop since August 2012, and the weakest print since August as well.”
The labor force participation has plummeted since Obama took office.