Category Archives: Jobs

May payroll numbers worse than forecast, Employers in the US hired fewer workers in May, Payrolls rose by 431000, Economists projected a 536000, Stock futures drop

Posted on June 4, 2010 | 145 comments

May payroll numbers worse than forecast, Employers in the US hired fewer workers

From Bloomberg June 4, 2010.

“Employers in the U.S. hired fewer workers in May than forecast and Americans dropped out of the labor force, showing a lack of confidence in the recovery that may lead to slower economic growth.

Payrolls rose by 431,000 last month, including a 411,000 jump in government hiring of temporary workers for the 2010 census, Labor Department figures in Washington showed today. Economists projected a 536,000 gain, according to the median forecast in a Bloomberg News survey. Private payrolls rose a less-than-forecast 41,000. The jobless rate fell to 9.7 percent.

Staff reductions at companies such as Hewlett-Packard Co. and Citigroup Inc. indicate a slowing in the labor market that threatens to restrain consumer spending, the biggest part of the economy. Federal Reserve Chairman Ben S. Bernanke said yesterday that unemployment was exacting a heavy toll, showing why economists forecast interest rates will remain low.

“It’s going to be a long haul,” Michael Englund, chief economist at Action Economics LLC in Boulder, Colorado, said before the report. “We really aren’t adding many jobs. We’ve lost some momentum in the economy and final sales clearly aren’t enough to generate job growth.”

Stock-index futures fell and Treasury securities rose after the report. The contract on the Standard & Poor’s 500 Index dropped 2.1 percent to 1,080 at 8:38 a.m. in New York. The 10- year Treasury note rose, pushing down the yield to 3.27 percent from 3.37 percent late yesterday.”

“Payrolls estimates in the Bloomberg survey of 82 economists ranged from 220,000 to 750,000 after a gain of 290,000 jobs in April. Economists surveyed also forecast the jobless rate fell to 9.8 percent last month from 9.9 percent in April. Unemployment reached a 26-year high of 10.1 percent in October. The May figures showed the labor force shrank 322,000.

Federal hiring of temporary workers to conduct the decennial population count probably peaked last month, economists said.

The unwinding of census employment may keep distorting the payroll figures for months as the government dismisses workers when the count is completed. For that reason, economists say private payrolls, which exclude government jobs, will be a better gauge of the state of the labor market for much of 2010.”

Read more:

http://www.bloomberg.com/apps/news?pid=20601087&sid=ax55j3oSwVuI&pos=1

145 Comments

Posted in 2009 Stimulus Bill, Americans, Announcements, Barack Obama, Citizen, Citizen Journalism, Citizen News, CitizenWells, DC, Employment, Government, Jobs, Money, Money Markets, News, Obama, Obama administration, Obama indictment, Obama lies, Obama Nation, Obama records, Obama taxes, politicians, Politics, Taxes, The Case Against Barack Obama, United States, US economy, Washington DC, white house

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Jobless claims report May 27 2010, US Labor Dept, Initial claims 460000, Decrease of 14000, This is good news?

Posted on May 27, 2010 | 186 comments

Jobless claims report May 27 2010, US Labor Dept, Initial claims 460000, Decrease of 14000

This is good news?

From the US Department of Labor May 27, 2010.

“UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

          SEASONALLY ADJUSTED DATA

In the week ending May 22, the advance figure for seasonally adjusted initial claims was 460,000, a decrease of 14,000 from the previous week’s revised figure of 474,000. The 4-week moving average was 456,500, an increase of 2,250 from the previous week’s revised average of 454,250.

The advance seasonally adjusted insured unemployment rate was 3.6 percent for the week ending May 15, unchanged from the prior week’s unrevised rate of 3.6 percent.

The advance number for seasonally adjusted insured unemployment during the week ending May 15 was 4,607,000, a decrease of 49,000 from the preceding week’s revised level of 4,656,000. The 4-week moving average was 4,637,250, a decrease of 11,500 from the preceding week’s revised average of 4,648,750.

The fiscal year-to-date average of seasonally adjusted weekly insured unemployment, which corresponds to the appropriated AWIU trigger, was 5.134 million. 

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 404,325 in the week ending May 22, a decrease of 5,765 from the previous week. There were 538,311 initial claims in the comparable week in 2009.

The advance unadjusted insured unemployment rate was 3.4 percent during the week ending May 15, a decrease of 0.1 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 4,381,421, a decrease of 88,300 from the preceding week. A year earlier, the rate was 4.6 percent and the volume was 6,153,284.
Extended benefits were available in Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Maine, Massachusetts, Michigan, Minnesota, Missouri, 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 May 8.

Initial claims for UI benefits by former Federal civilian employees totaled 1,481 in the week ending May 15, an increase of 163 from the prior week. There were 2,369 initial claims by newly discharged veterans, a decrease of 120 from the preceding week.

There were 17,937 former Federal civilian employees claiming UI benefits for the week ending May 8, an increase of 577 from the previous week. Newly discharged veterans claiming benefits totaled 36,370, an increase of 1,365 from the prior week.

States reported 5,059,843 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending May 8, a decrease of 41,403 from the prior week. There were 2,185,863 claimants in the comparable week in 2009. EUC weekly claims include first, second, third, and fourth tier activity.

The highest insured unemployment rates in the week ending May 8 were in Puerto Rico (6.2 percent), Alaska (5.9), Oregon (5.4), Nevada (4.9), California (4.8), Pennsylvania (4.7), Wisconsin (4.5), North Carolina (4.4), Montana (4.3), and Connecticut (4.2).

The largest increases in initial claims for the week ending May 15 were in Tennessee (+3,041), Missouri (+2,369), Mississippi (+1,697), Illinois (+1,154), and Arkansas (+851), while the largest decreases were in California (-2,161), Michigan (-2,133), Washington (-1,968), Florida (-1,480), and Oregon (-1,200).”

Read more:

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

186 Comments

Posted in America, Americans, Announcements, Barack Obama, Citizen, Citizen Journalism, Citizen News, Citizens for the truth about Obama, CitizenWells, DC, Deficit, Democrats, Financial crisis, Government, indictment, Jobs, Money, News, Obama administration, Obama indictment, Obama taxes, Taxes, The Case Against Barack Obama, Unemployment, United States, US economy, Washington DC, white house

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Jobless claims May 27, 2010, Labor Department report 8:30, Claims drop?, College graduates, College students, Real unemployment number, Open thread discussion

Posted on May 27, 2010 | 24 comments

Jobless claims May 27, 2010, Labor Department report 8:30

The Jobless Claims Reports for the week will be released by the US Department of Labor today, May 27, 2010 at 8:30. Will the report show a drop this week instead of another increase like last week’s 25, 000? What is the real unemployment rate? It is certainly higher than 9.9%. Hundreds of thousands of high school and college graduates are entering the job market. What impact will that have?  Here is a possible reflection of the new figures.

From Real Clear Markets.

“The number of people filing new claims for unemployment benefits likely fell last week.

Economists surveyed by Thomson Reuters expect new applications for unemployment benefits will show a drop of 16,000 to a seasonally adjusted total of 455,000. The Labor Department will issue the report at 8:30 a.m. Thursday.

New claims had risen unexpectedly by 25,000 the previous week, the biggest increase in three months and the first rise in five weeks. It pushed the claims level to 471,000.

The surge was seen as further evidence of how volatile the job market remains, even as the economy grows.”

Read more:

http://www.realclearmarkets.com/news/ap/finance_business/2010/May/27/ahead_of_the_bell__jobless_claims.html

24 Comments

Posted in Announcements, Citizen Journalism, Citizen News, CitizenWells, DC, Financial crisis, Government, Jobs, Money Markets, News, Obama administration, Obama taxes, Schools, The Case Against Barack Obama, Unemployment, United States, US economy, Washington DC, white house

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US economy slowdown, Economy cooling, Financial markets, Corporate forecasts, Soft retail sales, Rise in jobless claims

Posted on May 22, 2010 | 24 comments

US economy slowdown, Economy cooling, Financial markets, Corporate forecasts

From Daily Finance May 22, 2010.

“Forget Europe: Signs of a Slowdown in the U.S.”
“Financial markets around the world are fixated on Europe as it grapples with its debt woes. Though probably overdone, investor paranoia is understandable. The fallout for the global economy would be massive if things spiraled out of control, unlikely as that may seem for the moment.

While potentially catastrophic developments overseas may be captivating, investors would do well to stay focused on more subtle developments in the U.S. Much of Wall Street remains bullish on the prospects of an economic recovery, but some signs suggest that a slowdown may be materializing nonetheless.

Watch Corporate Guidance and Economic Indicators

Hosted software provider Salesforce.com (CRM) is the latest company to report strong results for the first quarter but provide a forecast that couldn’t live up to Wall Street’s expectations. On Thursday, the company said it expected earnings per share of between $1.13 and $1.15 for the full year. That was well below the $1.28 analysts had forecast, and shares tumbled in trading after hours.

The results from Salesforce.com mirror those of networking giant Cisco (CSCO) last week. While Cisco delivered a strong first quarter, shares were initially hammered based on a lackluster outlook for the rest of the year. Hardware giant Dell (DELL) also came under fire as concerns about its ability to maintain profits grew despite solid results for the first quarter.

A slew of retailers including Lowe’s (LOW), Home Depot (HD) and Wal-Mart (WMT) have also provided skimpy guidance for the rest of the year. And while companies may well be trying to game Wall Street by setting the bar low only to dazzle later, recent economic data suggests that the economy could also be slowing after a sharp rebound in demand from depressed lows.

A set of closely watched indicators released Thursday by the Conference Board showed that the economy may be cooling as it heads into the second half of the year. Those findings echo leading indicators monitored by the Economic Cycle Research Institute, which noted that “the pace of improvement in the overall economy is set to slacken in the months ahead” as measures fell to a 40-week low.

Soft retail sales and a sudden rise in jobless claims have contributed to the darkening picture.”

Read more:

http://www.dailyfinance.com/story/investing/forget-europe-signs-of-a-slowdown-in-the-u-s/19487132/

24 Comments

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Stocks dive, Futures dive, Jobless claims up, Unemployment Debt Foreign Economies, This ain’t rocket science

Posted on May 21, 2010 | 2 comments

Stocks dive, Futures dive, Jobless claims up, Unemployment Debt Foreign Economies

From the Chicago Tribune May 20, 2010.

“Stocks take hard tumble
376-point drop puts major indexes at a loss for year”

“The stock market had its worst day in more than year Thursday, with the Dow industrials tumbling more than 376 points, as fear intensified that a debt crisis in Europe could jeopardize the global economic recovery.

The sell-off put the major U.S. stock indexes, including the Dow, in the red for the year and down more than 10 percent in less than four weeks, the market’s sharpest retreat since March 2009, when prices bottomed at 12-year lows.

Analysts said there was no dramatic news to explain the day’s declines, including the largest one-day point drop in the Dow since February 2009. And despite the fiscal problems of Greece and other European countries, most forecasters predict the U.S. economy will continue the moderate recovery it began last year.

But mixed signals coming from across the Atlantic about the ability and willingness of leaders there to manage the crisis has made U.S. investors anxious.

As a result, volatility in the stock market has increased sharply of late. Thursday’s drop was the 13th time in the last 18 sessions that the Dow has had a triple-digit move.”

“The crash appears to have damaged the psyche of some individual investors just as they were beginning to regain confidence in stocks after the deep bear market of 2007-09.

“People are more nervous than they would have been, say, three years ago, with this sort of decline because they’re picturing what they went through in 2008,” said Mark Wilson, a financial planner at the Tarbox Group. “The basic question is: ‘Are we going right back to where we started from? Should we be getting out now in anticipation of going back to those 2008 levels?'”

Wilson said he was cautioning clients not to overreact, pointing out that 10 percent declines, known as corrections, that merely interrupt longer bull markets are normal.

Nonetheless, in the week that began the day of the crash, individual investors pulled $14 billion from mutual funds, the first such net withdrawal since March 2009.”

“The outlook was not helped by two discouraging pieces of news about the American economy.

The Labor Department said initial claims for unemployment benefits unexpectedly rose 25,000 last week, to 471,000. Meanwhile, The Conference Board, a private research group, reported its index of leading economic indicators fell 0.1 percent in April, its first decline since March 2009.”

Read more:

http://www.chicagotribune.com/business/feed/sc-biz-0521-markets–20100520,0,4858776.story?page=1

Bull Market?

I don’t see it.
Glenn Beck has done a good job of covering the US debt situation, our jeopardy of losing our borrowing rating,  out of control spending and the impact it is having on our economy and future generations.

What is happening in the stock market is no mystery. Out of control government spending, anti business, anti jobs growth policies are exacerbating an already gloomy economy and job market. Overlay that with financial crisis in Greece, Europe and pessimism in China and you have a recipe for a stock market retreat.

I do  not have a crystal ball. However, the November elections can do more than saving this country from ruin. Removing many jackasses will restore confidence in financial markets and alllow Congress to control spending and create jobs.

Let’s roll.

2 Comments

Posted in 2009 Stimulus Bill, America, Announcements, Barack Obama, Budget, Citizens for the truth about Obama, Congress, DC, Deficit, Democrats, Election, Election 2010, Employment, Financial crisis, Fox news, Glenn Beck, Government, indictment, Jobs, Money, Money Markets, News, Obama, Obama administration, Obama indictment, Obama lies, Obama records, Obama taxes, politicians, Politics, The Case Against Barack Obama, Unemployment, United States, US economy, Washington DC, white house

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Jobless claims rise 25000, May 20, 2010, US Dept of Labor report, Initial claims was 471000

Posted on May 20, 2010 | 136 comments

Jobless claims rise 25000, May 20, 2010, US Dept of Labor report

From the US Dept of Labor, May 20, 2010.

“UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

          SEASONALLY ADJUSTED DATA

In the week ending May 15, the advance figure for seasonally adjusted initial claims was 471,000, an increase of 25,000 from the previous week’s revised figure of 446,000. The 4-week moving average was 453,500, an increase of 3,000 from the previous week’s unrevised average of 450,500.

The advance seasonally adjusted insured unemployment rate was 3.6 percent for the week ending May 8, unchanged from the prior week’s unrevised rate of 3.6 percent.

The advance number for seasonally adjusted insured unemployment during the week ending May 8 was 4,625,000, a decrease of 40,000 from the preceding week’s revised level of 4,665,000. The 4-week moving average was 4,642,500, a decrease of 9,500 from the preceding week’s revised average of 4,652,000.

The fiscal year-to-date average of seasonally adjusted weekly insured unemployment, which corresponds to the appropriated AWIU trigger, was 5.146 million. ”

Read more:

http://www.dol.gov/opa/media/press/eta/ui/eta20100682.htm

136 Comments

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Jobless claims, May 13, 2010, US Department of Labor, Seasonally adjusted initial claims decrease 4000, Seasonally adjusted insured unemployment rises 12000, Emergency Unemployment Compensation claims decrease

Posted on May 13, 2010 | 258 comments

Jobless claims, May 13, 2010, US Department of Labor

From the US Department of Labor, May 13, 2010.
“UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

          SEASONALLY ADJUSTED DATA

In the week ending May 8, the advance figure for seasonally adjusted initial claims was 444,000, a decrease of 4,000 from the previous week’s revised figure of 448,000. The 4-week moving average was 450,500, a decrease of 9,000 from the previous week’s revised average of 459,500.

The advance seasonally adjusted insured unemployment rate was 3.6 percent for the week ending May 1, unchanged from the prior week’s unrevised rate of 3.6 percent.

The advance number for seasonally adjusted insured unemployment during the week ending May 1 was 4,627,000, an increase of 12,000 from the preceding week’s revised level of 4,615,000. The 4-week moving average was 4,639,500, a decrease of 14,750 from the preceding week’s revised average of 4,654,250.

The fiscal year-to-date average of seasonally adjusted weekly insured unemployment, which corresponds to the appropriated AWIU trigger, was 5.174 million. 

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 407,267 in the week ending May 8, an increase of 11,132 from the previous week. There were 570,412 initial claims in the comparable week in 2009.

The advance unadjusted insured unemployment rate was 3.5 percent during the week ending May 1, a decrease of 0.1 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 4,515,632, a decrease of 140,708 from the preceding week. A year earlier, the rate was 4.6 percent and the volume was 6,191,149.
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, Missouri, 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 April 24.

Initial claims for UI benefits by former Federal civilian employees totaled 1,300 in the week ending May 1, an increase of 86 from the prior week. There were 2,289 initial claims by newly discharged veterans, a decrease of 97 from the preceding week.

There were 18,944 former Federal civilian employees claiming UI benefits for the week ending April 24, a decrease of 267 from the previous week. Newly discharged veterans claiming benefits totaled 36,699, a decrease of 500 from the prior week.

States reported 5,137,385 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending April 24, a decrease of 216,874 from the prior week. There were 2,156,516 claimants in the comparable week in 2009. EUC weekly claims include first, second, third, and fourth tier activity.

The highest insured unemployment rates in the week ending April 24 were in Alaska (6.6 percent), Puerto Rico (6.3), Oregon (5.8), Nevada (5.1), California (4.9), Pennsylvania (4.8), Wisconsin (4.8), Montana (4.7), North Carolina (4.6), Rhode Island (4.6), Connecticut (4.5), and Idaho (4.5).

The largest increases in initial claims for the week ending May 1 were in New York (+4,021), Kentucky (+1,015), Pennsylvania (+773), Illinois (+611), and Tennessee (+609), while the largest decreases were in California (-18,546), Massachusetts (-3,628), Indiana (-3,242), Michigan (-1,748), and Florida
(-1,291).”

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

258 Comments

Posted in America, Americans, Announcements, DC, Deficit, Employment, Financial crisis, Government, Jobs, Money, News, Obama administration, Obama taxes, politicians, Politics, The Case Against Barack Obama, Unemployment, United States, US economy, Washington DC, white house

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Unemployed data, Facts, May 8, 2010, Unemployment rate rises to 9.9 %, Employment rises 290,000, Emergency Unemployment Compensation rises 153,786

Posted on May 8, 2010 | 243 comments

Unemployed data, Facts, May 8, 2010, Unemployment rate rises to 9.9 %

Three things happened last week that caused me to ponder what is going on with our economy.

The stock market plunged.

Confusing numbers from the government about employment and unemployment were released.

Many colleges were winding down their academic year. With this comes millions of young adults entering the work force part time or full time. What kind of job market will they encounter?

Consider these numbers and data released last week by the Federal Government.

  • Nonfarm payroll employment rose by 290,000 in April.
  • The unemployment rate edged up to 9.9 percent.
  • In April, the number of unemployed persons was 15.3 million.
  • The rate had been 9.7 percent for the first 3 months of this year.
  • The number of long-term unemployed (those jobless for 27 weeks and over) con-tinued to trend up over the month, reaching 6.7 million.
  • In April, 45.9 percent of unemployed persons had been jobless for 27 weeks or more.
  • Among the unemployed, the number of reentrants to the labor force rose by 195,000 over the month.
  • About 2.4 million persons were marginally attached to the labor force in April, compared with 2.1 million a year earlier.
  • They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.
  • Among the marginally attached, there were 1.2 million discouraged workers in April, up by 457,000 from a year earlier.
  • Discouraged workers are persons not currently looking for work because they believe no jobs are available for them.
  • Federal government employment was up in April, reflecting the hiring of 66,000 temporary workers for the decennial census.
  • UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT: In the week ending May 1, the advance figure for seasonally adjusted initial claims was 444,000, a decrease of 7,000 from the previous week’s revised figure of 451,000.
  • States reported 5,354,259 persons claiming EUC (Emergency Unemployment Compensation) benefits for the week ending April 17, an increase of 153,786 from the prior week.

 

Sources:

http://www.bls.gov/news.release/empsit.nr0.htm

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

No wonder the stock market has the jitters.

243 Comments

Posted in America, Americans, Announcements, Budget, Citizen, Deficit, Election 2010, Employment, Financial crisis, Government, Jobs, Money, News, Taxes, The Case Against Barack Obama, Unemployment, voters, white house

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Fire Pelosi, Buh bye congress, November 2010 elections, Kick the jackasses out, Harry Reid, Bart Stupak

Posted on March 23, 2010 | 365 comments

Fire Pelosi, Buh bye congress, November 2010 elections

“We the people are the rightful masters of both Congress and the courts, not to overthrow the Constitution but to overthrow the men who pervert the Constitution.”…Abraham Lincoln

Buh

Bye

Congress

 

Obama and the Democrat controlled congress have won a skirmish or battle. They will  not win the war. Obama, Nancy Pelosi and Harry Reid are liars and hypocrites. We now know that Bart Stupak and many other Democrats in Congress are also liars and hypocrites as well as being un American. They have made it easy to identify who to vote out in November.

 

Nancy Pelosi may not be voted out anytime soon, but her power as Speaker of the House is coming to an end.

 

“It’s The People’s House, Not Pelosi’s House“

“Republicans in Congress have listened to your concerns in the debate over health care.  They’ve fought hard to make the voices of the people who opposed this bill heard in the halls of Washington, D.C.  In fact, by any objective account, they won the debate.   Unfortunately, the only side of the debate that matters to House Speaker Nancy Pelosi is her own.
After all her wrong-headed policies and failed promises, we know she isn’t listening to the people’s voice and isn’t doing the People’s business.  It’s her business, her agenda that she fights for – and a radically flawed agenda it is.
Over the last year, Pelosi promised to preside over the most open and transparent government, yet even her own Democrats admit they simply “aren’t transparent;”she promised to create jobs, yet America has lost 3.3 million since the passage of her maligned stimulus bill; she promised to legislate with a spirit of bipartisanship, yet Democrats say “they have been explicitly told not to work with Republicans.”  Now, despite overwhelming opposition from the American people, she’s forced her health care bill through the House Chamber, after calling opponents of government-run health care “un-American.”
This is exactly why, in the few hours since Madam Speaker passed her government-run health care bill, Americans have donated more than $600,000 (far exceeding our original goal of $402010) to fire Speaker Pelosi and help Republicans regain the majority in 2010 to reverse the damage she has done.”

Read more:
http://www.gop.com/index.php/chairman_steele/comments/ita1

365 Comments

Posted in Accountability, America, Americans, Announcements, Barack Obama, Bill of Rights, Capitol Building, Citizen, Citizens for the truth about Obama, Civil rights, Congress, Congress Watch, conservatives, constitution, Constitution Hall of Shame, DC, Democratic Disaster, Democrats, Election, Election 2010, Election 2012, Election update, Financial crisis, First Amendment, Government, Harry Reid, Health Insurance, Healthcare bill, impeachment, indictment, Jobs, Liberalism, Lies, Medicare, Money, Nancy Pelosi, News, Obama, Obama administration, Obama impeachment, Obama indictment, Obama lies, Obama Nation, Obama records, Obama taxes, Obama thugs, ObamaCare, Pay to play politics, politicians, Politics, republicans, Taxes, The Case Against Barack Obama, United States, US Constitution, US economy, US House of Representatives, US Senate, video, voters, Washington DC, white house, YouTube

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Jobless claims, March 19, 2010, Small decline, Little evidence companies are ready to hire, 457,000 from 462,000, Economists predicted 455,000

Posted on March 19, 2010 | 133 comments

Jobless claims, March 19, 2010, Small decline

From Market Watch, March 18, 2010.

“Weekly jobless claims decline 5,000 to 457,000”

“The number of people applying for unemployment benefits fell by 5,000 in the latest week, marking the third straight drop, but there’s little evidence companies are ready to hire at a pace that would sharply reduce the nation’s high jobless rate.
In the week ended March 13, initial claims dropped to a seasonally-adjusted 457,000 from 462,000 in the prior week, the Labor Department said Thursday. Economists surveyed by MarketWatch predicted claims would subside to 455,000. See our complete economic calendar.
The four-week average of initial claims — a better gauge of employment trends than the volatile weekly number — fell by 4,250 to 471,250.”

“”Claims first reached their current level nearly four months ago, in late November, and the lack of progress since then is disconcerting,” Ian Shepherdson of High Frequency Economics wrote in an email.

Many companies are leery of hiring new workers until they see demand pick up. Some are also awaiting the outcome of legislative battles in Washington over issues such as health care, energy and taxes. Major changes in those arenas could significantly impact the cost of hiring new workers.

Jobless claims “are not yet at levels typically associated with payroll growth,” John Ryding of RDQ Economics said. Ryding estimates weekly claims would have to fall to 400,000 or lower to signify a hiring trend.

Meanwhile, the number of people who continue to get regular state unemployment checks rose by 12,000 to a seasonally-adjusted 4.58 million in the week ended March 6. That’s the most recent data available.”

Read more:

http://www.marketwatch.com/story/weekly-jobless-claims-decline-5000-to-457000-2010-03-18?dist=afterbell

133 Comments

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