Jobless claims: Another 837,000 Americans filed new unemployment claims last week

[mahatmakanejeeves]

Source: Yahoo!Finance

Yahoo Finance

Jobless claims: Another 837,000 Americans filed new unemployment claims last week

Emily McCormick·Reporter
Thu, October 1, 2020, 8:31 AM EDT

The U.S. Department of Labor (DOL) released its weekly jobless claims report at 8:30 a.m. ET Thursday. Here were the main metrics from the report, compared to Bloomberg estimates:

-- Initial jobless claims, week ended Sept. 26: 837,000 vs. 850,000 expected and 873,000 during the prior week
-- Continuing claims, week ended Sept. 19: 11.767 million vs. 12.2 million expected and 12.747 million during the prior week

Another 837,000 individuals filed new jobless claims last week, for a marginal step down from the upwardly revised 873,000 reported for the prior period. This marked the fifth straight week that new jobless claims come in below 1 million. On a seasonally unadjusted basis, claims also declined, falling by more than 40,000 to 786,942.

But six months since the pandemic took hold in the US and decimated economic activity, new jobless claims are still running far above levels from before the outbreak. As recently as in February this year, new jobless claims were coming in at a rate of around 200,000 per week.

{snip}

Read more: https://finance.yahoo.com/news/jobless-claims-coronavirus-unemployment-week-ended-september-26-2020-101027132.html

---

I'll have the report from DOL in a reply.

[mahatmakanejeeves]

1. From the source:

https://www.dol.gov/ui/data.pdf

News Release

Connect with DOL at https://blog.dol.gov

TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL
8:30 A.M. (Eastern) Thursday, October 1, 2020

{snip Technical Note about claims in California}

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending September 26, the advance figure for seasonally adjusted initial claims was 837,000, a decrease of 36,000 from the previous week's revised level. The previous week's level was revised up by 3,000 from 870,000 to 873,000. The 4-week moving average was 867,250, a decrease of 11,750 from the previous week's revised average. The previous week's average was revised up by 750 from 878,250 to 879,000.

The advance seasonally adjusted insured unemployment rate was 8.1 percent for the week ending September 19, a decrease of 0.6 percentage point from the previous week's revised rate. The previous week's rate was revised up by 0.1 from 8.6 to 8.7 percent. The advance number for seasonally adjusted insured unemployment during the week ending September 19 was 11,767,000, a decrease of 980,000 from the previous week's revised level. The previous week's level was revised up 167,000 from 12,580,000 to 12,747,000. The 4-week moving average was 12,701,250, a decrease of 381,250 from the previous week's revised average. The previous week's average was revised up by 41,750 from 13,040,750 to 13,082,500.

{snip charts}

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 786,942 in the week ending September 26, a decrease of 40,263 (or -4.9 percent) from the previous week. The seasonal factors had expected a decrease of 4,251 (or -0.5 percent) from the previous week. There were 172,968 initial claims in the comparable week in 2019. In addition, for the week ending September 26, 52 states reported 650,120 initial claims for Pandemic Unemployment Assistance.

The advance unadjusted insured unemployment rate was 7.8 percent during the week ending September 19, a decrease of 0.7 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 11,410,703, a decrease of 1,020,192 (or -8.2 percent) from the preceding week. The seasonal factors had expected a decrease of 40,431 (or -0.3 percent) from the previous week. A year earlier the rate was 1.0 percent and the volume was 1,383,346.

{snip charts. Emphasis mine}

The total number of people claiming benefits in all programs for the week ending September 12 was 26,529,810, an increase of 484,856 from the previous week. There were 1,423,884 persons claiming benefits in all programs in the comparable week in 2019.

{snip the rest of the twelve-page news release, until the end}

Weekly Claims Archives
Weekly Claims Data

U.S. Department of Labor news materials are accessible at http://www.dol.gov. The Department's Reasonable Accommodation Resource Center converts Departmental information and documents into alternative formats, which include Braille and large print. For alternative format requests, please contact the Department at [phone] (voice) or [phone] (federal relay).

U.S. Department of Labor
Employment and Training Administration
Washington, D.C. 20210

Release Number: {snip the rest of the thirteen-page news release, until the end}

Weekly Claims Archives
Weekly Claims Data

U.S. Department of Labor news materials are accessible at http://www.dol.gov. The Department's Reasonable Accommodation Resource Center converts Departmental information and documents into alternative formats, which include Braille and large print. For alternative format requests, please contact the Department at [phone] (voice) or [phone] (federal relay).

U.S. Department of Labor
Employment and Training Administration
Washington, D.C. 20210
Release Number: USDL 20-1873-NAT

Program Contacts:
Thomas Stengle: [phone]
Media Contact: [phone]

[progree]

2. All programs continuing claims: 26.5 M, up by 0.5 M from preceding week

https://www.dol.gov/ui/data.pdf

The total number of people claiming benefits in all programs for the week ending September 12 was 6,529,810, an increase of 484,856 from the previous week. There were 1,423,884 persons claiming benefits in all programs in the comparable week in 2019.

This is the latest data -- there is a 2 1/2 week lag in this particular statistic.

[Bengus81]

3. Let me guess...the DOW goes up 300-400 points today on more great economic news??

Like it's been doing since March. Futures up about 200 points right now. Roll back 10% of Corporations Trump tax give away to them and the tax cut the rich received and the DOW would tank 2000 points in five minutes.

What a joke........

[gab13by13]

5. Don't forget,

the trillions of dollars that the Fed and central banks pumped into Wall Street. Also, interest rates are at zero.

Trump's great economy was artificially created on the backs of our grandkids.

[BumRushDaShow]

4. Of course all the layoffs annouced today from airlines and others due to expiration of the CARES ACT

won't be reflected until after the election for the October UE.

It has sortof been a big story here in Philly because we are one of the American Airline hubs (after AA took over US Airways, which had a hub here, and I chuckle because US Airways, previously US Air, had taken over Eastern Airlines, that had a hub here).

Hundreds of American Airlines employees furloughed in Philadelphia as aid program expires

By Corey Davis
Thursday, October 1, 2020 5:42AM


PHILADELPHIA (WPVI) -- Hundreds of American Airlines employees in Philadelphia are among the company's 19,000 workers who are now furloughed due to failed negotiations to extend federal aid as the coronavirus pandemic cripples the industry. The federal government saved airlines financially by passing the CARES ACT back in March at the start of coronavirus shutdowns. That money ran out at midnight on October 1 without an extension plan in place.

The airline industry has taken a huge blow with U.S. air travel currently down nearly 70% from a year ago, according to industry leaders. American Airlines operates a major hub in Philadelphia, which transported more than 25 million passengers through the city last year and generated roughly $115 billion in direct and indirect revenue, according to union and airline leaders. "As a result of the coronavirus, our industry and our airline have faced unimaginable challenges along with an unprecedented 95% drop in demand," said Jim Moses, American Airlines Vice President of Northeast Hubs & Gateways.

Moses spoke in Philadelphia earlier this week about the current cuts and said passengers should expect to see significant reductions in the number of flights airlines scramble to adjust. "While we've seen domestic demand begin to stabilize, we're still significantly below where we were last year," Moses said. "As a result, American plans to operate less than 50% of our planned schedule through the fourth quarter of the year."

Many local employees spoke alongside Moses and said they do not know how they're going to make it with reduced hours and pay. "Not having a check in my pocket affects my household, as well as my counterparts here at American Airlines," said American Airlines flight attendant Christopher John. More than 10,000 American Airlines employees are based out of Philadelphia.

https://6abc.com/american-airlines-furlough-layoffs-philadelphia-international-airport-cares-act/6688116/

[Doodley]

6. A lot of desperate people out there, Many don't qualify for unemployment.

[elias7]

7. Actual vs "expected". So F'ing arbitrary... create good news out of bad