Jobless claims jump, hitting highest level since mid-August
Source: CNBC
Jobless claims jump, hitting highest level since mid-August
PUBLISHED THU, OCT 15 20208:30 AM EDT UPDATED 22 MIN AGO
Jeff Cox
@JEFF.COX.7528 https://facebook.com/jeff.cox.7528
@JEFFCOXCNBCCOM https://twitter.com/JeffCoxCNBCcom
KEY POINTS
-- First-time filings for jobless claims last week hit 898,000, above the Wall Street estimate of 830,000.
-- That was the highest level since Aug. 22 and a sign of the ongoing struggles in the labor market.
-- Continuing claims again fell sharply, dropping to just over 10 million
American workers continued to hit the unemployment line in large numbers last week, with 898,000 new claims filed for jobless benefits. ... Economists surveyed by Dow Jones had been looking for 830,000.
The total for the week ended Oct. 10 was the highest number since Aug. 22 and another sign that the labor market continues to struggle to get back to its pre-coronavirus pandemic mark. The number represented a gain of 53,000 from the previous weeks upwardly revised total of 845,000.
Despite the higher than expected total, the level of continuing claims continues to fall at a brisk pace, declining by 1.165 million to just over 10 million. Continuing claims data runs a week behind the headline claims number.
Since then, the economy has recaptured some 11.4 million positions, or about half those who were sidelined. The unemployment rate has come down to 7.9% but is still more than double its pre-pandemic level.
{snip}
Read more: https://www.cnbc.com/2020/10/15/weekly-jobless-claims.html
Hat tip, Joe.My.God.
https://www.joemygod.com/2020/10/labor-dept-reports-898k-jobless-claims-last-week/
Labor Dept Reports 898K Jobless Claims Last Week
October 15, 2020 Coronavirus, Economy
CNBC reports:
American workers continued to hit the unemployment line in large numbers last week, with 898,000 new claims filed for jobless benefits. Economists surveyed by Dow Jones had been looking for 830,000. The total for the week ended Oct. 10 was the highest number since Aug. 22 and another sign that the labor market continues to struggle to get back to its pre-coronavirus pandemic mark.
Job postings are still down for occupations directly affected by the coronavirus, mostly tourism, travel and entertainment, according to data from Indeed.com but the hiring services company has also seen a drop in postings for white-collar jobs, noting that hiring is far below last years trend in many higher-wage office sectors like software development and banking and finance.
-- -- -- -- -- --
Real numbers coming up.
mahatmakanejeeves
(56,897 posts)Connect with DOL at
https://blog.dol.gov
TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL
8:30 A.M. (Eastern) Thursday, October 15, 2020
{snip note about California}
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS
SEASONALLY ADJUSTED DATA
In the week ending October 10, the advance figure for seasonally adjusted initial claims was 898,000, an increase of 53,000 from the previous week's revised level. The previous week's level was revised up by 5,000 from 840,000 to 845,000. The 4-week moving average was 866,250, an increase of 8,000 from the previous week's revised average. The previous week's average was revised up by 1,250 from 857,000 to 858,250.
The advance seasonally adjusted insured unemployment rate was 6.8 percent for the week ending October 3, a decrease of 0.9 percentage point from the previous week's revised rate. The previous week's rate was revised up by 0.2 from 7.5 to 7.7 percent. The advance number for seasonally adjusted insured unemployment during the week ending October 3 was 10,018,000, a decrease of 1,165,000 from the previous week's revised level. The previous week's level was revised up 207,000 from 10,976,000 to 11,183,000. The 4-week moving average was 11,481,750, a decrease of 682,250 from the previous week's revised average. The previous week's average was revised up by 51,750 from 12,112,250 to 12,164,000.
UNADJUSTED DATA
The advance number of actual initial claims under state programs, unadjusted, totaled 885,885 in the week ending October 10, an increase of 76,670 (or 9.5 percent) from the previous week. The seasonal factors had expected an increase of 23,144 (or 2.9 percent) from the previous week. There were 201,677 initial claims in the comparable week in 2019. In addition, for the week ending October 10, 51 states reported 372,891 initial claims for Pandemic Unemployment Assistance.
The advance unadjusted insured unemployment rate was 6.6 percent during the week ending October 3, a decrease of 0.8 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 9,631,588, a decrease of 1,188,202 (or -11.0 percent) from the preceding week. The seasonal factors had expected a decrease of 22,926 (or -0.2 percent) from the previous week. A year earlier the rate was 0.9 percent and the volume was 1,369,887.
{snip charts. Emphasis mine}
The total number of people claiming benefits in all programs for the week ending September 26 was 25,290,325, a decrease of 215,270 from the previous week. There were 1,415,539 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 (202) 693-7828 (voice) or (800) 877-8339 (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 (202) 693-7828 (voice) or (800) 877-8339 (federal relay).
U.S. Department of Labor
Employment and Training Administration
Washington, D.C. 20210
Release Number: USDL 20-1958-NAT
Program Contacts:
Thomas Stengle: (202) 693-2991
Media Contact: (202) 693-4676
ffr
(22,649 posts)Their definition and my definition of MAGA are very different.
Must be why tha Magats here are getting so desperate. It's getting so delicious to seeing panic in their actions, with fewer and fewer of them even putting in the effort.
BumRushDaShow
(127,312 posts)DallasNE
(7,392 posts)This report doesn't look as bad as the headline number because continuing claim filings minus initial claim filings would indicate that 267,000 people found jobs for the week.
But some workers have been unemployed for so long that they are no longer eligible for unemployment benefits so they would no longer be filing for continuing claims. Was the 26 week claim period extended? If not that number could be quite high and take much of the rosiness off of this picture.
Also, the monthly jobs reports break out permanent job losses and those have been historically high throughout the pandemic. Those are jobs that are not coming back or will come back slowly after a vaccine is in widespread use.
This morning a CNBC report said that another 8 million Americans have fallen into poverty this year. Some of that will be people that had good paying jobs but have gone back to work at a job where they are now the working poor and below the poverty line.
In summary, it takes a lot more analysis than just looking at headline numbers.
TomCADem
(17,378 posts)So, Republicans are pursuing a deadly herd immunity response to COVID-19 and in the end, it is just prolonging and deepening our economic hole.
https://www.politico.com/news/2020/10/02/september-jobs-numbers-unemployment-rate-425068
The U.S. added 661,000 jobs in September, a performance that ordinarily would be seen as stellar. But it was well below expectations for close to 1 million and represents a further slowdown in monthly job growth from the initial 4.8 million gained back in June and leaves the economy over 10 million short of restoring the 22 million jobs lost to the Covid-19 pandemic. The jobless rate dropped half a percentage point to 7.9%.
The Labor Departments final jobs report before the election strong on the surface but far less impressive in context highlights challenges facing both Trump and Democratic nominee Joe Biden in the final month of the campaign. And that was before news that the president tested positive for the coronavirus, a development that injected fresh uncertainty into both markets and the broader economy.
As Trump loves to boast, job gains over the last five months are in fact historic at over 11 million. Economic growth numbers due out just before the election will also likely bust records. But the recovery is also clearly slowing down as close to $4 trillion in federal rescue money runs out with no agreement on a fresh shot of emergency aid. Layoff announcements are piling up again as businesses brace for a difficult fall and winter.