Posts Tagged “Labor Department”
Source: MarketWatch
The U.S. labor market weakened further last week, with the number of first-time filings for state unemployment benefits jumping by 58,000 to a 26-year high of 573,000, the Labor Department reported Thursday.
The number of people collecting unemployment benefits rose by 338,000 to 4.43 million, also the highest since late 1982. The 338,000 increase in the week ending Nov. 29 was the most since 1974.
The jobless claims report shows businesses are laying off workers at a rapid pace, and finding a replacement job is ever harder for those who’ve lost their job.
Initial claims represent job destruction, while the level of continuing claims indicates how hard or easy it is for displaced workers to find new jobs.
Several technical factors could have boosted initial claims last week, a Labor Department spokesman said. The week after Thanksgiving is traditionally the one with the biggest increase in first-time claims, and the government’s seasonal adjustment factors may be overstating the increase this year.
Part of the increase in filings last week could simply be administrative catch up from Thanksgiving week, when most state unemployment offices were closed for two days.
Technical factors aside, the report shows a marked deterioration in the labor market. The four-week moving average of new claims - which tends to smooth out the impact of any special factors - rose by 14,250 to 540,500, also the highest since late 1982.
The four-week average of continuing claims rose by 131,000 to 4.13 million, the highest since early 1983.
The insured unemployment rate - the proportion of covered workers who are receiving benefits - increased by two-tenths to 3.3%, the highest in 16 years.
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Technorati Tags: unemployment rate, jobless rate
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Source: MarketWatch
The number of workers filing for state unemployment benefits fell by 21,000 to a seasonally adjusted 509,000 for the week ending Nov. 29, the Labor Department reported Thursday.
It’s the lowest number of initial jobless claims since the week ended Nov. 1. Claims have dropped for two straight weeks after hitting a sixteen year high of 543,000.
The four-week moving average of new claims - which smoothes out distortions caused by one-time events such as holidays and weather - rose by 6,250 to 524,500, the highest in sixteen years.
This is an indication that jobs are becoming harder to find.
Also on the darker side of the data, the number of people continuing to collect unemployment benefits rose by 89,000 in the week ending Nov. 22 to a seasonally adjusted 4.09 million, also the most in sixteen years. The four-week average of continuing claims rose to 4.0 million, the most since 1983.
The message here is that Americans who have been laid off from their jobs are finding it harder to get work again.
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Technorati Tags: unemployment, jobless claims
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Source: WSJ.com
The number of U.S. workers filing new claims for unemployment benefits climbed back up toward the half-million mark last week, a government report showed, suggesting severe weakness in labor markets.
Initial claims for jobless benefits unexpectedly spiked 15,000 on a seasonally-adjusted basis to 478,000 in the week ended Oct. 18, the Labor Department said in its weekly report Thursday. Economists surveyed by Dow Jones Newswires had expected claims would rise by only 2,000.
According to the Labor Department, Hurricane Ike added roughly 12,000 unadjusted claims in Texas last week, the same effect as the previous week.
The four-week average of new claims, which attempts to smooth out volatility, fell for the first time in seven weeks, by 4,500 to 480,250. Still, that remains well above recessionary levels typically consistent with declines in monthly employment.
Full Story: WSJ.com
Technorati Tags: Labor Department
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Source: NYTimes.com
Wall Street finished mixed in fickle trading Wednesday, with investors unsettled about the economy ahead of Friday’s employment report and only somewhat relieved about sliding commodities prices.
The Commerce Department gave the market just modest comfort when it said orders for manufactured products rose by 1.3 percent in July. The figure was higher than the 0.8 percent predicted by economists polled by Thomson Financial/IFR; the department also upwardly revised its June reading to an increase of 2.1 percent.
However, many traders brushed off the report as old news, given that it is now September. With automakers releasing sluggish August sales and the Federal Reserve reporting weak economic activity throughout the nation, investors proceeded cautiously.
Anxiety about the Labor Department’s August jobs report, due Friday, also prevented many investors from making any major commitments. It also had them largely shrugging off another drop in commodities, although a massive pullback in commodities since earlier in the summer has helped alleviate some of Wall Street’s inflation worries.
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