The Labor Department reported Thursday that jobless benefits dropped 34,000 to a seasonally adjusted 388,000 in the past week. Economists expected a smaller drop to 413,000 claims. Not only was the drop larger than expected, but it was also the lowest level since July 2008.

The four-week average of new claims, which helps smooth out data, fell by 12,500 to 414,000 -- also the lowest level since July 2008. In the week ending December 18, the number of people continuing to receive state unemployment benefits increased 57,000 to 4.13 million. The four-week average of these same claims dropped 37,50 to 4.12 million, the lowest level since November 2008.

Continue reading Jobless Claims Fall to 388,000

Jobless Claims Fall to 388,000 originally appeared on BloggingStocks on Thu, 30 Dec 2010 10:00:00 EST. Please see our terms for use of feeds.

And we're off! The Labor Department reported that new claims for unemployment dropped last week, shedding 27,000 to a total of 451,000 claims. Economists had expected a drop of just 2,000 claims.

The four-week moving average of new claims (which takes weekly fluctuations into account) dropped last week as well, falling 9,250 to 477,750. This is the main reason for Thursday's early rally, as the Dow Jones was more than 60 points higher. What's more, the Dow has turned positive for the year.

Continue reading Initial Jobless Claims Drop, Rally Ensues

Initial Jobless Claims Drop, Rally Ensues originally appeared on BloggingStocks on Thu, 09 Sep 2010 11:00:00 EST. Please see our terms for use of feeds.

For the first time in four weeks, the Labor Department's report on initial jobless claims held some good news. During the past week, new requests for unemployment benefits dropped sharply.

Last week 31,000 fewer people issued claims for unemployment help, bringing the seasonally adjusted number of initial claims to 473,000. As noted, this is the first drop in the past four weeks, bringing an end to a rather large three-week increase in claims.

Continue reading Weekly Jobless Claims Fall, Futures Move Higher

Weekly Jobless Claims Fall, Futures Move Higher originally appeared on BloggingStocks on Thu, 26 Aug 2010 10:30:00 EST. Please see our terms for use of feeds.

Investors are digesting a bit of bad news concerning the economy, as initial applications for unemployment insurance increased to 500,000 during the past week.

The 12,000-claim rise suggests that the economy is slowing and that employers are cutting jobs. The last time initial claims for unemployment insurance were this high was back in November. The latest data does not include millions of unemployed receiving extended insurance, which is paid for by the federal government. Roughly 5.6 million unemployed workers were on this extended insurance as of the end of July.

Continue reading Jobless Claims Jump to Nine-Month High

Jobless Claims Jump to Nine-Month High originally appeared on BloggingStocks on Thu, 19 Aug 2010 11:30:00 EST. Please see our terms for use of feeds.

Investors and economists received a rather nasty surprise this morning when the Labor Department released its weekly data on initial claims for jobless benefits. According to the Labor Department, new claims for unemployment insurance rose by 19,000 last week to a seasonally adjusted 479,000.

The government did note that some of the surprise increase (a small decrease was expected) may be attributed to difficulties the government has in adjusting for seasonal factors. The four-week average of initial claims increased by 5,250 to 452,250.

Continue reading Jobless Claims Data Cast a Bearish Tone

Jobless Claims Data Cast a Bearish Tone originally appeared on BloggingStocks on Thu, 05 Aug 2010 11:30:00 EST. Please see our terms for use of feeds.

The Labor Department just released June jobs data, revealing a drop stemming from the layoffs of temporary census workers. This drop was partially offset as private employers added a "modest number" of jobs (pegged at 83,000 workers). The 125,000 jobs eliminated was the most since October, with 225,000 eliminated temporary census jobs leading the way.

Some may look at the fact that the unemployment rate dropped from 9.7% to 9.5% as good news, but that may not be the case.

Continue reading Job Growth Falls in June

Job Growth Falls in June originally appeared on BloggingStocks on Fri, 02 Jul 2010 10:00:00 EST. Please see our terms for use of feeds.

The Labor Department issued a bit of a nasty surprise this morning in its report on initial jobless claims. Last week, the department issued 25,000 new claims for unemployment benefits, far more than the expected drop of 6,000 claims. The resulting 471,000 total claims in the past week was the most in a month.

In addition, the four-week average of initial claims, which many see as a better gauge of employment because it smooths out the volatile weekly numbers -- increased. According to the Labor Department, there were no unusual factors contributing to the release.

Continue reading U.S. Jobless Claims Increase to a Month-Long High

U.S. Jobless Claims Increase to a Month-Long High originally appeared on BloggingStocks on Thu, 20 May 2010 10:30:00 EST. Please see our terms for use of feeds.

We have an absolute crisis of the greatest magnitude facing the unemployed. After Sunday, February 28, the jobless will no longer be able to apply for federal unemployment benefits or the COBRA health insurance subsidy.

Federal benefits kick in after the basic state funded 28 week period. Federal benefits are divided into tiers and the jobless must apply each time they move up to a new tier.

Here are some devastating statistics:

• Nearly 5 million will run out of benefits by June.
• Right now, 1.2 million stand to lose benefits in March.

Continue reading Unemployment Benefits Began Ending Sunday February 28

Unemployment Benefits Began Ending Sunday February 28 originally appeared on BloggingStocks on Mon, 01 Mar 2010 09:50:00 EST. Please see our terms for use of feeds.

Continue reading Fourth Quarter GDP Revised Higher

Fourth Quarter GDP Revised Higher originally appeared on BloggingStocks on Fri, 26 Feb 2010 09:30:00 EST. Please see our terms for use of feeds.

Cue the alarms, the warning sirens, the panic and the bear stampede on the Street today ... the U.S. nonfarm payrolls dropped unexpectedly in December.

The good news? November nonfarm payrolls were actually revised higher, reflecting a gain of 4,000 jobs. Despite November's gain, payrolls dropped by 4.2 million in 2009, bringing the two-year total of job losses for the recession to 7.3 million. As for the official unemployment rate, it remained at 10% during December. That said, the data that includes discouraged workers and those forced to work part time increased to 17.3% from 17.2%. Perhaps the most discouraging aspect of the report was that there were "few signs of further improvement in labor conditions."

Continue reading Nonfarm Payroll Data Reveals an Unexpected Drop in December

Nonfarm Payroll Data Reveals an Unexpected Drop in December originally appeared on BloggingStocks on Fri, 08 Jan 2010 09:40:00 EST. Please see our terms for use of feeds.

Continue reading ADP data casts a bearish tone to the morning -- will it last?

ADP data casts a bearish tone to the morning -- will it last? originally appeared on BloggingStocks on Wed, 02 Dec 2009 10:00:00 EST. Please see our terms for use of feeds.

Continue reading U-6 unemployment number suggests recovery has not started

U-6 unemployment number suggests recovery has not started originally appeared on BloggingStocks on Tue, 24 Nov 2009 15:00:00 EST. Please see our terms for use of feeds.

Last week, the number of people filing initial claims for state unemployment dropped by 20,000. As a result, benefits dropped to a seasonally adjusted 512,000. This drop in filings was the first in the past two weeks, and it is the lowest level of initial claims seen since early January.

That said, initial jobless claims have come in atop 500,000 for the past 51 weeks. In addition, the four-week average of claims dropped 3,000 to 523,700. This total is the lowest since the beginning of the year. Expectations called for initial jobless claims to drop to 520,000 last week, so it may be time to sound the rally bell.

Continue reading Jobless claims drop during the last week of October

Jobless claims drop during the last week of October originally appeared on BloggingStocks on Thu, 05 Nov 2009 11:50:00 EST. Please see our terms for use of feeds.

The unemployment rate increased in 23 states in September, with 43 reporting job losses for the month (though not at an accelerating rate). This does signal that we're (hopefully) in the early stages of an economic recovery ... though this can also mean that some job seekers have just given up (and are no longer counted).

Layoffs have slowed down a bit, but companies aren't crazy about taking on new bodies. So far, 600,000 people have dropped out of the hunt. Unemployment now sits at 9.8%.

Continue reading Unemployment up in 23 states, 15 set records

Unemployment up in 23 states, 15 set records originally appeared on BloggingStocks on Thu, 22 Oct 2009 11:00:00 EST. Please see our terms for use of feeds.

First-time claims for jobless benefits fell last week, hitting the lowest level we've seen since January. The U.S. Department of Labor pegged the number at 521,000. This is down from the previous week's 554,000 (which had been revised upward). Wall Street economists anticipated 540,000. Claims of this type have fallen four times in five weeks, and the four-week average reached 539,750 - its lowest level since January 17, 2009.

In general, first-time claims for unemployment benefits have been declining since the spring, though slowly. Unfortunately, they still remain well above the 325,000 that economists claim to be indicative of a healthy economy.

Continue reading First-time jobless claims fall faster than expected

First-time jobless claims fall faster than expected originally appeared on BloggingStocks on Fri, 09 Oct 2009 17:00:00 EST. Please see our terms for use of feeds.

The United States is not alone. We just saw the unemployment rate creep higher to 9.8% for September, and the rest of the world is coming with us.

The worldwide recession is still circling the globe, it seems, leaving slashed jobs in its wake. While the rise in unemployment is essentially a fact of life, how countries are responding to it differs widely. Some are spending aggressively to protect jobs; for example, by chipping in some extra cash to pay for shorter work weeks.

In the 30 countries comprising the Organization for Economic Cooperation and Development (OECD), unemployment is as low as 3.2% in the Netherlands and as high as 17.6% in Spain, as of July 2009.

Continue reading Ten views of unemployment around the world

Ten views of unemployment around the world originally appeared on BloggingStocks on Sat, 03 Oct 2009 13:20:00 EST. Please see our terms for use of feeds.

It appears that the House may be ready to extend unemployment benefits for another 13 weeks.

On Wednesday, September 23, Congress will consider legislation to add 13 weeks to unemployment benefits in what are termed "high-unemployment states." In order to be considered a high-unemployment state, the unemployment rate must be greater than 8.5%. With unemployment at record highs nationwide, this status includes 26 states and the District of Columbia. What about the other 24 states? The unemployed workers there could qualify if their state is expected to hit 8.5% unemployed or it meets other criteria.

Continue reading House may extend unemployment benefits

House may extend unemployment benefits originally appeared on BloggingStocks on Fri, 18 Sep 2009 11:00:00 EST. Please see our terms for use of feeds.

Continue reading President Obama says that financial crisis is not over

President Obama says that financial crisis is not over originally appeared on BloggingStocks on Tue, 08 Sep 2009 16:30:00 EST. Please see our terms for use of feeds.

The rate at which jobs were cut slowed in August, but the gap to be filled will be with us for a while. With 14.9 million people looking for jobs according to Moody's Economy.com, the unemployment rate won't hit 5% -- considered "normal" -- until 2014. To put this in perspective, we still have one presidential election and two mid-term contests between now and a full employment recovery.

Data published by the Department of Labor Friday puts the unemployment rate at 9.7%. In December 2007, it was only 4.7%. And, as BloggingStocks reported on Friday, it could pass 10% by the end of 2009. For teenagers, the unemployment rate has reached 26%. The number of job-seekers who have given up completely is above 750,000 -- the highest level since the Department of Labor started keeping score in 1994.

Continue reading Job market expected to recover in 2014

Job market expected to recover in 2014 originally appeared on BloggingStocks on Sat, 05 Sep 2009 17:10:00 EST. Please see our terms for use of feeds.

Across the country, college classes are starting. In each of these classrooms, students are struggling with calculus, trudging through Candide, and wondering just what the hell they're going to do with their degrees upon graduation. The last of these is characteristic of every college student, especially those of us, with the foresight fortitude recklessness zeal to major in liberal arts fields (in my case, Philosophy).

The anxiety is a bit higher this year, given a high rate of unemployment, the likelihood of a "jobless recovery" and the fact that it could take years for destroyed value to be recovered.

Continue reading 2.9 million college kids unsure of career plans

2.9 million college kids unsure of career plans originally appeared on BloggingStocks on Mon, 31 Aug 2009 14:20:00 EST. Please see our terms for use of feeds.