Unemployment initial claims jump 43000 to 364,000

[papau]

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

January 6, 2005
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending Jan. 1, the advance figure for seasonally adjusted initial claims was 364,000, an increase of 43,000 from the previous week's revised figure of 321,000. The 4-week moving average was 333,000, an increase of 750 from the previous week's revised average of 332,250.

The advance seasonally adjusted insured unemployment rate was 2.2 percent for the week ending Dec. 25, unchanged from the prior week's unrevised rate of 2.2 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Dec. 25 was 2,840,000, an increase of 61,000 from the preceding week's revised level of 2,779,000. The 4-week moving average was 2,770,250, an increase of 13,250 from the preceding week's revised average of 2,757,000.


UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 551,274 in the week ending Jan. 1, an increase of 103,931 from the previous week. There were 552,815 initial claims in the comparable week in 2004.

The advance unadjusted insured unemployment rate was 2.4 percent during the week ending Dec. 25, an increase of 0.2 percentage point from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 3,019,208, an increase of 273,614 from the preceding week. A year earlier, the rate was 3.0 percent and the volume was 3,730,751.

[seasat]

1. Wow, that's the largest increase in a while.

(Sarcasm on) I'm sure glad these trickle down tax cuts of Shrub Inc are helping get the economy on the right track. (Sarcasm off)

[GOPBasher]

2. Yes, supply side economics!! It works every time!

I don't think I'll turn my sarcasm off yet. I like it.

[Javaman]

10. Should be called supply slide...

[papau]

3. Bloomberg is not worried! :-)

http://www.bloomberg.com/news/economy/economies.html

U.S. Initial Jobless Claims Rise by 43,000, Biggest Jump Since March 2002


Jan. 6 (Bloomberg) -- <snip>Even with the jump between Christmas and New Year's, weekly claims averaged 343,000 in 2004, the lowest since 299,000 in 2000. The numbers are in line with expectations that employers created 175,000 jobs last month, making 2004 the best year for payrolls since 1999, according to a Bloomberg News survey in advance of the December report on employment tomorrow. <snip>

Economists expected claims would rise to 331,000, based on the median of 29 forecasts in a Bloomberg News survey, from the 326,000 initially reported for the week earlier. Forecasts ranged from 320,000 to 350,000. <snip>

The number of people continuing to collect state jobless benefits rose to 2.84 million in the week that ended Dec. 25 from 2.78 million a week earlier. <snip>

A report yesterday by the placement firm Challenger, Gray & Christmas said employers announced 1.04 million layoffs last year, 16 percent fewer than in 2003. Still, announced layoffs last month totaled 109,000, the second-highest figure of the year, and up 17 percent from a year earlier.
<snip>

[TahitiNut]

9. Bloomberg is pimping again.

"the lowest since 299,000 in 2000" ... i.e. the Bush regime is a disaster but 2004 (the reelection year) wasn't as bad as the rest
"the best year for payrolls since 1999" ... i.e. the Bush regime is a disaster but 2004 (the reelection year) wasn't as bad as the rest

"Economists expected claims would rise to 331,000" ... but 364,000 is a tsunami, 10% worse than expected.

The Bloomberg 'reporter' is trying mightily to not be another one of the unemployed.

Confronted with the reality of worse figures than 'expected,' the reporter can only blow the sunshine of another 'expected' report ... which will also be drowned by reality as the tsunami wipes out more jobs.

[mhr]

4. My-O-My - What Happened To All Of That Prosperity

Just around the corner.

That BS is getting mighty old.

PS - unemployed here for 55 months!

[Bono71]

5. Beat me to it! n/t

[DS1]

6. Party's over, suckers

They can stop padding the numbers past the election/xmas.

[Supersedeas]

13. Reality adjustment

[MaineDem]

7. Wow

Interesting news in advance of Friday's Employment Report.

But the BFEE will spin it to their benefit. :eyes:

[happynewyear]

8. no one will even know!

as the BFEE continues onward and upward hiding behind a veil of secrecy, greed, torture, etc. etc.

Jobs? Who needs one they query? :grr:


:kick:

[truthisfreedom]

11. lookee there, mr. bush! it's working!

you're completely destroying America! you hate us for our freedoms... no, wait... you are liberating us from our dull and painful jobs!

[William Bloode]

12. This is going to be a bad year.

I know there were figures released here in my state this week that stated, companies only project to add 60,000 jobs this year in my state. Thats down from 75,000 or so last year.

What those figures don't show is that, we might add 60,000, but we are going to loose that many to outsourcing as well.

Just a scant 5yrs ago companies were begging people to work. Now today in that very same area one has to beg to get a job in a fast food restaurant. We have huge factories setting empty everywhere.

The best job news for us was, the reopening of one of these empty buildings. The problem is the factory originally employed about 1500. The reopening by a different company will use the same building to employ only 50-60.

Sadly thats our picture here. Lose 1500, add 50, and call it progress :(

And of course * was selected here by 60-70%. I hope these fools are happy with their choice.

[NeoConsSuck]

14. The Texas Pig Farmer and his cronies

don't need to worry about employment. They live off capital gains and stock options. Jobs? That's for the 'other' people to worry about.

[struggle4progress]

15. 157K new jobs and 364K new unemployment claims. BLS concludes

"no change" in unemployment.

[sonicx]

16. is this because of the temp job purge after Christmas?

or no?