Jobless claims back above 400,000 level again

[xchrom]

http://www.marketwatch.com/story/jobless-claims-back-above-400000-level-again-2011-12-01

WASHINGTON (MarketWatch) — The number of Americans who applied for jobless benefits last week rose above 400,000 again, an indication that the pace of hiring in the U.S. likely remains modest at best.

Initial claims for unemployment compensation climbed by 6,000 to a seasonally adjusted 402,000, the Labor Department said Thursday. It was the highest level in a month.

Applications from two weeks ago were revised up to 396,000 from an original reading of 393,000. Economists surveyed by MarketWatch had expected new requests for jobless benefits to total 393,000 in the week ended Nov. 26, which included the Thanksgiving holiday.

The average of new claims over the past four weeks, meanwhile, rose by 500 to 395,750. The monthly average is seen as a more accurate gauge of labor trends because it reduces volatility in the week-to-week data.

[HopeHoops]

1. We need to switch to an "employed" index and a "part-time employed" index.

Unemployment doesn't count those who have run out of benefits. It isn't a real number. The only thing about it that serves as any indicator is "new files".

[xchrom]

2. +1

[pinqy]

6. You are confused

This report (from DOL) is only about UI claims.
The official Unemployment level and rate (out tomorrow) in no way relies on claims and classifies anyone not working but actively looking for work as unemployed (regardless of eligibility for benefits).

[wtmusic]

3. Companies seldom hire full-time employees before the holidays

so I'm suspect that this data is representative. January numbers should show a better picture.

[Capitalocracy]

8. I wonder if there'll be a spike for people who ran out of benefits, then got seasonal retail work...

and will then immediately become unemployed again

[xchrom]

4. kick

[doc03]

5. Yesterday we had good numbers now 24 hours later we get

bad numbers! What gives?

[Huey P. Long]

11. Thats they way its done. Perception management.

Also, I will wager weeks before numbers were revised downward, to give the illusion the drop was less or more, depending on what they desire to get out. As we all know, put out the thing they want people to react to, then days later, revise.

[DCBob]

12. ADP is only private sector.. public sector is shedding jobs as fast as ever.

maybe faster... meanwhile companies are begining to hire again.

[Huey P. Long]

7. occupy

[OhioChick]

9. Hmm....Not "unexpectedly" this time n/t

[Doctor_J]

10. Yesterday it was claimed that private sector jobs hit a 12-month high

Someone needs to stop lying - I really don't care which it is.

[pinqy]

13. Where do you think the lie is?

Different surveys, different methods, different time periods, etc are going to have different results.

The ADP report (private sector jobs, released yesterday) and the offical BLS report (released tomorrow) both use the pay period that contains the 12th of the month as the reference period.

UI claims, released every Thursday, are for the previous week.