It’s Unexpected!™

Weekly numbers continue to be weak

See if you can follow this:

In the week ending December 1, the advance figure for seasonally adjusted initial claims was 370,000, a decrease of 25,000 from the previous week’s revised figure of 395,000. The 4-week moving average was 408,000, an increase of 2,250 from the previous week’s revised average of 405,750.
The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending November 24, a decrease of 0.1 percentage point from the prior week’s unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending November 24 was 3,205,000, a decrease of 100,000 from the preceding week’s revised level of 3,305,000. The 4-week moving average was 3,309,000, an increase of 7,750 from the preceding week’s revised average of 3,301,250.
UNADJUSTED DATA
The advance number of actual initial claims under state programs, unadjusted, totaled 498,619 in the week ending December 1, an increase of 139,678 from the previous week. There were 528,793 initial claims in the comparable week in 2011.
The advance unadjusted insured unemployment rate was 2.6 percent during the week ending November 24, an increase of 0.4 percentage point from the prior week’s unrevised rate. The advance unadjusted number for persons claiming UI benefits in state programs totaled 3,301,200, an increase of 465,529 from the preceding week. A year earlier, the rate was 2.9 percent and the volume was 3,696,154.

The hamsters tell me that +2500 is correct. They always go for +2500. However, I think it’s all nonsense. We can’t get straight data, and the yahoo finance site doesn’t even bother to report this stuff anymore, presumably because they are cheerleaders for the Obama administration, and it just hasn’t been good for the entire term. Here’s how they are spinning it.

- Aggie

2 Comments »

  1. Bloodthirsty Liberal said,

    December 6, 2012 @ 10:47 am

    Here’s how CNN spins—I mean, reports—the story, Aggie:

    The Labor Department reported that 370,000 people filed initial jobless claims last week, down 25,000 who sought help in the previous week.

    Claims had surged in mid November, after Superstorm Sandy put many workers temporarily out of a job, but now the weekly figures are back around levels consistent with modest hiring over the past few months.

    The data comes a day ahead of the monthly jobs report for November, which is also likely be distorted by temporary effects from the storm as well as layoffs tied to the closing of Hostess Brands.

    “Temporary effect” of the Hostess layoffs? That’s assuming a lot, isn’t it? Is that what passes for news today? Our whole point in these weekly updates is to highlight four years of “temporary effects”. Hostess closed down and laid off workers precisely because of the anti-business intransigence of a union. Unemployment is still around 8% (higher, actually) precisely because of the anti-business intransigence of this administration.

    But cheer up, you 370,000 losers of jobs! Your pink slip is a sign of “modest hiring”! That’s nothing to be modest about. Take a bow!

    PS: Gallup is unimpressed:

    U.S. unemployment, as measured by Gallup without seasonal adjustment, was 7.8% for the month of November, up significantly from 7.0% for October. Gallup’s seasonally adjusted unemployment rate is 8.3%, nearly a one-point increase over October’s rate. …

    Underemployment, as measured without seasonal adjustment, was 17.2% in November, a 1.3-point increase since the end of October. The uptick in November also puts an end to the six-month trend of improvements or no change. Still, underemployment has improved 0.9 points since November 2011.

    Thanks for that silver lining: at least it’s not 2011!

  2. Bloodthirsty Liberal said,

    December 6, 2012 @ 12:54 pm

    There will also be 11,000 Citi group layoffs, but I suppose that is chump change. Wait til Obamacare kicks in. Then we’ll see layoffs.

    -Aggie

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