Lats week, Two out of three employment-related reports were positive and only 28,000 persons were saying they have a job in the latest monthly labor market report. Latest claims data reflect those weaknesses.
SEASONALLY ADJUSTED DATA
In the week ending January 5, the advance figure for seasonally adjusted initial claims was 371,000, an increase of 4,000 from the previous week’s revised figure of 367,000. The 4-week moving average was 365,750, an increase of 6,750 from the previous week’s revised average of 359,000.
The advance seasonally adjusted insured unemployment rate was 2.4 percent for the week ending December 29, 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 December 29 was 3,109,000, a decrease of 127,000 from the preceding week’s revised level of 3,236,000. The 4-week moving average was 3,197,250, a decrease of 26,000 from the preceding week’s revised average of 3,223,250.
Choosen excerpts by Job Market Monitor from
Jobless claims fall to 371,000 in latest week
Happy New Year! The American economy kicked off 2013 with a small rise in new claims for unemployment benefits — a closely-watched indicator of the health of the job market
Initial jobless claims rose during the first week of the new year, as 371,000 people filed first-time claims for unemployment benefits, up 4,000 from the previous week.
Over the last four years, the measure has improved dramatically. During the height of the recession, weekly claims had surged above 600,000, and then fell below 400,000 at the end of 2011.
But over the last year, the improvements have slowed as numbers of new claims have stagnated. Aside from a temporary bump due to Hurricane Sandy, they’ve largely been stuck in the 350,000 to 400,000 range for more than a year.
Claims at that level are consistent with hiring that adds roughly 150,000 jobs to the U.S. economy each month, as was the average in 2012. Hiring is expected to continue at that pace for the foreseeable future, barely keeping up with population growth.