Unemployment Claims

Eh, am I supposed to be impressed?

In the week ending November 5, the advance figure for seasonally adjusted initial claims was 390,000, a decrease of 10,000 from the previous week’s revised figure of 400,000. The 4-week moving average was 400,000, a decrease of 5,250 from the previous week’s revised average of 405,250.

Yeah, ok.  Let’s see what the revisions are next week.

The “big table” from the 15th (it’s a bit more lagged) shows a +51,990 print however, with all of it coming from EUC and Extended benefit roll-ins.  The rate of regular claims, which has been declining, has now stabilized — it is not dropping any more.  This is bad if it continues and a 390k print is not consistent with job growth.  The best you can say is that we continue to see what we have seen in the employment rate table — there’s no improvement happening at all; rather, we’re just rattling around on the floor.

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