Re: Big O hits it on jObs

Dr. Evil Tue Nov 08, 2016 8:13 am

Skeptical wrote:
Dr. Evil wrote:
Skeptical wrote:
"Workers are eligible for unemployment compensation only if they are temporarily out of work through no fault of their own." in other words these people may collect unemployment benefits assuming the state of residence requirements are met

Using SEASONAL ADJUSTED numbers from http://www.oui.doleta.gov/unemploy/claims.asp

Week ending 10/01/2016 there were 246,000 INITIAL CLAIMS for unemployment benefits
Week ending 10/08/2016 there were 247,000 INITIAL CLAIMS for unemployment benefits
Simple addition indicates 493,000 people lost jobs during first two weeks in October 2016

and as of Week ending 10/08/2016 there were 2,057,500 continuing claims for unemployment

So how is 160,000 new jobs for the entire month of October good news when 493,000 began drawing first time unemployment benefits during only the first two weeks of October ??

Nuff said...

Well, your chart does indicate the initial jobless claims is in the same ballpark as the link given .. roughly in the 240 to 255K range for early 2015.

However I did not see how having 160,000 new jobs for the month, October 2016 for example is better than 240 to 250K per week applying for initial jobless benefits during the same time period.

First time unemployment claims can be due to a number of different reasons. A shift in direction at your company that terminates your current job, an injury or illness, someone who isn't really looking for a job finds short term work and then files a claim because they can.

These are all variables can effect the number of, or trigger first time jobless claims. They say very little about the economy. This is why anything under 300K is considered to be robust, which Obama has also enjoyed a record amount of time.

study

http://www.cnbc.com/2016/10/27/reuters-america-us-jobless-claims-fall-continuing-claims-lowest-since-2000.html