Unemployment Insurance Weekly Claims Report (03/03/2011)

[mahatmakanejeeves]

Source: Employment and Training Administration, Department of Labor

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending Feb. 26, the advance figure for seasonally adjusted initial claims was 368,000, a decrease of 20,000 from the previous week's revised figure of 388,000. The 4-week moving average was 388,500, a decrease of 12,750 from the previous week's revised average of 401,250.

The advance seasonally adjusted insured unemployment rate was 3.0 percent for the week ending Feb. 19, a decrease of 0.1 percentage point from the prior week's revised rate of 3.1 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Feb.19 was 3,774,000, a decrease of 59,000 from the preceding week's revised level of 3,833,000. The 4-week moving average was 3,863,750, a decrease of 40,500 from the preceding week's revised average of 3,904,250.

Read more: http://www.dol.gov/opa/media/press/eta/ui/eta20110267.htm

[dotymed]

1. What about the long term unemployed?

How about the wages of any "new hires?" This "poll", IMO, does not show anything.

[Vinee]

3. then there's this......

The number of people continuing to collect jobless benefits unexpectedly decreased by 59,000 in the week ended Feb. 19 to 3.77 million.
Figures for continuing claims do not include the number of workers receiving extended benefits under federal programs.
Those who’ve used up their benefits and are now collecting emergency and extended payments increased by about 57,000 to 4.5 million in the week ended Feb. 12.
http://www.bloomberg.com/news/2011-03-03/u-s-initial-jobless-claims-fall-to-368-000-lowest-since-2008.html

[DollyM]

4. one of those "unemployed" . . .

Unemployment used to be something you could count on. File on Sunday, have a check in your mail box by Tuesday, never failed. Now I have to file on Wednesday and maybe I will have a money deposited to my account by Saturday, maybe Sunday. Maybe will get paid for one week, maybe two, maybe not at all. I got nothing for two weeks then got a deposit in my account for two weeks payments. So I don't have a clue what the actual amount I will get for the month is. My guess is that Illinois is broke and is holding onto these payments as long as they can. Meanwhile, I wait until there is nothing in the house to eat or drink and then break down and get out the credit card to try and get enough to tide me over to when the state decides to send an unemployment payment. Really frustrating!

[pinqy]

5. It's not a poll

it's the admin info from state UI agencies. The DOL report also covers those in state and federal extended benefits and other fed programs, though that's 2 weeks behind the initial claims data.

Why would a report on UI claims say anything about new hires???? And there's no way to collect information on wages of new hires, in any case.

Tomorrow is the Employment situation report which covers those not recieving benefits as well, so that includes those who have exhausted benefits and now includes the numbers of those who've been unemployed more than 2 years (it used to just be 2 years or more, but now it's more detailed for 2 to 5 years)

[mahatmakanejeeves]

6. I'll be watching for that.

The last time I posted that, someone (you, maybe?) suggested linking to the table listing those unemployed more than 2 years. I will try to remember to include that too.

Thanks.

[jefferson_dem]

2. GOOD NEWS: Jobless claims drop to lowest in 3 years

WASHINGTON — Jobless claims tumbled to a nearly three-year low last week and signs grew that companies have squeezed every drop of toil out of their workers, offering hope that the pace of hiring will soon improve.

The government said Thursday applications for unemployment benefits fell by 20,000 to a seasonally adjusted 368,000. It was the third decline in the last four weeks. Applications are now at their lowest level since late May 2008.

The four-week average for applications, a less volatile figure, fell last week to 388,500. That's the lowest level since July 2008, the last time the four-week average was below 400,000.

Economists say applications that remain consistently below 375,000 tend to signal declines in the unemployment rate. Applications for benefits peaked during the recession at 651,000.

<SNIP>

http://www.msnbc.msn.com/id/41885150/ns/business-stocks_and_economy/

[robcon]

7. GOOD NEWS!

Coincidentally, my company just hired a dozen people, whose orientation starts this week.

Let's hope for more.