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Jobless Claims Lowest In 50 Years


BarryLaverty

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Thankful for President Biden's leadership. 
 

(Washington Post)
 

Business

Weekly jobless claims plunge to 199,000, the lowest level in more than 50 years

Claims fell more than 71,000 from last week, marking the eighth straight week of declines

By Taylor Telford

 and 

Aaron Gregg

 

Today at 8:43 a.m. EST

The number of Americans filing initial unemployment claims fell to 199,000 — the lowest level since November 1969 — the Labor Department reportedWednesday.

Claims were down more than 71,000 in the week that ended November 20 compared to the previous week. This marks the eighth straight week of declines and represents a major turning point as claims fell well below levels seen before the pandemic. In 2019, average weekly jobless claims hovered around 220,000.

It’s a stark contrast to this time last year, when weekly unemployment claims were still hovering around 700,000, and a reflection of a tight labor market where companies are under pressure to retain and expand their workforces.

“It is fair to say we didn’t see that coming,” Mark Hamrick, senior economic analyst at Bankrate, said Wednesday in comments emailed to The Post. “Getting new claims below the 200,000 level for the first time since the pandemic began is truly significant, portraying further improvement.”

A pandemic picture that was, up until recently, brightening, coupled with the protracted labor shortage, has cut down on layoffs that wracked the economy in the early days of the coronaviruspandemic.

Hiring strengthened in October, with the U.S. adding 531,000 jobs. The unemployment rate dropped from 4.8 percent to 4.6 percent. It remains a far cry from its pre-pandemic low of 3.5 percent in February 2020, but marks a significant improvement over the course of 2021. In January, the unemployment rate stood at 6.3 percent.

The Labor Department’s monthly jobs report, which will be released next week, is expected to shed more light on the complex dynamics of the labor market. While jobless claims have ticked lower in recent weeks, more than 4.4 million workers (representing roughly 3 percent of the labor force) quit their jobs in September, a record high according todata from Bureau of Labor Statistics.

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Those numbers can be deceptive, though, if you realize how they're calculated. People who "fall off the rolls" aren't counted, even if they're actively looking.

And again, how does this compare to all of the jobs lost due to covid? have we gotten back to zero yet? If you lose 1,000 of something, but "gain" 950 back, you're still 50 short.

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I feel like Debbie downer on this one. The story fails to report  Pandemic Unemployment Assistance or Continued unemployment benefits 

 https://www.dol.gov/ui/data.pdf

UNADJUSTED DATA The advance number of actual initial claims under state programs, unadjusted, totaled 258,622 in the week ending November 20, an increase of 18,187 (or 7.6 percent) from the previous week. The seasonal factors had expected an increase of 88,572 (or 36.8 percent) from the previous week. There were 828,099 initial claims in the comparable week in 2020. In addition, for the week ending November 20, 32 states reported 1,616 initial claims for Pandemic Unemployment Assistance. The advance unadjusted insured unemployment rate was 1.3 percent during the week ending November 13, unchanged from the prior week. The advance unadjusted level of insured unemployment in state programs totaled 1,814,354, an increase of 31,049 (or 1.7 percent) from the preceding week. The seasonal factors had expected an increase of 91,124 (or 5.1 percent) from the previous week. A year earlier the rate was 4.0 percent and the volume was 5,917,233. The total number of continued weeks claimed for benefits in all programs for the week ending November 6 was 2,432,281, a decrease of 752,390 from the previous week. There were 21,111,266 weekly claims filed for benefits in all programs in the comparable week in 2020. During the week ending November 6, Extended Benefits were available in the following 4 states: Alaska, Connecticut, New Jersey, and New Mexico. Initial claims for UI benefits filed by former Federal civilian employees totaled 1,010 in the week ending November 13, an increase of 42 from the prior week. There were 393 initial claims filed by newly discharged veterans, a decrease of 42 from the preceding week. 3 There were 7,854 continued weeks claimed filed by former Federal civilian employees the week ending November 6, a decrease of 169 from the previous week. Newly discharged veterans claiming benefits totaled 4,837, a decrease of 164 from the prior week. During the week ending November 6, 40 states reported 334,750 continued weekly claims for Pandemic Unemployment Assistance benefits and 41 states reported 151,556 continued claims for Pandemic Emergency Unemployment Compensation benefits. The highest insured unemployment rates in the week ending November 6 were in the Virgin Islands (3.0), Alaska (2.7), District of Columbia (2.7), Puerto Rico (2.7), California (2.6), New Jersey (2.5), Hawaii (2.1), Nevada (2.1), Illinois (1.9), and New York (1.8). The largest increases in initial claims for the week ending November 13 were in California (+4,690), Massachusetts (+2,269), Pennsylvania (+1,994), Minnesota (+1,202), and Wisconsin (+907), while the largest decreases were in Kentucky (-8,712), Tennessee (-4,001), Ohio (-3,315), Michigan (-3,230), and Illinois (-1,184).

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On 11/24/2021 at 2:13 PM, RETIREDFAN1 said:

When they cut off that unemployment people went to work.......

They also cut it off once they used up their unemployment benefit amount.  The unemployment rate is still at 4.6 %.  Pre-Wuhan it was at 3.67 %.  Barry is just brainwashed by numbers that don't account for the total amount of people unemployed.  

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On 11/24/2021 at 10:44 AM, Old49er60 said:

So when trump was claiming it it was false? Texas is in low 4s right now by numbers…

That’s NOT because of anything Biden did.

Abbott said no more to people leaching off the system and people went back to work. We’ve not been shut down due to covid like some other states / been back open longer. Those things have nothing to do with the puppet president.

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On 11/24/2021 at 9:04 AM, BarryLaverty said:

Thankful for President Biden's leadership. 
 

(Washington Post)
 

Business

Weekly jobless claims plunge to 199,000, the lowest level in more than 50 years

Claims fell more than 71,000 from last week, marking the eighth straight week of declines

By Taylor Telford

 and 

Aaron Gregg

 

Today at 8:43 a.m. EST

The number of Americans filing initial unemployment claims fell to 199,000 — the lowest level since November 1969 — the Labor Department reportedWednesday.

Claims were down more than 71,000 in the week that ended November 20 compared to the previous week. This marks the eighth straight week of declines and represents a major turning point as claims fell well below levels seen before the pandemic. In 2019, average weekly jobless claims hovered around 220,000.

It’s a stark contrast to this time last year, when weekly unemployment claims were still hovering around 700,000, and a reflection of a tight labor market where companies are under pressure to retain and expand their workforces.

“It is fair to say we didn’t see that coming,” Mark Hamrick, senior economic analyst at Bankrate, said Wednesday in comments emailed to The Post. “Getting new claims below the 200,000 level for the first time since the pandemic began is truly significant, portraying further improvement.”

A pandemic picture that was, up until recently, brightening, coupled with the protracted labor shortage, has cut down on layoffs that wracked the economy in the early days of the coronaviruspandemic.

Hiring strengthened in October, with the U.S. adding 531,000 jobs. The unemployment rate dropped from 4.8 percent to 4.6 percent. It remains a far cry from its pre-pandemic low of 3.5 percent in February 2020, but marks a significant improvement over the course of 2021. In January, the unemployment rate stood at 6.3 percent.

The Labor Department’s monthly jobs report, which will be released next week, is expected to shed more light on the complex dynamics of the labor market. While jobless claims have ticked lower in recent weeks, more than 4.4 million workers (representing roughly 3 percent of the labor force) quit their jobs in September, a record high according todata from Bureau of Labor Statistics.

Tell us about the job participation rate ... numb nutts ....

A fewer perentage of working age Americans are participating in the labor force than any time in history ....

The deceptively corrupt Washigton Compost doesn't tell you that, Larry .....

 

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12 hours ago, Monte1076 said:

I don't think it's "at any time in history", but there is this:

https://www.bls.gov/charts/employment-situation/civilian-labor-force-participation-rate.htm

It did get slightly lower because of the China virus shutdowns, but that too was government caused. For the 🔌s administration to claim anything about jobless claims, or anything about jobs is hilarious  ....  the only bounce is due to people coming out of their lockdowns and going back to work, not because of their ecnomic policies  ....

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3 minutes ago, KirtFalcon said:

It did get slightly lower because of the China virus shutdowns, but that too was government caused. For the 🔌s administration to claim anything about jobless claims, or anything about jobs is hilarious  ....  the only bounce is due to people coming out of their lockdowns and going back to work, not because of their economic policies  ....

And now I'm reading that because of the Omicron variant that there might be another "round" of "lockdowns".

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37 minutes ago, Monte1076 said:

And now I'm reading that because of the Omicron variant that there might be another "round" of "lockdowns".

There is going to be variant after variant .... the left is going to try and use it to control the lemmings through fear .... it's just like different strains of the flu, which we never over reacted over ...  you have heard nothing about the seasonal flu or pneumonia since the exploitation of the China virus .... Americans are "sick" of it .... 

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4 minutes ago, KirtFalcon said:

There is going to be variant after variant .... the left is going to try and use it to control the lemmings through fear .... it's just like different strains of the flu, which we never over reacted over ...  you have heard nothing about the seasonal flu or pneumonia since the exploitation of the China virus .... Americans are "sick" of it .... 

I do find it interesting, and a bit frustrating, that just when it looks like we're getting this thing under control, another variant pops up somewhere.

Although from what I'm reading, this "omicron" variant might be a "mild" variant. It might be more transmissible, but you get far less sick. At least that's what one South African doctor is saying she's seen in the patients she's treated with it. The main things she's reported her patients having is lethargy for a few days, body aches, and headaches. She calls the symptoms "mild" and basically says it can be treated "at home".

So we'll see.

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1 minute ago, Monte1076 said:

I do find it interesting, and a bit frustrating, that just when it looks like we're getting this thing under control, another variant pops up somewhere.

Although from what I'm reading, this "omicron" variant might be a "mild" variant. It might be more transmissible, but you get far less sick. At least that's what one South African doctor is saying she's seen in the patients she's treated with it. The main things she's reported her patients having is lethargy for a few days, body aches, and headaches. She calls the symptoms "mild" and basically says it can be treated "at home".

So we'll see.

If she keeps talking like that, she will quickly get the hook from the WHO and Fauchi ....

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