Computer Upgrades Cut US Jobless Claims To 292K
” The number of Americans seeking unemployment benefits plummeted last week 31,000 to a seasonally adjusted 292,000. But the drop was mostly because of technical issues in two states that delayed the processing of applications .
The Labor Department said Thursday that the less volatile four-week average fell to 321,250, the lowest in six years.
A government spokesman says the steep drop occurred because two states upgraded their computer systems last week and did not process all their applications. “This is not necessarily an indication of a change in labor market conditions,” he said.
“It’s hard to believe that claims can keep declining indefinitely without a commensurate pickup in job growth,” said Dan Greenhaus, chief global strategist at BTIG. “Then again, that’s exactly what they have done.”
“The ongoing drop in … claims has not shown its normal relationship to job growth,” Greenhaus said. “
—
Tag Archive: Seasonal adjustment
US Macro Data Plunges Most In 10 Months
” The last two weeks have not been pretty for the ‘it’s different this time’ crowd. Day after day has brough miss after miss in macro-economic data for the US; from PMIs to NFPs, no matter how hard you try, there is not even enough for an ‘anecdotal’ strategist to pin his BTFD thesis on. Quantitatively, the US macro surprise index has seen its biggest 10-day drop in 10 months, completely reversing all the ‘seasonally-adjusted’ difference from the 2011 ‘Deja-Vu’ market and macro behavior.”
Related articles
- FSN: US Macro Data Plunges Most In 10 Months (silveristhenew.com)
- US Macro Data Plunges Most In 10 Months (financialsurvivalnetwork.com)
- Gold (and Silver): Where From Here? (safehaven.com)
- Introduction to Macro-economics: Nature and Scope. (cashflo4u2.wordpress.com)
- Olivier Blanchard: Five Lessons for Economists From the Financial Crisis (delong.typepad.com)
—
New U.S. Jobless Claims Climb 20,000 To 362,000
” Yet economists caution that claims could get whipsawed again, as they often do, if Washington proceeds with a so-called sequester that requires the federal government to cut as much as $85 billion in spending in the next six months. That could result in workers being temporarily furloughed or laid off, making them eligible for jobless benefits.
The monthly average of jobless claims, a more accurate number that smooths out weekly volatility, rose by 8,000 to 360,750. That’s the highest level since the first week of January
In the week ended Feb. 9, meanwhile, continuing claims increased by 11,000 to a seasonally adjusted 3.15 million.”
YouViewed/Editorial 