Blue Christmas: Jobless claims rise to their highest levels in nine months
By Catholic Online (NEWS CONSORTIUM)
12/20/2013 (3 years ago)
Catholic Online (www.catholic.org)
It's going to be a blue, blue Christmas for many Americans this year. Claims for unemployment insurance reached their highest in nine months last week. The grim news casts a dark shadow across the U.S. job market,which had previously enjoyed growth spurts over the past several weeks.
Claims increased 53,000 between the November and December survey periods. However, seasonal volatility reduces their usefulness in trying to predict payroll growth.
LOS ANGELES, CA (Catholic Online) - The Labor Department says that initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 379,000 this week. It was the highest level since March and marked the second straight week that claims have risen.
Economists had originally expected first-time applications to fall to 334,000 last week. The four-week moving average for new claims, which irons out week-to-week volatility, increased 13,250 to 343,500.
"This is not really good. Some of us had thought last week's jump was an aberration. We have to see what's going on here. Obviously the Fed won't be looking at these numbers kindly after what happened yesterday," Joel Naroff, president of Naroff Economic Advisors in Holland, Pennsylvania says.
The risks to the outlook for the economy coupled with the labor market as "having become more nearly balanced," the Federal Reserve said this week. The U.S. central bank announced it would reduce its monthly $85 billion bond buying program by $10 billion beginning next month.
The bureau admits that it's hard to adjust for seasonal fluctuations around the Thanksgiving and Christmas holidays, which lessens its reliability as an indicator of the labor market's health. Other labor market indicators have pointed to a strengthening in job growth.
Last week's claims data covered the period for the December non-farm payrolls survey. Claims increased 53,000 between the November and December survey periods. However, seasonal volatility reduces their usefulness in trying to predict payroll growth.
The economic news wasn't all bad, reflecting the roller coaster nature of the U.S. economy. Payrolls increased solidly in October and November. The unemployment rate dropped to a five-year low of 7.0 percent in November.
Copyright 2017 - Distributed by THE CALIFORNIA NETWORK
Pope Francis Prayer Intentions for AUGUST 2017
Artists. That artists of our time, through their ingenuity, may help everyone discover the beauty of creation.
Get ready for self checkout everywhere: 3.5 million retail cashiers are about to be replaced by automation Watch
Automation is coming soon to a store near you as retailers look for ways to cut costs and improve profits. The best way to accomplish this ... continue reading
The highly relevant quote, "Budgets are moral documents," has been arguably attributed to Rev. Martin Luther King, Jr. But if he didn't ... continue reading
A group of central bankers has warned that a great recession, possibly larger than the 2007-2008 recession is looming on a global scale. ... continue reading
The end of the farm as we know it has arrived - here's how we're about to change the way we grow food Watch
Farming as we know it is about to disappear. The entire disappearance may take generations to happen, and there will always be a few farms ... continue reading
Is to time to break up the monopolies? As Google, Facebook and others grow larger, calls for their breakup are emerging. There is an urgent ... continue reading
by Catholic Online
- Does the Aug 21 eclipse spell doom for humanity? HD Video
- Cultured meats coming to a store near you in 2018
- Trump announces new Afghan strategy - do we get to win this time? HD ...
- New research shows global warming is not your fault. Here's why
- Daily Readings for Wednesday, August 23, 2017
- Here are four martyrs who died, protecting the seal of confession
- St. Philip Benizi: Saint of the Day for Wednesday, August 23, 2017
- holy spirit
- morning prayer
- Saint Elizabeth
- St. Augustine
- Saint Anne
- st agnes
- saint monica
- saint catherine
- Saint Lucy
- saint clare
- saint rose
- st rose of lima
- immaculate conception
- st augustine
- st monica
- saint of the day
- St. Elizabeth
- john bosco
- st catherine
- Daily Reading for Thursday, August 24th, 2017 HD
- 10 US Sailors missing after serious collision in Southeast Asian waters HD
- Jerry Lewis passes away at 91, was most proud of his family HD
- Daily Reading for Wednesday, August 23rd, 2017 HD