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 APRIL 2017
Young People. That young people may respond generously to their vocations and seriously consider offering themselves to God in the priesthood or consecrated life.
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
The Tesla Model 3 is a game changer for the auto industry. It is a reasonably priced, well-designed electric car that looks good. It has ... continue reading
During an interview with Dutch newspaper Straatinieuws, Pope Francis explained: "I would like a world without the poor. We must fight for ... continue reading
Is YOUR job in danger? Thousands of Americans to lose jobs as 218 iconic American brands collapse Watch
An iconic American brand with a century-long history is shutting down hundreds of stores in the face of bankruptcy. LOS ANGELES, CA ... continue reading
Yes, Millennials, you have a problem, but it's not your fault. This is the conclusion of Simon Sinek, the famous leadership consultant who ... continue reading
by Catholic Online
- Daily Readings for Monday, May 01, 2017
- Pope Francis arrives in Egypt with powerful message HD Video
- 'Correspond with the Pope' - Woman's inspiring journey to honor late ...
- Daily Reading for Tuesday, May 2nd, 2017 HD Video
- READ NOW - Full transcript of Pope Francis' nuclear war in-flight message
- St. Marculf: Saint of the Day for Monday, May 01, 2017
- Pope Francis talks nuclear war - 'Things are already hot'
- Daily Reading for Monday, May 1st, 2017 HD
- Daily Reading for Sunday, April 30th, 2017 HD
- Day 9 - Novena for Workers, the Unemployed and Underemployed HD
- Day 8 - Novena for Workers, the Unemployed and Underemployed HD
Copyright 2017 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2017 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.