Jobless seeking benefits

US unemployment benefit applications rise to 360K.
Associated Press
Jul 11, 2013

The number of people applying for U.S. unemployment benefits rose 16,000 last week to a seasonally adjusted 360,000, although the level remains consistent with steady hiring.

The Labor Department said Thursday the less volatile four-week average increased 6,000 to 351,750.

The weekly applications data can be volatile in July because some automakers briefly shut down their factories to prepare for new models and many schools close. Those factors can create a temporary spike in layoffs.

The broader trend has been favorable. Applications have declined steadily in the past year, as companies have laid off fewer workers and stepped up hiring. In the past six months, employers have added an average of 202,000 jobs a month. That's up from an average of 180,000 in the previous six months.

Yelena Shulyatyeva, an economist at BNP Paribas, said the volatility will likely continue for the rest of the month and "could mask the true underlying trend in jobless claims data."

"We believe that labor market conditions remain on a gradually improving trajectory," she added.

Employers added 195,000 jobs in June, and revisions showed that an additional 70,000 jobs were added in the previous two months. The unemployment rate was 7.6 percent, down from 8.2 percent a year earlier.

Applications fell to their lowest level since the recession began in the April-June quarter, according to calculations by Joseph LaVorgna, chief U.S. economist at Deutsche Bank. They averaged 346,000 a week in the second quarter. That is the lowest quarterly average since it was 338,000 in the final three months of 2007, when the Great Recession began.

About 4.5 million people received unemployment benefits in the week ending June 22, the latest data available. That's about 50,000 fewer than the previous week. It's also 23 percent lower than a year ago, when there were nearly 5.9 million recipients. Some of those who no longer receive benefits have gotten jobs, but many have simply used up all the benefits available.

More hiring could help the economy grow faster later this year. The economy expanded at an annual rate of just 1.8 percent in the January-March quarter. Most analysts think it slowed even further in the second quarter, to about 1 percent to 1.5 percent.

Greater hiring means more Americans are earning paychecks, which boosts income and potentially fuels more spending. Average hourly wages rose 2.2 percent in June compared to a year earlier, ahead of the 1.4 percent inflation rate. Pay gains have started to outpace inflation this year, after barely keeping pace since the recession ended four years ago.

That's helped push consumer confidence to a 5½-year high. Greater consumer confidence is also helping drive up sales of homes and cars. From January through June, car sales reached their highest total for the first half of the year since 2007. And sales of previously occupied homes topped 5 million in May for the first time in 3 ½ years.

 

Comments

The Hero Zone's picture
The Hero Zone

I appreciate the thoroughness of explaining the numbers, but it still fails to mention the number of people who have just dropped out of the job market which would also be a contributing factor to "Unemployment" decreasing. While I wish with all my heart things actually were getting better as being unemployed is heartbreaking and frightening, I only see broad stagnation and a new "norm" where we shouldn't expect much better.

There is nothing any government agency can do in solving or even monitoring these problematic numbers. It is up to us as citizens, employers, clergy, community leaders, friends, and family to do what we can for each other. To quote The Goonies (1985):

"Mikey: Don't you realize? The next time you see sky, it'll be over another town. The next time you take a test, it'll be in some other school. Our parents, they want the best of stuff for us. But right now, they got to do what's right for them. Because it's their time. Their time! Up there! Down here, it's our time. It's our time down here. That's all over the second we ride up Troy's bucket."

We are the Goonies, everyone, and Goonies never say die.

Contango

Re: "'Unemployment' decreasing."

Couple numbers:

U-6 at 14.3%

Includes those who have stopped looking for work, those whose unemployment benefits have run out and those who are "underemployed" -settled for part-time because full-time not available.

Many quote this as the TRUE unemployment number.

http://www.bls.gov/news.release/...

Also, the U.S. Labor Force Participation Rate at 63.5%.

That is WORSE than 30 yrs. ago!

June 1983 - 64.3%
June 2013 - 63.5%

http://data.bls.gov/timeseries/L...

JudgeMeNot

I wonder how long it will take for some of these Obama Kool-Aid drinkers realize that the jobs are gone forever.

I too am waiting for the shovel ready jobs so we can shovel the sh$t from the white house.

Darwin's choice

Coasterfan, Big Dog, Deertracker, 4Shizzle, care to comment on the failure of the Obama "shovel ready" jobs? Or anything else the failure in chief has done for the economy? 5 years and still going down....hope and change!

goofus

According to Coasterfan, we are in the midst of a huge recovery!!!!!

arnmcrmn

Took the words right out of my mouth. According to these blind fools, we are in this great recovery????? Welfare and unemployment are the only things blowing up these days.

The Big Dog's back

Help me to understand. Out of one side of the right wing mouth comes the " there are jobs, people are to lazy to work, they would rather collect welfare". Out of the other side of the right wing mouth comes " oh there are no jobs, Obama has failed, people dropped out of the workforce because there are no jobs". WHICH ONE IS IT?

goofus

Both porch puppy

deertracker

You admit that there's jobs out there right?

arnmcrmn

There are plenty of jobs available. Problem is our government has made it much easier and more economic to sit and home and collect off of someone else working.

The Big Dog's back

So in reality unemployment would be down to 2 or 3% if these people would take these jobs? Great job President Obama! :)

herbie_hancock

What about all the folks that have had to get a second job because their employers now only offer 29hrs a week fulltime? Which leaves half of the availabe jobs available for everyone else that doesn't have ONE job....yeah way to go on that one.

kURTje

On a factual level in Huron County, 3 big employers left. Norwalk Furniture, Janesville, & CVG. Our local state rep said or did nothing. I was wrong not to contact him also. Those jobs were on their way out prior to our current CIC too. Slice it & dice it how you want. Those with $$ only want more; it is greed.

grandmasgirl

I went to an economic meeting a couple of weeks ago. This was for county wide jobs. The person in charge said that there are jobs. Some paying upward of $20 an hour. The problem? Some people only want to work certain shifts, some will not work for the pay that is offered. Some only want to do certain types of work. The biggest drawback to employers hiring? The job applicants don't want to take a drug test.

coasterfan

Heard a statistic today... There are 3 applicants for every job opening today, compared with 7 for every job opening in 2010. Quite obviously, the amount of people who have dropped out of the job force can't explain that amount of improvement. According to Nobel prize-winning economist Paul Krugman, it is GOP economic strategy that has kept the amount of new jobs created down.

Anyone want to return to 2008, when unemployment went over 10%, and we were LOSING an average of 360,000 jobs each MONTH? Give it up, Republicans. The only thing you've show over the past decade is an ability to make the problem worse when your party is in power, and to stand in the way of improvement/recovery when you aren't in power.

Unemployment has gone down steadily under Obama for the past 3+ years. That is an inconvenient fact for conservatives, and it's amusing to see Fox attempt to interpret good news as bad. Here's how you can tell Republicans are full of baloney: if the exact opposite had happened, and unemployment went UP, they would cite THAT as proof that Obama is "wrong".

arnmcrmn

gone down steadily under Obama? What world are you living in.

Still waiting for facts to appear from you, or are you still living in your own imaginary world.

Oh...thats right....keep drinking that "we are in this great recovery" soda.

Darwin's choice

Coasterfan, Prove it! Do you really believe the bs you post? 5 years of failure...more people on assistance, 47 million, than anytime in history!
hope and change....lol

Contango

Re: "Unemployment has gone down steadily under Obama for the past 3+ years."

Due to the Fed Resv.'s accommodative monetary policies and the business cycle.

What EXACTLY has Mr. Obama done to help lower unemployment in the U.S.?

In Aug. 2012 at Jackson Hole, WY, Mr. Bernanke said that the Fed Resv. was responsible for 2M jobs being created.

http://www.federalreserve.gov/ne...

ladydye_5

I agree with grandmasgirl....it is the "I can't pass a drug test" thing. TOO many can't. It is also they do not want to work 3rd shift. Everyone thinks they are ENTITLED to work 9-5 M-F and NO holidays. They also want to start out at 25$ an hour. Then IF they get the job, the call off 3 times in the first 2 weeks, show up late twice in the first month. Then wonder why they do not make it past the probationary 90 days. My husband worked midnights for 13 years. A lot of weekends and a lot of holidays. Was called early and worked over. I was at home with twins. He had a job. He made the money. IT was what we had and it was what paid the bills. That was the ONLY option. We didn't complain about it we made it work. That is what the problem is. Noone wants to make it work. It is easier to sit and collect than to WORK.

deertracker

I agree with both of you. I like the use of the word "entitled" and it has nothing to do with welfare, food stamps or any of that. When I was younger I had as many as 3 jobs at one time. It really is what we had to do. That work ethic is not as prevalent these days.

Contango

Re: "That work ethic is not as prevalent these days."

And the REASON is....

deertracker

The reason is most parents want to give their children a better life than they had. It has nothing to do with the government!

Contango

Re: "The reason is most parents (snip)

"Parents"? LMAO!

What % of children are born into two parent households in this country?

"...nothing to do with the government!"

Only an Obama-hole would believe that the vast number of publicly funded entitlement programs do not contribute to the attitude.

deertracker

Newsflash to pooh: Single parents want to give their child a better life too!

Contango

Re: "Single parents (snip)"

Only a brain-dead Obama-hole would think that single parents are not socio-economically at a DISTINCT disadvantage.

Your reasoning is mishegas.

arnmcrmn

Hey coaster fan......Obama took office.....unemployment was 7.8. As of June 2013 its 7.6. Yeah......steady decline......you are such a joke you can't even get your facts straight. Key word from you is steadily declined. Which it hasn't. It went skyrocket AFTER he took office.

deertracker

We were also losing hundreds of thousands of jobs each month. You are the real joke. How can anyone expect the economy to turn around miraculously after the massive hit it took? We can argue about the jobless situation all day but what really is being done to improve it? Nothing by either party.

Contango

Re: "Nothing by either party."

Actually the "Jumpstart Our Business Startups Act" was a bi-partisan effort.

http://en.wikipedia.org/wiki/Jum...

Primarily however, the Federal Resv. has been doing MOST of the heavy lifting.

donutshopguy

The work ethic in my generation is superior to today's young people. People used to be ashamed to take any type of assistance. It was your personal responsibility to find work and improve your lot in life.

Today, it's the government's responsibility to find work for it's citizens. It's the government's responsibility to support those out of work. There is no social stigma to accepting welfare and living off of welfare. This attitude has been building over generations.

It's not the government's responsibility to supply everyone with a "living wage " job.

We have become a lazy. We expect to be taken care of by our government. We are sliding down a slippery slope that we may never be able to recover from. It's sad.

deertracker

I disagree. The government is responsible for creating an environment where private enterprise can thrive. Problem is, private enterprise can thrive much more in other countries so that is where the jobs are. Those same jobs are not welcome here because of low pay and horrible working conditions. How much help did you get from the government? Directly or indirectly? What's sad is those that have accepted help yet want to deny it to others.

Pages