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

donutshopguy

deer,

Don't believe I received any assistance from the government. No school loans or assistance. I'm sure there maybe some indirect aid I don't know about. Maybe you could enlighten me on this aid.

Contango

Re: "Those same jobs are not welcome here because of low pay and horrible working conditions."

And if they are brought back, they're usually automated and need fewer workers.

deertracker

Do you own a business? I rest my case!

donutshopguy

deer,

The government aids me in my business? Please explain how?

deertracker

Well let's see, food inspection, all the infrastructure to include utilities, road upkeep, police service, etc., etc., etc.

Contango

Re: "Well let's see, food inspection, (snip)"

Most, if not all could be done privately and for less expense to the citizens.

Only a brain-dead Obama-hole believes that govt. should do it all.

The Big Dog's back

bullspit.

deertracker

Why isn't it pooh?

donutshopguy

deer,

Can I chose to participate in these government mandated expenses? No.

I chose not to take welfare and support myself. I chose not to take out government loans for college. I chose to finance my business through normal channels not government subsidized programs.

Welfare and entitlement are a chosen lifestyle for many. Generation after generation.

deertracker

No, you cannot choose to participate but how much business would you have if the food were unsafe or there were no sanitation guidelines or if your business was not reasonably accessible? You insist on making this about welfare when it is not!

The Big Dog's back

Forget trying to explain things to bubble living right wingers deertracker.

The Big Dog's back

Only a card carrying teabagger believes they have done everything on their own.

Contango

FACT:

If the economy was ROSY, Mr. Bernanke and the Feds WOULD NOT be using accommodative monetary policies like QE & Zero Interest Rate (ZIRP).

"Bernanke, who addressed an economic conference in Cambridge, Massachusetts, on Wednesday said the Fed needed to keep a stimulative monetary policy in place given the low level of inflation and a 7.6 percent unemployment rate that 'if anything overstates the health of the labor market.'"

http://www.cnbc.com/id/100877906

4shizzle

You Obama haters never get tired of ranting and raving over the same old, tired SPIT that the Republicans have caused and are still causing.
You are typical Republicans-- all hate , no good answers.

deertracker

So true!

Contango

And when there are possible jobs to be had, govts. like Wash. DC try to politically squeeze the employer:

http://www.city-journal.org/2013...

Contango

"Wall Street's Hottest Address? K Street"

http://www.cnbc.com/id/100880782

Only a blind Obama-hole can't see that there is an incestuous revolving-door arrangement between Washington and moneyed interests.

What's helping to drive the stock mkt. to new highs? The Fed. Resv.

The rich are getting richer and the poor are getting poorer and the Obama-holes ACTUALLY BELIEVE that the wealthy liberal Bozos in DC are looking out for them. LOL!!!

arnmcrmn

When Obama took office...It was HE who made the promises to fix everything. Problem is and fact....he wrote checks his butt can't cash.

Pete

Must be difficult to be a die hard Kool-Aid drinker. Wake up every morning, strap on the blinders, and chug a whole pitcher of "Obie is Great" flavored swill before starting the day.

The Big Dog's back

Not as difficult as inhaling the latest right wing bullspit for the day.

Darwin's choice

How do you keep the seat from hitting you on the head?

The Big Dog's back

Kool-aid's in the fridge, bullspit's down under.

deertracker

Must have a better method than you dagwood!

arnmcrmn

I honestly do not know how millions of Americans can wake up each morning, knowing that they can work and go out and get a job flipping burgers or making a sub or pumping gas or whatever, yet don't because they would rather sit at home and collect something for nothing.

There are farming jobs available in our area.....yet they go unfilled.....its "to hard" I guess.

The Big Dog's back

Why don't you do it then?

Pages