U.S. weekly jobless claims total 742,000, vs 710,000 estimate

[mahatmakanejeeves]

Source: CNBC

ECONOMY

U.S. weekly jobless claims total 742,000, vs 710,000 estimate

PUBLISHED THU, NOV 19 20208:31 AM EST UPDATED 2 MIN AGO

Jeff Cox
@JEFF.COX.7528 https://facebook.com/jeff.cox.7528
@JEFFCOXCNBCCOM https://twitter.com/JeffCoxCNBCcom

The pace of workers filing for unemployment claims picked up last week and was a bit higher than Wall Street had been expecting.

Jobless claims totaled 742,000 for the week, ahead of the 710,000 estimate from economists surveyed by Dow Jones, according to the Labor Department.

That total also represented an acceleration from the previous week’s total of 709,000 and a continuation of the job market struggles since the coronavirus pandemic hit in early March.

{snip}

Read more: https://www.cnbc.com/2020/11/19/weekly-jobless-claims.html

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That's about all they have right now. Check back in a bit.

I've got some work to do. I'll get the DOL link going soon.

[mahatmakanejeeves]

1. From the source:

Last edited Thu Nov 19, 2020, 01:04 PM - Edit history (1)

https://www.dol.gov/ui/data.pdf

News Release

Connect with DOL at
https://blog.dol.gov

TRANSMISSION OF MATERIALS IN THIS RELEASE IS EMBARGOED UNTIL
8:30 A.M. (Eastern) Thursday, November 19, 2020

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS

SEASONALLY ADJUSTED DATA

In the week ending November 14, the advance figure for seasonally adjusted initial claims was 742,000, an increase of 31,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 709,000 to 711,000. The 4-week moving average was 742,000, a decrease of 13,750 from the previous week's revised average. The previous week's average was revised up by 500 from 755,250 to 755,750.

The advance seasonally adjusted insured unemployment rate was 4.3 percent for the week ending November 7, a decrease of 0.3 percentage point from the previous week's unrevised rate. The advance number for seasonally adjusted insured unemployment during the week ending November 7 was 6,372,000, a decrease of 429,000 from the previous week's revised level. The previous week's level was revised up 15,000 from 6,786,000 to 6,801,000. The 4-week moving average was 7,054,500, a decrease of 525,000 from the previous week's revised average. The previous week's average was revised up by 3,750 from 7,575,750 to 7,579,500.

{snip}

UNADJUSTED DATA

{snip. Emphasis mine}

The total number of people claiming benefits in all programs for the week ending October 31 was 20,319,615, a decrease of 841,245 from the previous week. There were 1,476,521 persons claiming benefits in all programs in the comparable week in 2019.

{snip the rest of the twelve-page news release, until the end}

Weekly Claims Archives
Weekly Claims Data

U.S. Department of Labor news materials are accessible at http://www.dol.gov. The Department's Reasonable Accommodation Resource Center converts Departmental information and documents into alternative formats, which include Braille and large print. For alternative format requests, please contact the Department at [phone] (voice) or [phone] (federal relay).

U.S. Department of Labor
Employment and Training Administration
Washington, D.C. 20210
Release Number: USDL 20-2160-NAT

Program Contacts:
Thomas Stengle: [phone]
Media Contact: [phone]

[BumRushDaShow]

2. Looks like the estimates were a swing and a miss

With states starting to go into lockdowns and limitations, the number will be increasing all the way through the rest of the year.

Good morning!

[mahatmakanejeeves]

3. Good morning to you too.

It's probably like Philadelphia here today. Brisk and chilly, but sunny.

I couldn't get into DU yesterday. I kept getting a "403 Forbidden."

[BumRushDaShow]

5. Frigid here too but I think this is the worst of it for the rest of the week

and weekend, and a warmup commences!

Sorry that you got caught in "403" hell. I know that Elad had been (and probably still is) tweaking the site's security so people have often got "403'd" when posting.

[mahatmakanejeeves]

4. 12 million Americans set to lose unemployment benefits the day after Christmas

12 million Americans set to lose unemployment benefits the day after Christmas

BY AIMEE PICCHI

UPDATED ON: NOVEMBER 18, 2020 / 4:13 PM / MONEYWATCH

About 12 million jobless workers around the U.S. will lose their unemployment benefits the day after Christmas, according to a new analysis. The benefits cutoff could push many households into poverty while creating headwinds for the economic recovery, experts say.

Two key government programs authorized by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act expire on December 26. One is the Pandemic Unemployment Assistance program, which provides jobless aid to freelance and gig workers. That would deprive 7.3 million workers of urgently needed income, according to a study released Wednesday by The Century Foundation, a progressive think tank.

Another 4.6 million workers face being dropped from Pandemic Emergency Unemployment Compensation (PEUC) benefits, another CARES Act program that provides an additional 13 weeks of jobless aid beyond the typical 26 weeks that states provide, the analysis found.

{snip}

[Bengus81]

6. And...McConnell, Graham and other Republican Senators couldn't care less

They should do what Mark Cuban proposed and send out $2,000 checks each month until a vaccine is widely available,working and infections and deaths are dropping like a rock. That would save the economy, close things down for a few more months and then come roaring back.

But that will NEVER happen with the fucks running the US Senate. But another round of tax cuts for the rich could be passed in five minutes.

[bucolic_frolic]

7. I just think the era of American consumerism will be diminished post-pandemic

Home-gig cocooning, local lifestyle, Big Box stores everywhere. Restaurants fewer in number. Less travel, commuting, driving.

I'm loading up on consumables. Not grocery, per se, but odd things that could go out of supply if we're not importing from China. Most likely, in my view, is retailers and suppliers reducing their footprint and finances - not ordering as much, as frequently. Filters, o-Rings, gaskets, hardware. I'm seeing some stockouts, but it could be just people doing more at home now.