Weekly jobless claims fall to 233,000, less than expected, in a positive sign for labor market

[BumRushDaShow]

Source: CNBC

Published Thu, Aug 8 2024 8:32 AM EDT Updated 3 Min Ago


Initial claims for unemployment insurance totaled less than expected last week, countering other signs that the labor market is weakening. First-time filings for jobless benefits totaled a seasonally adjusted 233,000 for the week, a decline of 17,000 from the previous week’s upwardly revised level and lower than the Dow Jones estimate for 240,000, the Labor Department said Thursday.

The report comes with Wall Street on edge amid signs that job growth is slowing and even signaling a potential recession on the horizon. Stock market futures, which had been negative earlier, turned sharply positive following the 8:30 a.m. ET release while Treasury yields held higher.

While the top-line number helped allay some fears, the level of continuing claims, which run a week behind, edged higher to 1.875 million, the highest since Nov. 27, 2021.

Jobless claims have been trending higher for much of the year, though still remain relatively tame. The recent uptick has been attributed to disruptions from Hurricane Beryl as well as summer shutdowns in auto plants.

Read more: https://www.cnbc.com/2024/08/08/weekly-jobless-claims-fall-to-233000-less-than-expected-in-a-positive-sign-for-labor-market.html

---

From the source -

Link to tweet

U.S. Department of Labor
@USDOL
·
Follow
Unemployment Insurance Weekly Claims

Initial claims were 233,000 for the week ending 8/3 (-17,000).

Insured unemployment was 1,875,000 for the week ending 7/27 (+6,000).

https://dol.gov/ui/data.pdf
Unemployment Insurance Weekly Claims. DOL.gov
8:31 AM · Aug 8, 2024

Article updated.

Previous article -

Published Thu, Aug 8 2024 8:32 AM EDT Updated 3 Min Ago


Initial claims for unemployment insurance were less than expected last week, countering other signs that the labor market is weakening.

First-time filings for jobless benefits totaled 233,000 for the week, a decline of 17,000 from the previous week and lower than the Dow Jones estimate for 240,000, the Labor Department reported Thursday.

This is breaking news. Please check back for updates.

Original article -

Published Thu, Aug 8 2024 8:32 AM EDT


Initial claims for unemployment insurance were expected to total 240,000 for the week ending Aug. 3, according to economists surveyed by Dow Jones.


This is breaking news. Please check back for updates.

[wolfie001]

1. Stock market +1000 today or -1000?

[BumRushDaShow]

2. The markets tend to move opposite of the employment sistuation

although I still think there will be "bargain hunting" going on!

[Johnny2X2X]

3. Up big this morning

There was an ovver reation to 1 poor jobs report. Economy is still very strong.

[BumRushDaShow]

4. "Bargain hunting"!

(they still need to correct)

[onenote]

6. It was up Tuesday. It was up much of Wednesday but finished down a couple of hundred points. I wouldn't venture a guess

about where it will end up today, tomorrow, or any other day.

[Backseat Driver]

8. LOL, previous jobless numbers have been fudged by at least one. See below n/t

[BumRushDaShow]

9. Dow is up to around 571 at post time

(institutions will be re-jiggering their portfolios)

[IronLionZion]

5. The Biden-Harris economy and labor market are still strong

let the Republicans panic and make mistakes if they want to. Dems would do well to stay calm, stay the course, and let's win this election.

[Backseat Driver]

7. DH got laid off May 17 2024

UI was taken from this senior's payroll deposits. "System problems" prohibited his claim the first time he filed. He checked on this claim for 1st weeks' funds and 2nd "waiting week" when nothing happened, a second filing claim resulted in a "call back" phone call from the inadequate automated octopus ODJFS phone system a call that never came. A call to a Congressional Senator resulted in a "case number" to a "legislative specialist" which said there was no 1st or 2nd claim on record. DH also called a State Representative who checked for the direct number of this "legislative specialist." She was successful in providing that!

DH called this human who claimed the claim now on week 7 actually had a number and the State would direct deposit funds lump sum in the provided account rather than through the ususal "ReliaCard system."

I am the wife; we file taxes jointly. My savings from my SS is gone and I have gone into debt to pay necessary bills by credit cards while we wait for said unemployment funds. I was saving to have my old car fixed so I could return to work too but paying for our phones and food. Supposedly it needs a water pump. DH once paid for said bills by his lost job: electricity, wifi, medical gap policies, and car gasoline and rental insurance. He now has only about $100 of his SS after paying the rent for a bit of gasoline in his old Jeep. My apartment has escalated over the years from $950 to a realpage/entrata figured $1,900 plus. The lease is done next July. My daughter can't afford to buy a home or is purposely being discriminated again - she's a working childless female; she and I tried; no bids accepted.

DH found a job after the seven weeks claimed correctly since his first failed claim at $0.40 less than he made before (provided it was FT and he be scheduled as such) and they (a union shop) have not scheduled him for more than 20 PT hours while he's in "training" for front end cashiering (yes, one of those "black" and "foreign" jobs but that's all he can expect as a senior citizen); said he'd get more hours "when their students went back to school."

He has yet to receive one dime from his participation in the state unemployment insurance program though he has provided all "job search" criteria for the 7 weeks he was unemployed, and this isn't his first rodeo. It worked better when unemployment was 3x the figure today. That "legislative specialist" is going to get an earful at his requested call from DH tomorrow. More "nothing personal, just business"? I suspect.

We're doing what we have to In our 70s, though I guess we're supposed to be dead already; heaven knows, both sets of our parents and my siblings are! Is my state purposely trying to make us homeless by eviction or kill us for lack of insurance??? This state has a red governor but I thought this was a federal program for workers under the administration of Democrats led by Joe Biden and his Dept. of Labor. Well, we have our votes yet and our DVM Real IDs, and this female's vote is going to Harris/Wahls so I don't lose anything more except survival time in the USA on this planet; meanwhile, I'll guess the pain of being raised by the "willfully ignorant" socioeconomic failure we made while in our mid and younger years as workers will go transgenerational. Life ain't fair, ladies especially, so GOTV!

[BumRushDaShow]

10. "thought this was a federal program for workers under the administration of Democrats led by Joe Biden"

Not really. The program is managed by the states and feds jointly (notably for tax and other withholding purposes). There is some kind of payroll deduction taken out of paychecks that funds the program (I think matched or has a certain % also contributed to by the employer).

Fact sheet is here (PDF) - https://oui.doleta.gov/unemploy/docs/factsheet/UI_Program_FactSheet.pdf

Excerpt from that -

Fact Sheet

WHAT IS UNEMPLOYMENT INSURANCE (UI)?

Unemployment Insurance is a joint state-federal program that
provides cash benefits to eligible workers. Each state administers
a separate UI program, but all states follow the same guidelines
established by federal law.

Unemployment insurance payments (benefits) are intended to
provide temporary financial assistance to unemployed workers
who are unemployed through no fault of their own. Each state
sets its own additional requirements for eligibility, benefit
amounts, and length of time benefits can be paid.

Generally, benefits are based on a percentage of your earnings over a recent 52-week period, and each state
sets a maximum amount. Benefits are subject to federal and most state income taxes and must be reported on
your income tax return. You may choose to have the tax withheld from your payment.

(snip)