claims data
Initial Jobless Claims totaled 584k, 9k higher than expected and the prior week was revised up by 5k to 559k. This should be the first clean number in weeks where it’s not influenced by the seasonal distortions that was brought by the differing time schedules of auto plant shutdowns. The insured unemployment rate was unchanged at 4.7% and there is a sigh of relief in the market that it didn’t spike higher now that the claims data is not artificially suppressed due to seasonal distortions. Continuing Claims were 103k less than expected and down 54k below last week. Due to the dynamic of people no longer collecting the initial 26 week time period and thus weighing on those collecting Continuing Claims (as opposed to seeing a pick up in job growth), those getting emergency unemployment compensation rose almost 25k (not seasonally adjusted). The amount added to extended benefits fell by 37k.
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July 30th, 2009 at 10:01 am
How about running the numbers on Food Stamp Enrollment. You might possibly pick-up what actually is going on – people are coming off the unemployment doles, because they have run through the 26 weeks, and the extentions. Therefore next stop Food Stamps.
July 30th, 2009 at 1:31 pm
Just wanted to mention to folks out there that there are two kinds of unemployment benefits. One issued by the State in which you worked and the other by the USG. Now many call the USG’s version of benefits
“extended” but in fact based on what State you live in there are Three Tiers of Federal benefits. Currently there is Teir 1, Teir 2 and then Extended. So, a person could collect their original 26 weeks then go into Teir 1 for another set of weeks or Teir 2 for a different set of weeks then into extended. Bottom line is that a person receiving unemployment (right now) can receive up to 53 weeks in total benefits between the State and the USG. If you need it, that’s what it’s there fore.