The number of U.S. workers who applied for new unemployment benefits declined last week to the lowest level in 43 years, a sign of the labor market’s vitality.
Initial claims for jobless benefits, a proxy for layoffs across the U.S. economy, fell by 6,000 to a seasonally adjusted 247,000 in the week ended April 16, said the Labor Department today. That was the lowest level for jobless claims since the week of Nov. 24, 1973.
Last week also marked the 59th straight week that initial jobless claims remained below 300,000, extending the longest streak below that threshold since 1973.
I have I mentioned we are in the boom phase of the Fed-created boom-bust business cycle.
This is not what a recession looks like. Reality denying Austrian-lites who think we are in a recsiion, your gender-neutral bathrooms are to the left.
-RW
Does this account for all the people who have already exhausted their benefits and are no longer able to file?
ReplyDeleteIt's "initial" claims, not "continued" claims. http://workforcesecurity.doleta.gov/unemploy/claims.asp
DeleteContinued claims are at a 16 year low and initial claims are at a 43 year low https://research.stlouisfed.org/fred2/graph/?g=4fnH
If your benefits are exhausted, you would not file a claim at all. So I think the same question still applies to the continued claims graph. My guess is the answer is no. We all know that the amount of people considered "out of the labor force" is as high as its ever been. It would seem to me that it is more likely these numbers are skewed because they do not take this into account. But I'm sure the Fed would never skew their numbers.
DeleteHere is the average time on unemployment.
Deletehttp://www.bls.gov/news.release/empsit.t12.htm
People unemployed 27+ weeks never drops below 25% since March 2015. All those people are problem falling off the list as they exhaust their benefits. They do not reapply because they haven't worked since they lost their benefits. Therefore, no initial or continuing claim.
Just a thought.
Wenzel, I guess we'll have to wait for the job numbers from the BLS to start going up for us to know when the economy is headed for a recession. Or when the FED shows the M2 money stock declining. If that's the case, then why do we need an Austrian-know-it-all like you?
ReplyDeleteSince you rely on BLS website and FED website for your inclinations that we are in a boom phase/bust phase in an economic cycle. Remind us, why your Austrian-know-it-all website exists again?
ReplyDeletethanks
ReplyDeleteThnaks
ReplyDelete