Applications for US jobless benefits rise to still-low level

[Omaha Steve]

Source: AP

By CHRISTOPHER S. RUGABER

WASHINGTON (AP) — More people sought U.S. unemployment benefits last week, though the figure remained at a low level that suggests layoffs aren't widespread.

THE NUMBERS: The Labor Department says weekly applications rose 10,000 to a seasonally adjusted 272,000. The four-week average, a less volatile figure, declined 1,250 to 272,000. The number of people collecting benefits has declined 4.9 percent in the past year to 2.25 million.

THE TAKEAWAY: The figures indicate that weak overseas economies and wild swings in the stock market haven't caused employers to cut jobs. Applications are a proxy for layoffs, and have been at historically low levels for nearly a year. Employers appear confident enough in future growth to hold onto their staffs.

Job gains have been solid for the past three years, pushing the unemployment rate down to an eight-year low of 4.9 percent. Wage gains are accelerating, but still remain below levels consistent with a healthy economy.

FULL story at link.


FILE - In this Tuesday, Oct. 6, 2015, file photo, a military veteran, at right, talks with a veterans outreach representative about employment opportunities, at a job fair for veterans, in Pembroke Pines, Fla. On Thursday, Feb. 25, 2016, the Labor Department reports on the number of people who applied for unemployment benefits the week before. (AP Photo/Lynne Sladky, File)

Read more: http://bigstory.ap.org/article/533c7f006daa4e1980d0f0b1c100a922/applications-us-jobless-benefits-rise-still-low-level

[nichomachus]

1. With 23 percent unemployment, there aren't many people left to lay off

If anyone believes the "official" government unemployment figures, they're being suckered. The real unemployment rate is 23 percent. Many companies have already stripped themselves of a lot of workers. So it stands to reason that there are fewer people left to ditch.

Many, many jobs have been turned into "contingent" work, what we used to call "temps," even in lucrative high-tech jobs. When they no longer need you, they just don't renew your contract. So you can't apply for unemployment benefits.

Many companies these days -- even big tech companies -- are running with between 30 and 50 percent contingent workers, meaning they can eliminate hundreds of workers with the stroke of a pen.

[mahatmakanejeeves]

2. Cite, please. NT

[GummyBearz]

4. To be fair shadow stats only calculates it at 22.9%. So he was 0.1% off

http://www.shadowstats.com/alternate_data/unemployment-charts

[mahatmakanejeeves]

5. DUer pingy addressed this claim two days ago.

Williams is pulling his numbers out of his rear

Williams claims that he is adding those people who would be classified as discouraged (willing and available to work but who stopped looking for work because they believed they would be unsuccessful) but who do not meet the time requirement of having looked for work in the last year to the U-6 measure of underutilization (unemployed plus all marginally attached plus working part time for economic reasons). Besides the fact that nobody has ever included people with jobs as unemployed and that marginally attached (willing and available to work, looked in past 12 months but not last 4 weeks..includes discouraged as a sub-set) was not even a category before 1994, the number of people Williams claims should be considered discouraged is ludicrous.

The U-6 is (Unemployed + Marginally Attached + Part Time for Economic Reasons)/(Labor Force + Marginally Attached)
(U+M+P)/(L+M) In Jan 2016, that was (7,791,000+2,089,000+5,988,000)/(158,335,000+2,089,000)= 15,868,000/160,424,000 = 9.9%
To get Williams' number we add his discouraged (D) into the equation with a result of 22.9% (U+M+P+D)/(L+M+D) =.229
(15,868,000+D)/(160,424,000 +D)=.229
15,868,000 + D = 36,737,096 + .229D
.771D= 20,869,096
D = 27,068,000

Really? Considering that the total number of people who say they want a job but did not look in the last 12 months is only 3,454,000 ( http://www.bls.gov/cps/cpsaat35.htm )?

There is absolutely no justification to any of Shadowstats data.

I post links to the BLS data on the first Friday of just about every month.

Here's the thread for February 5, 2016:

Payroll employment rises by 151,000 in January; unemployment rate changes little (4.9%)

Best wishes.

[GummyBearz]

6. Yea. Just like the unemployment rate can go down in a month when more jobs are lost than created

Stick to your BS data.. err, BLS data. Same thing

[pinqy]

8. When has that happened?

Or are you one of those people who think the "new jobs" number is the same as "new hires?"

[whatthehey]

7. Oh the imaginary 27 million

People who want to work and are available for it but haven't got off their fucking asses once in an entire goddamn year to look for work? Nobody has ever given me a reason how to tell those people from those who don't want to work and should therfore be excluded from the labor force and UE rates. How can somebody possibly want to work but do nothing about it for 365 days? How does that "want" evince itself?

A group of people the size of the entire population of Texas who are presumably so fucking clueless they think a job will just magically appear without them doing a single fucking thing about it?

Do you REALLY believe there are so many feckless morons out there?

[SoLeftIAmRight]

3. who in America is not doing the work that was done...

by more than one in the past

Squeeze