WASHINGTON – The number of newly laid off workers filing claims for unemployment benefits shot up last week by the biggest amount in four months.
The Labor Department reported a total of 317,000 applications for unemployment benefits last week, an increase of 16,000 from the previous week. It was the biggest gain since jobless claims rose by 18,000 during the week of May 9.
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Fortunately not. The quality of BLS statistics is so poor that, any change of less than 50% either way is statistically insignificant. (Time to worry if that difference is, say, 100,000 or total exceeds 400,000)
Not really, if there is, it is minor. Still a lot of “help wanted” signs and people are still spending around here. BTW, the previous weeks saw initial claims drop.
Apparently Wall Street isn’t too concerned as currently the DOW is relatively flat.
We know more is to come though as builders are squeezed. Here’s a decent read.
I think this 4th quarter retail performance will be indicative of where things are really at, and how hurt the consumer is as a result of the mortgage crisis, at least for those who have had their ARM adjust. For those that are part of the more than $1,000,000,000,000 in loans resetting in the next year or so, stay tuned for next Christmas.
The more relevant info on jobs is where those jobs are, i.e. how much they pay. What real good is it if jobs rise by 500,000 if they are all seasonal hires at Wal-mart?
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