Thursday, July 2, 2009
More Jobs Data: Weekly Claims
Initial claims came in on the screws: 614,000 vs. estimate of 615,000.
Continuing claims came in a bit lower than forecast. This number is showing signs of having hit a peak 3 weeks ago. However, as I have mentioned in previous posts, it is important to know why the number is falling. If it is falling because people are finding jobs, great. If it is falling because people's benefits are expiring, not so good. Thirty-four states (and D.C. & P.R. as well) are offering extended benefits to those still looking for jobs. Those hopeful citizens are not included in this tally. I am trying to quantify.