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Initial Jobless Claims Shrink 15,000, But Still Distorted by Shutdown and California

By  +Follow October 17, 2013 9:10AM
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The number of Americans making first time filings for jobless benefits pulled back from six month highs last week, but the figures remain skewed because of the partial government shutdown and California still trying to process a backlog of claims resulting from a computer system upgrade a month ago. 

The Labor Department reported on Thursday that initial jobless claims for the week ended October 12 declined by 15,000 to a seasonally adjusted 358,000 from a revised 373,000 claims (down from 374,000) the week earlier.  Economists were expecting a drop to 335,000 claims.

The week prior claims mushroomed to the highest level since March because of the start of a 2-1/2 week partial shutdown of the government due to politicians not agreeing on a budget.  Further, California, which was previously reported to have been caught up on processing a stockpile of claims resulting from a computer changeover in September, was not done and is still working its way through the backlog.

On that point, it’s difficult to get a good gauge on meaningful data from this week’s claims.  The shutdown also clouded the condition of the jobs market by delaying the monthly employment situation report that was supposed to arrive on October 4.

The shutdown ended this morning after Congress passed a last minute deal on Wednesday to fund the government through mid-January and raise the debt ceiling until early in February.

The four-week moving average of initial jobless claims, generally a better barometer of the labor market (but not so at this point because of temporary issues), rose by 11,750 to 336,500.  That’s the highest mark since July.

Continuing claims for the week ended October 5, which account for people already collecting benefits in state programs, fell to 2.859 million from a revised 2.902 million a week prior.  Continuing claims are reported at a one-week lag to initial claims.

Total claims for the week ended September 28, which includes recipients of all state and federal claims benefits, dropped to 3.929 million from 4.011 million the week earlier.  Total claims come at a two-week lag to initial claims.  For the same period in 2012, total claims were 5.002 million.

The largest increases in initial claims for the week ending October 5 were in California (+33,654), Maryland (+4,609) and Ohio (+4,122).  The largest decreases were in Oregon (-149), Puerto Rico (-77) and Missouri (-50).

The markets are largely ignoring the data on Thursday because of the lack of clarity to the figures.  Wall Street is mixed with the Dow Jones Industrial Average feeling a drag from Goldman Sachs (GS) and International Business Machines (IBM) , tugging the index down 61 points, while the broader S&P 500 is ahead by 4 points and the tech-rich Nasdaq advances 10 points at the noon hour.

 

[Image Courtesy of Flickr Creative Commons]

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


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Results for gs
Consestimate
22 Oct 14 14:43:08
U.S. Court hears arguments on sex discrimination at Goldman Sachs. $GS, $SO, $MS. http://t.co/uD1BkRD3YA
Kusnadi Halim Salim
22 Oct 14 14:28:05
RT @SeekingAlpha: As Market Fear Heightens, Risky And Opaque Structured Notes Make A Comeback http://t.co/0vkXv4L8Jw $GS $CS $UBS
Quantpost Financial
22 Oct 14 14:27:37
$GS News: "As Market Fear Heightens, Risky And Opaque Structured Notes Make A…" http://t.co/Q2CV6mkqbm Board view: https://t.co/EBGrPPzJ2k
Seeking Alpha
22 Oct 14 14:27:37
As Market Fear Heightens, Risky And Opaque Structured Notes Make A Comeback http://t.co/0vkXv4L8Jw $GS $CS $UBS
4-traders.com
22 Oct 14 14:25:25
U.S. Court hears arguments on sex discrimination at Goldman Sachs http://t.co/Q9ScoCPeIn $C $GS $MS $PRCH $S1990 $TBHS
Bidness Etc
22 Oct 14 14:15:36
The Federal Reserve has warned all financial institutions, including a few nonbanking firms http://t.co/7TqHmJZ2aM $MS $GS $CS $JPM
Stockaholics
22 Oct 14 14:12:21
Our Penny Stock Picks Gained 371% In 2 Weeks! Get Our Next Pick Early: http://t.co/z2noBUWrEP $GS $ZION $ISRA
Carolyn B Miciano
22 Oct 14 14:10:41
Make 20 to 100% in a few hours with #daytrades http://t.co/dpbNxZbfHc $GS $COST $FDX
equities.com
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Boeing Co. (BA) Among Biggest DJIA Losers on October 22 $gs $axp $ba http://t.co/0dluX2YK32
Stock Relay
22 Oct 14 13:57:11
$ACHN Bid Size Click Here: http://t.co/IDvXVCb7o5 Also See: $GE $HAL $GS $ZAZA ~
Greta Salve
22 Oct 14 13:56:55
RT @GoldmanSachs: This year, $GS #CommunityTeamworks teamed up w/ @Habitatwc to build homes for returning #veterans. See the impact: http:/…
Jake Catskill
22 Oct 14 13:50:58
Here's the funny thing about the IPO boom, excess stock inventory on the banks books. I wonder how much $BABA is still in $GS and $MS?
Carolyn B Miciano
22 Oct 14 13:23:16
A simple way to learn the basics of Options http://t.co/qpxNEWAu2d $GS $COST $FDX
DK1
22 Oct 14 12:58:23
$GS not covering ...keeping short did everything I asked from it today..staying the course
Patrick
22 Oct 14 12:52:48
Sure but I bet Ichan was in there buying $htz last week at $18.50 @ldpinsd @SPEQL8R $BA $Gs $ms $bac have not performed since good earnings
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22 Oct 14 12:52:04
$GS - Humana Exploring Sale of Urgent Care Unit Concentra -Reuters http://t.co/4dK2aKDLZD
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22 Oct 14 12:45:51
$GS nice
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22 Oct 14 12:43:29
@ivy7002 The WS consensus for $GS Q4 2014 has shifted significantly downwards - http://t.co/aMcVJl47g3
MIAMI URBAN LIVING
22 Oct 14 12:42:03
RT @GoldmanSachs: This year, $GS #CommunityTeamworks teamed up w/ @Habitatwc to build homes for returning #veterans. See the impact: http:/…
4-traders.com
22 Oct 14 12:40:04
Humana : Exploring Sale of Urgent Care Unit Concentra -Reuters http://t.co/RppZXICkXV $HUM $GS
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22 Oct 14 12:38:18
ICYMI RT "@GoldmanSachs: $GS President Gary Cohn live at the #GSAM Symposium on @SquawkCNBC w/ @andrewrsorkin... http://t.co/pg9dtKUlej
GreenEconomyBusiness
22 Oct 14 12:32:05
RT @GoldmanSachs: $GS President Gary Cohn live at the #GSAM Symposium on @SquawkCNBC w/ @andrewrsorkin; 32 hours & 4 more cities to go: htt…
Hammer D. Lane
22 Oct 14 12:21:05
$AMTD upgraded to BUY @ $GS!
Eternity101
22 Oct 14 12:04:51
$GS is hanging in there -- $VIX is coming down & so's $TRIN
efc Students
22 Oct 14 11:53:57
RT @GSCareers: ICYM our #GoogleHangout: 6 Things To Know If You Want To Get a #Tech Job at $GS via @efc_global: http://t.co/31Uiym0Sag cc @…
Beecher Tuttle
22 Oct 14 11:53:19
RT @GSCareers: ICYM our #GoogleHangout: 6 Things To Know If You Want To Get a #Tech Job at $GS via @efc_global: http://t.co/31Uiym0Sag cc @…
NASDAQ
22 Oct 14 11:46:03
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/B6jaSV8EeR
Estimize
22 Oct 14 11:37:29
@macol30 The WS consensus for $GS Q4 2014 has shifted significantly downwards - http://t.co/aMcVJl47g3
Gr8 Trades
22 Oct 14 11:36:10
$AAPL $AMZN $BIDU $FB $GILD $GMCR $GOOG $GPRO $GS $IWM $LNKD $MBLY $NFLX $PCLN $SPY $TSLA 2:36:07 PM
Leni
22 Oct 14 11:32:49
$GS getting ugly...again
Estimize
22 Oct 14 11:32:26
@TrembFredrick The WS consensus for $GS Q4 2014 has shifted significantly downwards - http://t.co/aMcVJl47g3
maximus
22 Oct 14 11:26:51
bearish candle on $gs ...not good for mkt leader
smtrader StockTrader
22 Oct 14 11:26:11
$BA is taking to the dog house today!. $GS $MMM $CAT also getting beat up a bit today
DK1
22 Oct 14 11:24:05
$GS http://t.co/KzVUwnZsSA
Stephanie
22 Oct 14 11:23:09
RT @GoldmanSachs: See how $GS is helping #entrepreneurs grow their #smallbiz. Do you know a #SBO who could benefit from @GS10KSmallBiz? htt…
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22 Oct 14 11:22:48
Humana looks to sell urgent care subsidiary Concentra- sources. $HUM, $GS. http://t.co/7N9PZG1YaS
Investors Hangout
22 Oct 14 11:20:10
DennyT: LUV Bussinessweek $LUV $ABT $RIG $GS $BABA http://t.co/WP7nZdsOH9
Investors Hangout
22 Oct 14 11:19:59
DennyT: LUV Bussinessweek $LUV $ABT $RIG $GS $BABA http://t.co/9zskC2HG6z
Leni
22 Oct 14 11:11:39
$GS corrcection <200d for first time if we breach low..other banks have already breached 200d lat move down
Leni
22 Oct 14 11:10:47
$GS filling gap here Holding short This stock needs to hold previous low or may easily plunge below 200d again
Adam
22 Oct 14 11:07:33
RT @SharePlanner: If $SPX turns over, $GS is going to make for one nice short.
DennyT
22 Oct 14 11:07:27
LUV Bussinessweek $LUV $ABT $RIG $GS $BABA Sell?,200 Simple Moving Average,Close,Headlines,alot of talk going http://t.co/Lv8IX4RGi6
Ryan Mallory
22 Oct 14 11:07:12
If $SPX turns over, $GS is going to make for one nice short.
TradersRule 25/7
22 Oct 14 11:05:23
Range Expansion $GS Daily Chart…
iHangout
22 Oct 14 11:04:41
http://t.co/vVojvVrNNL chartguy89: Stock Charts: JNUG Stock Chart $JNUG $GS $HAL $HUV.TO http://t.co/0ThAhTOqcF
Gr8 Trades
22 Oct 14 11:02:52
$AAPL $AMZN $BIDU $FB $GILD $GMCR $GOOG $GPRO $GS $IWM $LNKD $MBLY $NFLX $PCLN $SPY $TSLA 2:02:49 PM
chartguy89
22 Oct 14 11:01:44
JNUG Stock Chart $JNUG $GS $HAL $HUV.TO http://t.co/zzoBhGZObZ http://t.co/djD5Mk5pgj
GoldmanSachs Careers
22 Oct 14 11:01:02
ICYM our #GoogleHangout: 6 Things To Know If You Want To Get a #Tech Job at $GS via @efc_global: http://t.co/31Uiym0Sag cc @BeecherTuttle
Eternity101
22 Oct 14 10:57:40
what are the odds of GOLDILOCKS $GS hitting 182.50++ tomorrow ? ;)
Lauren Holmes
22 Oct 14 10:51:54
$GS or $MS which is your best bank? We like $MS due to asset management focus. Read our ideas here http://t.co/IhJaUAjPfb
				
				
By  +Follow October 17, 2013 9:10AM
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