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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
Tucker Robin
27 Aug 14 20:03:34
JPMorgan Chase Price Fixing Probe Leads to Mysterious Banker Deaths - The Odyssey Online http://t.co/LQqAijp7Zk $JPM $HSBC $GS $BAC
David Blocher
27 Aug 14 19:57:42
$GS - http://t.co/8okZk5ymDo hard to be too bearish with $GS making new highs. Week 1 b/o in the works.
Mike Rotondo
27 Aug 14 19:42:26
RT @IHPosts: $DRYS Stock Message Board http://t.co/FOdeh9Qjlv Also See: $DRIO $GS $UUP $IBB ~
GoldenHounds
27 Aug 14 19:41:33
RT @IHPosts: $DRYS Stock Message Board http://t.co/FOdeh9Qjlv Also See: $DRIO $GS $UUP $IBB ~
Stock Forums
27 Aug 14 19:34:50
$EBAY Ideas http://t.co/O0HIhP6Qyl Also See: $GS $SH $GT $AMZN ~
Rudolf E. Havenstein
27 Aug 14 19:34:23
@DavidBCollum My disagreements with Warren aside (e.g. $KO), it would be cool to see him screw $GS over again.
Biz News Pioneer
27 Aug 14 19:22:51
$GS: Judge dismisses LME from aluminum price-fixing lawsuits http://t.co/GfgCunCLtl http://t.co/Zpxm2b8JcY
Investors Hangout
27 Aug 14 19:07:59
$DRYS Stock Message Board http://t.co/FOdeh9Qjlv Also See: $DRIO $GS $UUP $IBB ~
Ripped Torn
27 Aug 14 18:53:24
@JLyonsFundMgmt: Financials were relatively weak today...bear-flaggin it too...looking lower. $C $JPM $GS $BAC $FAS $XLF
PennyStock Zone
27 Aug 14 18:32:05
Best day trading DVD by Fous Alerts check it out! http://t.co/HJ6WDp65fM #stocks #trading #nasdaq #nyse $XRS $MCHP $GS $BURL $VOD $IRF
Mohamud
27 Aug 14 18:25:01
Is $GS buy or sell? checkout http://t.co/ACFV4r4Hej
Mohamud
27 Aug 14 18:24:14
$GS - The Inverted Head and Shoulders Failed but still can resume - https://t.co/igFr0aqHD9
TV_Trading Ideas
27 Aug 14 18:23:54
The Inverted Head and Shoulders Failed but still can resume $GS http://t.co/wjufHeCiTa
Business News
27 Aug 14 18:22:48
$GS: Goldman Sachs, US agency in mortgage settlement worth $1.2 billion http://t.co/vrz3qX5O4U http://t.co/rgVn1552VY
Nations Branch
27 Aug 14 17:37:55
RT @ABradWilliams: $GS: Goldman Sachs, US agency in mortgage settlement worth $1.2 billion http://t.co/QbDyZWV2Ne http://t.co/hCcI1zBCKW
Stocks in News
27 Aug 14 17:22:52
$GS: Goldman Sachs, US agency in mortgage settlement worth $1.2 billion http://t.co/QbDyZWV2Ne http://t.co/hCcI1zBCKW
Carolyn B Miciano
27 Aug 14 16:28:44
Free course on Put Call parity http://t.co/cx5X9QdbWJ $GS $COST $FDX
Stock Headlines
27 Aug 14 16:22:50
$GS: Turning Goldman Sachs into Gold in Sacks http://t.co/R5c0kYpkt4 http://t.co/J4wQqaEQKd
Ron Sen, MD
27 Aug 14 16:22:03
Innocent until proven guilty. http://t.co/igzZs98NYO $SPY $IWM $XLF $SMH $IBB $GS
Stock Forums
27 Aug 14 16:16:46
$BNS.TO EOD Data http://t.co/z4QRdrZ4P8 Also See: $JRJC $KMI $GS $CTIC ~
Investors Hangout
27 Aug 14 16:03:36
$BITA Open http://t.co/GwaDNsgGfi Also See: $GS $MTVX $KRED $SPLK ~
12Stocks.com
27 Aug 14 16:01:08
Dow #Stocks Trend $UNH $PFE $VZ $TRV $CAT $MRK $JPM $IBM $T $CVX $XOM $HD $KO $GS $WMT $V $AXP $GE $DIS $NKE $PG @ http://t.co/TvzJfd0RGT
Donald van Deventer
27 Aug 14 15:59:34
RT @KamakuraCo: Goldman Sachs Leads "Most Actively Traded Bond Issuer" Tables, August 26, 2014 $GS http://t.co/qBB3aniB6A via @salphatrend…
STOCKS & COMMODITIES
27 Aug 14 15:52:37
Is Goldman Sachs A Buy? $GS http://t.co/urwlNvks2U http://t.co/VSW5goAYQS
Kamakura Corporation
27 Aug 14 15:29:17
Goldman Sachs Leads "Most Actively Traded Bond Issuer" Tables, August 26, 2014 $GS http://t.co/qBB3aniB6A via @salphatrending
Market News
27 Aug 14 15:22:54
$GS: BR Partners Offers Debt Restructuring as Brazil Stalls http://t.co/E3BsugUp1X http://t.co/cabCmFkhao
Investors Hangout
27 Aug 14 14:57:20
$ARIA Filings http://t.co/2GYeDQK6lr Also See: $CRM $SIRI $F $GS ~
Stock Updates
27 Aug 14 14:22:56
$GS: How Will Goldman Sachs (GS) Stock React to This Ratings Initiation? http://t.co/1305pajGy3 http://t.co/6tG5r2Uuhl
Investors Hangout
27 Aug 14 14:21:58
$ALXN % Change http://t.co/GfRrAB7w8G Also See: $CPRX $GS $NUGT $FLPC ~
Keila Estep
27 Aug 14 14:18:28
As Online Video Su $GS http://t.co/21vyWpSD1r
Becky Hiu
27 Aug 14 14:18:16
Saw a $GS # call my desk. Not. Picking. Up.
Kristin
27 Aug 14 14:05:59
"@Kristin: @TradingJones $GS got it real good in $ITMN LOL. $FEYE looks bottomed. $MNST good swung S from $94 looks to bounce."8/25 TJ,LOL
Allyson Kellum
27 Aug 14 13:56:49
Online peer-to-peer banke $GS http://t.co/u8i7t1wEoP
Stock Market News
27 Aug 14 13:22:47
$GS: Dow Today: Goldman Sachs Group (GS) Higher http://t.co/AfGQS5hMXZ http://t.co/4qlFyOynO3
Saad Chaudhry
27 Aug 14 13:03:36
Four tickers on my watchlist that I like for tomorrow are: $TWTR, $GS, $AAPL, and $GNRC. Of them, only holding $TWTR and $GS going into tmrw
12Stocks.com
27 Aug 14 12:58:46
Dow #Stocks Trend $UNH $PFE $VZ $CAT $MRK $JPM $IBM $CVX $XOM $HD $KO $TRV $GS $WMT $V $AXP $T $GE $DIS $NKE $PG @ http://t.co/TvzJfd0RGT
Carolyn B Miciano
27 Aug 14 12:44:36
Probability analysis in Options http://t.co/0sXoJiZylh $GS $COST $FDX
Norman Michaels
27 Aug 14 12:39:48
$GS looks to me like it's just resting at near support of that B/O zone mentioned before 176.69 - 177.48
Market Updates
27 Aug 14 12:22:58
$GS: Goldman Sachs To Induct Smaller Partner Class This Year http://t.co/bvAJNhkZJP http://t.co/WI7kS2gkQ6
PolgarStocks
27 Aug 14 12:14:00
$SWKS Bid Size http://t.co/1kHDcOv9Ip Also See: $SSO $SSO $GS $PLUG ~
Saad Chaudhry
27 Aug 14 12:13:03
But I will still hold $TWTR and $GS long going into tomorrow as they still have relative strength, despite general market's weakening MOMO
Bruce J Moschella
27 Aug 14 12:06:37
$GS Additional Charts being added. http://t.co/151LF7EMpK
Bruce J Moschella
27 Aug 14 12:01:39
$GS Example of the clients chart http://t.co/HGaGICDJpK
Tim
27 Aug 14 11:53:49
RT @GoldmanSachs: $GS #volunteers helped out w/ #painting today at #Munich's @artistsforkids #CommunityTeamWorks http://t.co/aGFZbe77Iz
buddy madison
27 Aug 14 11:46:39
RT @SwatOptions: Swat post ' $GS closed for -4% ' on http://t.co/PjXIp3NxsV http://t.co/YfchB4ndUL
Options Network
27 Aug 14 11:46:30
Swat post ' $GS closed for -4% ' on http://t.co/PjXIp3NxsV http://t.co/YfchB4ndUL
Martin Alan Q.
27 Aug 14 11:45:01
RT @GSCareers: The 3 most important things VP Johanna learned in her first days at $GS: http://t.co/BhdWmAaRnu
Ralf the Destroyer
27 Aug 14 11:27:51
RT @sobata416: retirement assets as a % of hh financial assets, US - 1975-2013: *flat since the late 90s source: $GS via ZH http://t.co/…
Business News Watch
27 Aug 14 11:22:51
$GS: Stock Rise Despite Goldman Sachs Group Inc (NYSE:GS) $1.2 Billion ... http://t.co/Roi4r5izB8 http://t.co/v8DIzPUDpX
Reggie Sanchez
27 Aug 14 11:10:16
SEC Stiffens Rules on Loan-Backed Securities http://t.co/DFENBKqJSi via @daily_finance $JPM $C $GS
				
				
By  +Follow October 17, 2013 9:10AM
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