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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
Carolyn B Miciano
24 Oct 14 17:12:51
Master the #thinkorswim platform for Options http://t.co/Rnn4SdLnPz $GS $COST $FDX
Jahi Faucette
24 Oct 14 16:30:27
RT @CNBCFastMoney: 19 trades in 67 seconds http://t.co/RR9Sfb9m5P $YHOO $AMZN $MSFT $PG $JPM $XLF $GS $MS $BAC $C $OIH $DAL $SPY & more
Investing Philosophy
24 Oct 14 16:10:46
RT @CNBCFastMoney: FINAL TRADE: Your first move for Monday, Oct. 27 http://t.co/1RNm2XiZuX $EWZ $GS $EWG $MS http://t.co/tMsC4PWCDx
CNBC's Fast Money
24 Oct 14 16:09:45
19 trades in 67 seconds http://t.co/RR9Sfb9m5P $YHOO $AMZN $MSFT $PG $JPM $XLF $GS $MS $BAC $C $OIH $DAL $SPY & more
Bruno J. Navarro
24 Oct 14 16:09:27
Stocks for next week: 19 trades in 67 seconds http://t.co/BuilwWXElH $YHOO $AMZN $MSFT $PG $JPM $XLF $GS $MS $BAC $C $OIH $DAL $SPY
DAN BRIGGS
24 Oct 14 16:06:14
RT @CNBCFastMoney: FINAL TRADE: Your first move for Monday, Oct. 27 http://t.co/1RNm2XiZuX $EWZ $GS $EWG $MS http://t.co/tMsC4PWCDx
CNBC's Fast Money
24 Oct 14 16:05:01
FINAL TRADE: Your first move for Monday, Oct. 27 http://t.co/1RNm2XiZuX $EWZ $GS $EWG $MS http://t.co/tMsC4PWCDx
Bruno J. Navarro
24 Oct 14 16:04:08
Your first trade for Monday, Oct. 27 http://t.co/knuf5WlCEZ $EWZ $GS $EWG $MS
12Stocks.com
24 Oct 14 16:01:30
S&P100 #Stocks Performance $GILD $LLY $MSFT $EXC $MMM $PG $BMY $AEP $UNP $CMCSA $GS $PFE $BK $MRK $EMC $GD more@ http://t.co/n4QZIDxy7w
The Skeptic
24 Oct 14 15:40:38
"Yes I realize this came from another bank, and, no I am not sending this to you to make you feel uncomfortable." lolz $GS $AGN $VRX
HotKeyTrading
24 Oct 14 15:00:12
Insiders Buying: $CSL $TCS $MTG $BHI $LLTC $CACQ $VFC $MYCC $HAS $GS $RARE $HA $PRTA $PEP $OTIC http://t.co/XQITF0lRKD #wallstreet #stock
Carolyn B Miciano
24 Oct 14 14:48:29
Detailed analysis of the ETF market http://t.co/nE0PeukpOK $GS $COST $FDX
James J. Angel
24 Oct 14 14:32:52
My latest comment on W2007 Grace Soap Opera. Mystified why #SEC doesn't order $GS to obey law and file financials. http://t.co/NmvFrtpoEO
Mike Valletutti, CTA
24 Oct 14 14:29:15
$GS highs 189, down to 172 last week, closes 183 this week.
Mike Valletutti, CTA
24 Oct 14 14:27:24
Pete loves $GS (my top holding)
FlowerPower
24 Oct 14 14:27:14
#FastMoneyEspresso FINAL TRADES: Tim Seymour—> buy $EWZ Pete Najarian —> buy $GS Brian Kelly —> sell $EWG Guy Adami —> buy $MS
Stockaholics
24 Oct 14 14:20:56
Our Penny Stock Alerts Gained 371% In 2 weeks! Sign Up For Free Text Alerts For Our New Pick: http://t.co/dLDRavoCi4 $GS $ZION $ISRA
Carolyn B Miciano
24 Oct 14 14:20:24
Killer service for daytrading http://t.co/HMFbp2pHhn $GS $COST $FDX
Divyesh Zahin
24 Oct 14 14:05:53
Who will win in See what $GS economists are predicting.
Leo Kolivakis
24 Oct 14 14:04:45
Special Report: Why Madrid's poor fear Goldman Sachs and Blackstone $GS $BX http://t.co/xrDVysCrO6 via @reuters
Mike Valletutti, CTA
24 Oct 14 14:03:57
Nasdaq and Financials back above 50 day, SP500 is not. $GS $BAC $FB $YHOO
Debbie
24 Oct 14 13:53:58
@DoctorTranRI360 @am_vic I would imagine that $SNY has a relationship with $GS, hence why $MNKD made their coverage list.
Investors Hangout
24 Oct 14 13:47:12
$FB Exchange Click Here: http://t.co/CscDik9KPs Also See: $TRTC $SA $X $GS ~
NASDAQ
24 Oct 14 13:40:41
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/LGAILXukEp
NASDAQ
24 Oct 14 13:35:25
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/jTT4GXFH6C
Carolyn B Miciano
24 Oct 14 13:31:09
Why Volume is under-rated in trading http://t.co/oPLTufvfzX $GS $COST $FDX
S. Andrew Musoke
24 Oct 14 13:09:29
RT @GoldmanSachs: $GS Asia President Ken Hitchner welcomes @YaoMing to #GSAM Symposium in HK discussing #leadership on & off the court http…
Debbie
24 Oct 14 13:09:24
@am_vic @DoctorTranRI360 I am glad $GS has $MNKD on their radar. I feel the prices tgt is too low having a big house covering them is good.
12Stocks.com
24 Oct 14 12:59:10
S&P100 #Stocks Performance $GILD $PG $LLY $EXC $MMM $AEP $PFE $MSFT $UNP $BMY $INTC $CMCSA $GS $USB $VZ more@ http://t.co/n4QZIDxy7w
12Stocks.com
24 Oct 14 12:58:54
Dow #Stocks Trend $PG $MMM $TRV $CAT $MSFT $UNH $PFE $INTC $GE $UTX $JNJ $HD $GS $MRK $DIS $NKE $XOM $V $AXP @ http://t.co/TvzJfd0RGT
Kym L
24 Oct 14 12:55:57
$GS this probably won't work either https://t.co/xpcPDp88NG via http://t.co/xwjHFVSbOf
Wanfeng Zhou
24 Oct 14 12:53:25
RT @StockMoo: $gs: Goldman Sachs targets alumni to boost women vice-presidents http://t.co/BAGMxQSoV3
Market Int Center
24 Oct 14 12:50:31
Goldman Sachs $GS Trading Near $177.57 Support Level ( http://t.co/2B8G2ra9qm )
Otto Max Investments
24 Oct 14 12:36:53
Loving $GS's strength. Consistent accumulation. New highs coming. http://t.co/DDksDNFMFB
NASDAQ
24 Oct 14 12:31:03
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/iwvIjlvGyI
Brandon Cragun
24 Oct 14 12:21:58
@DougKass @RedDogT3 I bought $GS and $intc long Apple from Monday just in case u 2 were curious :)
Jamie Mason
24 Oct 14 12:05:27
RT @Brown_TheDeal: $GS and InnerCircle are advising @ATLHawks - YOU READ (half of) IT HERE FIRST: http://t.co/YNFcpy3SWc Thanks @BloombergN…
Baz Hiralal
24 Oct 14 12:03:00
RT @Brown_TheDeal: $GS and InnerCircle are advising @ATLHawks - YOU READ (half of) IT HERE FIRST: http://t.co/YNFcpy3SWc Thanks @BloombergN…
The Deal
24 Oct 14 12:02:37
RT @Brown_TheDeal: $GS and InnerCircle are advising @ATLHawks - YOU READ (half of) IT HERE FIRST: http://t.co/YNFcpy3SWc Thanks @BloombergN…
Carolyn B Miciano
24 Oct 14 12:02:16
Free course on portfolio hedging http://t.co/OroJJ5pvNb $GS $COST $FDX
Michael D. Brown
24 Oct 14 12:01:55
$GS and InnerCircle are advising @ATLHawks - YOU READ (half of) IT HERE FIRST: http://t.co/YNFcpy3SWc Thanks @BloombergNews and @nytimes
A.K
24 Oct 14 11:52:50
@canuck2usa $GS pattern is similiar with $GOOGL, resistant is 183.19. What makes you long put here? 0.618 bounce? Thanks
Dividend Master
24 Oct 14 11:47:22
DIMmies going for hail mary pass before elections . Brown & Warren demanding $GS investigations
Jonathan Yaw
24 Oct 14 11:41:19
RT @canuck2usa: $GS Oct5 weekly 182.5 puts Long @ 1.88/.85...
Stock Moo
24 Oct 14 11:36:47
$gs: Goldman Sachs targets alumni to boost women vice-presidents http://t.co/BAGMxQSoV3
Eternity101
24 Oct 14 11:15:50
like I said -- yellow bird $GS is foretelling mkts higher coming this week/s http://t.co/9S7vid9LB6
Max Eddy
24 Oct 14 11:14:41
RT @GoldmanSachs: $GS Asia President Ken Hitchner welcomes @YaoMing to #GSAM Symposium in HK discussing #leadership on & off the court http…
DK1
24 Oct 14 10:58:45
$GS Oct5 weekly 182.5 puts Long @ 1.88/.85...
Forex Update
24 Oct 14 10:57:51
RT @howardlindzon: nice.. "@ivanhoff: 13 months ago, $NKE $GS and $V were added to Dow 30. Here's how they've done afterwards http://t.co/w…
howardlindzon
24 Oct 14 10:52:22
nice.. "@ivanhoff: 13 months ago, $NKE $GS and $V were added to Dow 30. Here's how they've done afterwards http://t.co/wdE4Ms4m5K"
				
				
By  +Follow October 17, 2013 9:10AM
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