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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]

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Results for gs
StockNewsWires
1 Sep 15 02:22:02
$LIQD $GS: Tech Firm Serving Hedge Funds Shows Perils in Money-Losing IPOs: http://t.co/I7pPicFESO
TalkMarkets Recap
1 Sep 15 01:09:04
It Was All Yellow - Financial Review @MonsoonWM $GS $AAPL $C http://t.co/UjhbsFmW8L
Hedge.Bz
1 Sep 15 00:15:03
Former Goldman Sachs Programer Vindicated In Court $GS http://t.co/lQpHL6NTsp
Rich Fiege
31 Aug 15 23:53:43
RT @RichardAngwin: Don't let Wall Street buy The White House too. Elect Bernie Sanders!! #FeelTheBern #tcot #1u $GS http://t.co/g1fejKSOVw
Benoit Blanchard
31 Aug 15 23:49:53
RT @GoldmanSachs: RT @GSCareers: From 30 Pine to 200 West, discover $GS then & now with #GSsnapshots: http://t.co/QJeAGJjdW4 http://t.co/70…
James DiPlata
31 Aug 15 23:32:24
RT @betoptions: put options $aapl $tsla $gs $scty With Apple And Google Slipping, Big Cap Tech Looks Like Big Time Danger via @forbes http:…
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31 Aug 15 23:09:02
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31 Aug 15 23:08:44
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31 Aug 15 23:08:01
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31 Aug 15 23:07:09
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ABTURK
31 Aug 15 22:32:01
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Mark von Wahlde
31 Aug 15 22:19:56
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Vona F Quinlan
31 Aug 15 22:19:48
RT @RichardAngwin: Don't let Wall Street buy The White House too. Elect Bernie Sanders!! #FeelTheBern #tcot #1u $GS http://t.co/g1fejKSOVw
VANDERSCHELDEN4.0
31 Aug 15 22:19:08
... Except IN CHINA ... $GS...;-))))... https://t.co/ZjoN29Od4v
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31 Aug 15 22:09:27
RT @RichardAngwin: Don't let Wall Street buy The White House too. Elect Bernie Sanders!! #FeelTheBern #tcot #1u $GS http://t.co/g1fejKSOVw
Boycott the Lenders
31 Aug 15 22:07:20
It Was All Yellow - Financial Review $GS $AAPL $C http://t.co/2ZkUuBsEiE #talkmarkets
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31 Aug 15 22:07:03
It Was All Yellow - Financial Review $GS $AAPL $C http://t.co/2ZkUuBsEiE
ghostcat56
31 Aug 15 21:33:55
RT @RichardAngwin: Don't let Wall Street buy The White House too. Elect Bernie Sanders!! #FeelTheBern #tcot #1u $GS http://t.co/g1fejKSOVw
ABTURK
31 Aug 15 20:26:14
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James DiPlata
31 Aug 15 20:15:26
RT @01TRADER: $BIDU Baidu Debuts Medical Service http://t.co/1SQTpOGQvJ $AAPL $GOOG $GOOGL $MS $GS $MSFT $BABA $YHOO $JPM $BAC
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31 Aug 15 20:15:26
RT @01TRADER: $BIDU Big Short Squeeze In Baidu, Inc. BIDU Shorts Increased By 22% http://t.co/njR0iHXA09 $GOOG $GOOGL $AMZN $BABA $AAPL $MS…
ABTURK
31 Aug 15 19:54:12
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#HelpYouGetGAINS
31 Aug 15 19:32:21
$GS https://t.co/oY7h5aBkzc
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31 Aug 15 19:28:48
FEAR is a 4-letter word like FUCK night/nite $DJIA $SPX $NDX $COMP $IWM $VTI $DIA $SPY $OEX $QQQ $UVXY $TNX $FXI $GS http://t.co/MidixQIFnZ
hedgefundclone
31 Aug 15 19:24:46
$GS Goldman Sachs Thinks The Volatility Index $TXIX, $VXX Should Be Much Lower! http://t.co/VdnhFpmQKl via @business
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31 Aug 15 19:19:37
$BIDU Baidu Debuts Medical Service http://t.co/1SQTpOGQvJ $AAPL $GOOG $GOOGL $MS $GS $MSFT $BABA $YHOO $JPM $BAC
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31 Aug 15 19:18:37
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31 Aug 15 19:14:08
$BIDU Big Short Squeeze In Baidu, Inc. BIDU Shorts Increased By 22% http://t.co/njR0iHXA09 $GOOG $GOOGL $AMZN $BABA $AAPL $MSFT $GS $MS $JPM
Brad Porter
31 Aug 15 19:11:50
Twitter Tweets Higher On CEO Buzz; Intel Also Rises http://t.co/3tVpE8h78X $TWTR $INTC $BIDU $MS $GS $MDCO $ALNY $REGN $ALK $PLNT $JCP $PAY
FinBuzz
31 Aug 15 18:59:38
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ABTURK
31 Aug 15 18:57:22
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Stock Market Picks
31 Aug 15 18:39:33
$BAC $GS Long and short positions from the $DJIA, up to 1800% since 2008. http://t.co/sjQjlxfmsp $DIA
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31 Aug 15 18:39:15
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Marvin Clark
31 Aug 15 18:27:54
It Was All Yellow - Financial Review @MonsoonWM $GS $AAPL $C http://t.co/cDydANQf2w
TalkMarkets
31 Aug 15 18:27:54
It Was All Yellow - Financial Review @MonsoonWM $GS $AAPL $C http://t.co/oHXY4A8Rcf
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31 Aug 15 18:22:02
$GS: China’s Official Factory Gauge Shrinks to Lowest in 3 Years: http://t.co/5YN9zz6Tiv
ℛℛℛ
31 Aug 15 18:20:25
RT @GoldmanSachs: RT @GSCareers: From 30 Pine to 200 West, discover $GS then & now with #GSsnapshots: http://t.co/QJeAGJjdW4 http://t.co/70…
Jon
31 Aug 15 18:12:19
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Cynthia S Boots
31 Aug 15 17:56:10
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31 Aug 15 17:27:03
$MS $GS: Japan Stocks Fall Second Day as Investors Watch China Markets: http://t.co/HZSxCGs6S7
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31 Aug 15 17:23:50
RT @RedDogT3: Daily recap video and look ahead $spy $spx $ibb $gs $ms $aapl $nflx $amzn $googl $fb $xle $uso http://t.co/sN9r4L7rWc
DEBRA LEE
31 Aug 15 17:21:43
RT @RedDogT3: Daily recap video and look ahead $spy $spx $ibb $gs $ms $aapl $nflx $amzn $googl $fb $xle $uso http://t.co/sN9r4L7rWc
Thanesh
31 Aug 15 17:18:52
RT @GoldmanSachs: RT @GSCareers: From 30 Pine to 200 West, discover $GS then & now with #GSsnapshots: http://t.co/QJeAGJjdW4 http://t.co/70…
sherlok
31 Aug 15 17:02:03
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31 Aug 15 17:01:53
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Vino°》Gauss
31 Aug 15 16:02:24
RT @GoldmanSachs: RT @GSCareers: From 30 Pine to 200 West, discover $GS then & now with #GSsnapshots: http://t.co/QJeAGJjdW4 http://t.co/70…
Michael Nyland
31 Aug 15 15:55:40
RT @GoldmanSachs: RT @GSCareers: From 30 Pine to 200 West, discover $GS then & now with #GSsnapshots: http://t.co/QJeAGJjdW4 http://t.co/70…
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31 Aug 15 15:44:01
RT @bitcoininfo: Goldman Analyst: Blockchain Tech Will Change Asset Ownership http://t.co/v7vnUWFW8h @GoldmanSachs $GS via @coindesk @pete_…
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31 Aug 15 15:40:02
$GS: Bullish analyst action by Evercore ISI on Goldman Sachs Group: http://t.co/DncTubtEKD http://t.co/YzWfMV9mCK
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31 Aug 15 15:27:25
How we traded stocks like $GMCR $NK $GS $AU ($USO) $AAPL $TSLA $KITE & more in LIVE chat on Monday, the 24th. http://t.co/1RKCtNEtrj $STUDY
				
				
By  +Follow October 17, 2013 9:10AM
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