logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

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

By  +Follow October 17, 2013 9:10AM
Share:
Tickers Mentioned:

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.


Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for gs
Karan Chandrashekar
31 Oct 14 10:55:15
RT @GoldmanSachs: Bunty Bohra, CEO of $GS India, joined our Asian Professionals Network for a festive #Diwali celebration http://t.co/LjVkv…
Zr1Trader
31 Oct 14 10:45:59
RT @wolverine2710: @ZR1Trader $gs has more central banker implants then any other firm .
maximus
31 Oct 14 10:44:09
@ZR1Trader $gs has more central banker implants then any other firm .
えっちな人のための相互支援だよー!
31 Oct 14 10:42:55
RT @GoldmanSachs: Bunty Bohra, CEO of $GS India, joined our Asian Professionals Network for a festive #Diwali celebration http://t.co/LjVkv…
Fred Z
31 Oct 14 10:42:28
Hertel recommend to buy $GS at $189.91. http://t.co/brz2Vou9AA
Muvva
31 Oct 14 10:40:34
RT @GoldmanSachs: Bunty Bohra, CEO of $GS India, joined our Asian Professionals Network for a festive #Diwali celebration http://t.co/LjVkv…
Siddhesh Rane
31 Oct 14 10:30:51
RT @GoldmanSachs: Bunty Bohra, CEO of $GS India, joined our Asian Professionals Network for a festive #Diwali celebration http://t.co/LjVkv…
Francis O'Sullivan
31 Oct 14 10:30:23
RT @BoydErman: and one more exclusive -- Goldman Sachs having banner year in Canada http://t.co/sTzxetYNMw $GS
Don King
31 Oct 14 10:28:56
Financials are strong. Hidden stimulus? $GS
NASDAQ
31 Oct 14 10:28:14
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/tCkc9ZJrXv
Becky Gainey
31 Oct 14 10:24:08
#Buy $DNAX #DNA #Energy #Drinks #New #CEO #Real #Experience > $FNMA $HEMP $PMCM $PHOT $PLPL $CBIS $JPM $GS $MS $TSLA $FB $TWTR $GOOG $MSFT
Sea Change Capital
31 Oct 14 10:15:51
I just exited a $GS trade... http://t.co/a4Wu4ed3na #gs... http://t.co/a4Wu4ed3na
Investors Hangout
31 Oct 14 10:13:44
lookn4wins: $GS Daily Chart $GS Most recent stock chart and http://t.co/ryOh9dMMzy
Investors Hangout
31 Oct 14 10:13:43
lookn4wins: $GS Daily Chart $GS Most recent stock chart and http://t.co/82MzQvXgnU
chartguy89
31 Oct 14 10:13:35
CYTX Stock Chart $CYTX $WFM $ISIS $GS http://t.co/3UX1jBdLQX http://t.co/b2ixxyyE6H
TP Strategic Partner
31 Oct 14 09:57:05
The idea has support: from major Bankers: $MS $GS $BAC Barclay's HSBC Mitsui
EN
31 Oct 14 09:56:18
$GS IS ACTING UP. Acting like anything past 2% is a mission to mars.
lookn4wins
31 Oct 14 09:45:53
$GS Daily Chart $GS Most recent stock chart and technical analysis. $NEM $FXI $ELTP $DGAZ $XLF $PD.TO http://s http://t.co/UYtyRpznYQ
GT
31 Oct 14 09:41:37
RT @GoldmanSachs: Bunty Bohra, CEO of $GS India, joined our Asian Professionals Network for a festive #Diwali celebration http://t.co/LjVkv…
FernandoPM
31 Oct 14 09:40:23
Hice un Roll-Over de los Calls de $GS de Diciembres 185 a Eneros 190.
khusnulyakin24
31 Oct 14 09:37:45
RT @GoldmanSachs: Bunty Bohra, CEO of $GS India, joined our Asian Professionals Network for a festive #Diwali celebration http://t.co/LjVkv…
Navin Jay
31 Oct 14 09:34:49
RT @GoldmanSachs: Bunty Bohra, CEO of $GS India, joined our Asian Professionals Network for a festive #Diwali celebration http://t.co/LjVkv…
Aimar Foundation
31 Oct 14 09:31:08
RT @GoldmanSachs: Bunty Bohra, CEO of $GS India, joined our Asian Professionals Network for a festive #Diwali celebration http://t.co/LjVkv…
SocialImpactFinance
31 Oct 14 09:30:53
RT @GoldmanSachs: Bunty Bohra, CEO of $GS India, joined our Asian Professionals Network for a festive #Diwali celebration http://t.co/LjVkv…
Goldman Sachs
31 Oct 14 09:30:52
Bunty Bohra, CEO of $GS India, joined our Asian Professionals Network for a festive #Diwali celebration http://t.co/LjVkvUKzo6
Carolyn B Miciano
31 Oct 14 09:26:18
How to make iron condors perform consistently http://t.co/EHL8AeTmVp $GS $COST $FDX
IH News Desk
31 Oct 14 09:24:10
$GS Yield Click Here: http://t.co/hAzQ5KEBpH Also See: $AKRX $MCD $UVXY $SMN ~
danrocks
31 Oct 14 09:22:47
$EWJ any other opinions on this? $XLV $MCD $CMG $HPQ $GS http://t.co/3R15sQglFe
Carolyn B Miciano
31 Oct 14 09:20:25
Master the Bull Put and Bear Call spreads http://t.co/sObgAxIanU $GS $COST $FDX
OTPicks.com
31 Oct 14 09:18:52
http://t.co/QkCFZ8H3V8 DennyT: TWTR Press Releases $TWTR $GS $XLE $QTMM $QLD Buy: DennyT http://t.co/qlWYS7zlKx http://t.co/QkCFZ8H3V8
OTPicks.com
31 Oct 14 09:18:52
http://t.co/hjgLwIcNgz DennyT: TWTR Press Releases $TWTR $GS $XLE $QTMM $QLD Buy: DennyT http://t.co/jpJJDrtisU http://t.co/hjgLwIcNgz
clayton
31 Oct 14 09:17:15
$GS Ideas Click Here: http://t.co/Qt6rAXmfEt Also See: $XLY $FREE $HD $XLP ~
Bernard Ginns
31 Oct 14 09:13:47
RT @GoldmanSachs: Congrats to Tech Search Associates winner of @YorkshirePost Young Business Award 2014 sponsored by $GS http://t.co/6nGUow…
christian Martin
31 Oct 14 09:13:23
Do you know why $GS created the @GS10KWomen programs? Because we made so much money that felt guilty and had to give some away
Zubeyr Kamil Açıksar
31 Oct 14 09:11:34
RT @KateKellyCNBC: Senate panel announces hearing on "regulatory capture" after revelations of $GS-NY Fed whistleblower tapes reported by @…
Allen
31 Oct 14 09:11:07
Took profits on $GS
Kate Kelly
31 Oct 14 09:09:57
Senate panel announces hearing on "regulatory capture" after revelations of $GS-NY Fed whistleblower tapes reported by @Jake_Bernstein
jim50
31 Oct 14 09:04:37
$GS 52Wk High Click Here: http://t.co/TGXjM8bEWI Also See: $PEIX $GDX $CCO.TO $UUP ~
Carolyn B Miciano
31 Oct 14 09:04:31
Key technical analysis parameters to look for http://t.co/eZhMIhbeaR $GS $COST $FDX
lookn4wins
31 Oct 14 09:03:17
$GS Ideas Click Here: http://t.co/vJOhxGreS7 Also See: $C $UUP $GRCU $SDRL ~
iHangout
31 Oct 14 09:01:18
http://t.co/vVojvVrNNL DennyT: Cheeky's Board!: TWTR Press Releases $TWTR $GS $XLE $QTMM $QLD Buy http://t.co/BZYuqEa3eJ
Investors Hangout
31 Oct 14 08:59:16
DennyT: TWTR Press Releases $TWTR $GS $XLE $QTMM $QLD Buy http://t.co/CXdz5GOlJQ
Investors Hangout
31 Oct 14 08:59:16
DennyT: TWTR Press Releases $TWTR $GS $XLE $QTMM $QLD Buy http://t.co/Xb2fTB6Cye
Zach Fox
31 Oct 14 08:58:06
Big six, $BAC, $C, $JPM, $WFC, $GS, $MS, and regional banks favor Republicans in campaign $ http://t.co/kqGX4KNK71 http://t.co/Yc7UYCUY3w
DennyT
31 Oct 14 08:56:03
TWTR Press Releases $TWTR $GS $XLE $QTMM $QLD Buy or Sell?,Daily Chart,Stock,Recent News,Alert Stock Quote htt http://t.co/93LTd5C4qD
Arash Moghaddam
31 Oct 14 08:53:33
@Sassy_SPY $GS 100% $mnst 100% GILD 100% all i can say.. u nailed them #lotto queen
12Stocks.com
31 Oct 14 08:50:54
Dow #Stocks Trend $V $AXP $JPM $PFE $NKE $JNJ $HD $PG $MCD $MMM $UNH $TRV $BA $GS $CSCO $VZ $CAT $UTX $DIS $CVX @ http://t.co/TvzJfd0RGT
lookn4wins
31 Oct 14 08:42:41
$BBY Daily Chart $BBY Most recent stock chart and technical analysis. $GS $DUST $FL $ITB $TBT $RY http://stock http://t.co/zBoXe8Cv7X
Media Sentiment
31 Oct 14 08:39:58
$GS received a new alert. Find out why at http://t.co/5udYd0Ofs6 #stocks #daytrading #trading #mkt #NYSE #NASDAQ #markets 333
iHangout
31 Oct 14 08:38:11
http://t.co/Vv1sYDyeQn chartguy89: Stock Charts: MELI Stock Chart $MELI $SLV $GS $V http://t.co/uduMdCxB81
				
				
By  +Follow October 17, 2013 9:10AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.