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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
TalkMarkets Recap
28 Apr 15 08:09:05
#Goldman Warns Companies To Halt #Buybacks At Record #Valuations, Reminds What Happened In 2007 $GS $SPY $FDX $GE http://t.co/o1dCF3oPs0
Kevin Flandez
28 Apr 15 08:03:03
$GS pushing/betting on $WYNN
Johnny Trades
28 Apr 15 08:01:56
$GS Watching prior R level as alert bouncing near term off 194.50 need another 4pt to the downside
Ryan Fazio
28 Apr 15 07:59:09
$GS study: New regs, esp banking regs, have dried up credit for small biz, which are struggling while big biz thrives http://t.co/ZelDOVIOnZ
28 Apr 15 07:54:10
Stocks Trending Now: http://t.co/3L8CEGgR78 $UUP $GS $DANG $COH $ENZN $DIS $HXD.TO $GDX $JDST $MDY $QLD $MRK ~
Shanny Basar
28 Apr 15 07:53:05
RT @hedgeyeJC: $GS and $MS gained equity trading share this quarter at the expense of $BAC and $C http://t.co/viPqZFEBBZ
dakin campbell
28 Apr 15 07:51:51
RT @hedgeyeJC: $GS and $MS gained equity trading share this quarter at the expense of $BAC and $C http://t.co/viPqZFEBBZ
Stock Trade Alerts
28 Apr 15 07:46:06
5-min Candle Alert $GS-A - GOLDMAN SACHS GROUP #daytrader #stocks ~ via #AlertTrade
28 Apr 15 07:45:27
@Zackfoot @GothamResearch numbers didn't add up whats weird Warburg pincus & $gs own big chunck
28 Apr 15 07:45:18
$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/qaZTdGuspt
CEO Technician
28 Apr 15 07:41:09
"@howardlindzon: I would add to my 'cautious' market stance that Goldman Sachs looked like a sure breakout, now a messy pullback $GS"
28 Apr 15 07:40:27
I would add to my 'cautious' market stance that Goldman Sachs looked like a sure breakout, now a messy pullback http://t.co/4wNdvtKt0z $GS
Options Markets News
28 Apr 15 07:31:29
SPX hitting ceiling ? http://t.co/xX14Ng3ykT $GS $COST $FDX
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$GS - Prospectus Filed Pursuant to Rule 424(b)(2) (424b2) http://t.co/ReCcmsfpSw
Quantpost Financial
28 Apr 15 07:21:58
$GS News: "Daily Round Up 4/27/15: LOGI, OPK, PFIS, CEN $AN $BDCV $BK $CEN …" https://t.co/aH3WzqCCEu Analyze: https://t.co/LziYqnqoSk
Insider Stock Buys
28 Apr 15 07:21:57
http://t.co/PaeoOqXYCN Daily Round Up 4/27/15: LOGI, OPK, PFIS, CEN http://t.co/0aM3HSzFgR $AN $BDCV $BK $CEN $EEFT $ESPR $FEYE $GOOG $GS
Seeking Alpha
28 Apr 15 07:21:57
http://t.co/y3ZkTSXVfQ Daily Round Up 4/27/15: LOGI, OPK, PFIS, CEN http://t.co/ZcmR9mS3mR $AN $BDCV $BK $CEN $EEFT $ESPR $FEYE $GOOG $GS
FinSentS SP500
28 Apr 15 07:21:22
$GS:US QTS Realty Trust Inc (QTS) Releases FY15 Earnings Guidance #GOLDMAN SACHS GROUP INC http://t.co/4MPsj8JIPW #SP500
Trusted Forex & CFD
28 Apr 15 07:19:23
ALERT: New MACD signal created on $GS - Sell at 194.82 - Time: 14:19 - Strength: 10. Powered by http://t.co/Iz0x79yimR
John L. Boone
28 Apr 15 07:19:18
Game time the next 2 weeks.......$VXX c's $GS p's and a longshot for 2morrow w/ $LL c's #getsome #correctiontime
28 Apr 15 07:16:55
$SBUX stock Last Trade Click Here: http://t.co/Kf83iGEA1h Also See: $GS $GOOGL $NUGT $MYEC #stockmarket #tradeideas ~
John L. Bair
28 Apr 15 07:14:34
#Simona #Faucette $GS $MS #MobileIron $MOBL #Caprecom #chooses #BlackBerry's $BBRY #cross-platform #BES12 #eBBM #BBM http://t.co/k9Bgdq7Bvk
Jeff York, PPT
28 Apr 15 07:09:57
Back in January when $GS upgraded $AAPL I tweeted, "don't listen to GS, the charts show strong Res @ $130-135". 🎯 http://t.co/CbJU0nSlEU
28 Apr 15 07:07:44
Must join site $NFLX Click Here: http://t.co/ltmvzd43bz Also See: $NEM $GS $SPXU $CLDN ~
28 Apr 15 06:55:55
$BK everyone talks about $GS but this one has been leading the charge
Breaking News Now
28 Apr 15 06:37:02
$HPQ $GS: Brazil's March Unemployment Rate Climbs in Blow to Rousseff: http://t.co/m15Ak1xVIW
Options Markets News
28 Apr 15 06:27:05
How far can #SPX go http://t.co/xX14Ng3ykT $GS $COST $FDX
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28 Apr 15 06:16:54
My job is to be the champion of our people. We don't have factories or equipment, we have people. -Blankfein #bagelsandstocks @UJAfedny $GS
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28 Apr 15 06:16:07
Software errors & fat-fingered cyber mistakes top Lloyd Blankfein's list of worries #bagelsandstocks @UJAfedny $GS
28 Apr 15 06:15:05
Goldman Sachs, The Clintons And $200K $GS | http://t.co/8flYK7Twsx
pushkar vaze
28 Apr 15 06:07:37
Where will you be when Greece defaults? http://t.co/SAwF3HIxe4 $spy $$ $study $gs $hpq #eurusd #fx #cnbc $lm #hft $ca $pcln
28 Apr 15 06:05:35
$GS gives Buy rating on $AAPL, PT to $163 from $145 on earnings
Rob Gee Lau
28 Apr 15 05:54:28
RT @GoldmanSachs: Being diverse is not optional; it is what we must be. @japantimes on $GS at Tokyo #LGBT parade http://t.co/GrlLcUoPTp htt…
28 Apr 15 05:43:05
Stocks Trending Now: http://t.co/3L8CEFZgfA $CAT $VLO $JNJ $ARIA $SLTD $EA $REGN $GS $TSLA $GDX $CLDN $HPQ ~
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$ADT stock Change Click Here: http://t.co/vbEoJ95Qn3 Also See: $MAT $GS $AXP $INTC #stockmarket #tradeideas ~
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$GS $JPM $C $BAC: Venezuela Enriches Goldman Sachs, Hedge Funds as Bonds Surge ...: http://t.co/3E06hVxaho
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Sarah G. Smith Sells 9,328 Shares of Goldman Sachs Stock $GS http://t.co/pijM7Nffyu
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28 Apr 15 05:07:47
RT @GoldmanSachs: Being diverse is not optional; it is what we must be. @japantimes on $GS at Tokyo #LGBT parade http://t.co/GrlLcUoPTp htt…
Sleek Money
28 Apr 15 05:05:25
Goldman Sachs Upgraded by Vetr Inc. to Hold $GS http://t.co/LMMxKgb05t
Investors Hangout
28 Apr 15 05:04:57
$UNH stock Tick Click Here: http://t.co/lDLxxGP3aM Also See: $V $XLU $REGN $GS #stockmarket #tradeideas ~
28 Apr 15 04:58:03
$MCP stock News Click Here: http://t.co/pBrHVIbB0e Also See: $HBI $IEV $PFE $GS #stockmarket #tradeideas ~
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28 Apr 15 04:48:12
$UDN stock Stock Message Board Click Here: http://t.co/l9gd24xJxm Also See: $SSO.TO $GILD $XLE $GS #stockmarket #tradeideas ~
28 Apr 15 04:45:10
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$IRM $GS: Iron Mountain to Buy Recall for $2 Billion After Raising Offer: http://t.co/jKK2mh0mhQ
Rosner Stocks
28 Apr 15 04:36:25
$GERN stock Prev Close Click Here: http://t.co/9N4Htp92CN Also See: $ABX $ACT $GS $TRV #stockmarket #tradeideas ~
28 Apr 15 04:24:50
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28 Apr 15 04:20:16
$GS stock Bid Click Here: http://t.co/U8HcNj6VVH Also See: $T $FEYE $NSAV $BAP #stockmarket #tradeideas ~
Stock Forums
28 Apr 15 04:18:39
$CLDN stock Financials Click Here: http://t.co/bfrW3KKxQp Also See: $VLO $GS $SWKS $ADMD #stockmarket #tradeideas ~
28 Apr 15 04:10:42
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#1 site for investors! $AAL Click Here: http://t.co/BgYqnMWrtn Also See: $GS $HD $SLV $DXJ ~
By  +Follow October 17, 2013 9:10AM



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