Applications for unemployment aid plunge to 42-year low

[Zippyjuan]

http://www.usatoday.com/story/money/...-low/30558787/

The number of Americans filing initial applications for unemployment benefits fell to a 42-year low last week in the latest sign the labor market is poised for further gains.

First-time claims for the week ending July 18 dropped by 26,000 to 255,000, the lowest level since 1973, the Labor Department said Thursday. Economists surveyed by Bloomberg expected a dip of just 3,000.

The four-week average, which smooths out volatility, declined by 4,000 to 282,500.

Last week’s decline was likely accentuated by two big summer auto plant shutdowns. Yet the total was a record low after adjusting for population gains since 1973.

Initial jobless claims are a reliable gauge of layoffs. And with the unemployment rate at a seven-year low of 5.3% and a growing number of workers feeling confident enough to switch jobs, many employers are holding on to staffers.

“There is certainly no sign of the labor market losing momentum,” says Jim O’Sullivan, chief U.S. economist for High Frequency Economics.

The economy has gained nearly 3 million jobs in the past year. With that many more people earning paychecks, economists forecast that spending should pick up and help fuel growth for the rest of this year.

US population in 1973 was 212 million. Today it is 319 million- an increase of 50%.

[PRB]

http://www.usatoday.com/story/money/...-low/30558787/



US population in 1973 was 212 million. Today it is 319 million- an increase of 50%.

Food stamp still at all time high. Thanks Obama.

[tod evans]

Yup, more jobs paying living wages than there are people to fill them...

A chicken in every pot.





Rainbows and $#@!ing lollipops.

[euphemia]

How does that compare to the overall population? How does it compare with the people retiring and applying for Social Security or people applying for welfare and other entitlements? Could any of this be because people are working more than one job to keep their household afloat?

[Danke]

Maybe they already used up their allotment.

[Anti Federalist]

How'd I know this would be a Zippy thread?

[Origanalist]

How'd I know this would be a Zippy thread?

You're psychic.

[oyarde]

Food stamp still at all time high. Thanks Obama.

Pretty much how it will sit . Work Force participation at an all time low for the avg age of a member here .More than ever under retirement age drawing disability , food stamps etc . Socialist train wreck.LOL

[oyarde]

How'd I know this would be a Zippy thread?

i had a dream of it two nights ago , so I just looked for it .

[oyarde]

Maybe they already used up their allotment.

Most likely , they are over 50 or under 23 and just live with someone else and gave up , looking at all of amerikas new opportunities , govt worker , bruce jenner , you know $#@! like that.

[heavenlyboy34]

Most likely , they are over 50 or under 23 and just live with someone else and gave up , looking at all of amerikas new opportunities , govt worker , bruce jenner , you know $#@! like that.

The unemployed should be employed by the gov't or summarily killed. Ta-da! Zero unemployment! Three cheers for The Greater Good!









yes, this is grim /sarc

[angelatc]

My husband I literally laughed out loud when we heard NPR proudly reading the governments press release on this this morning.

I am old enough to know what economic recoveries look like. This isn't one.

[oyarde]

My husband I literally laughed out loud when we heard NPR proudly reading the governments press release on this this morning.

I am old enough to know what economic recoveries look like. This isn't one.

What we have , and have had , is it until the next downturn .

[ClydeCoulter]

What we have , and have had , is it until the next downturn .

Depends. Theye are considering it, tonight. Theye go to sleep and awake considering it. While you do what you have to do, like mowing the grass, grocery shopping, spending time with the kids and wife, who may or may not agree with your last decision...
Theye are spending their time considering what impacts something has on their "idea of the plight of mankind", in their vision.

[loveshiscountry]

June 2015 average duration in weeks unemployed 28.1
From 2000-2008 before the crash the average duration in weeks unemployed was between 12-20 weeks

[Zippyjuan]

June 2015 average duration in weeks unemployed 28.1
From 2000-2008 before the crash the average duration in weeks unemployed was between 12-20 weeks

There are some long- term unemployed holding up that average. The median (half are higher, half are lower) is only 11.3 weeks. That is less than half what it was at the peak of 25 weeks in 2010.

http://www.bls.gov/news.release/empsit.t12.htm



In just the last year, those unemployed for 27 weeks and over fell by one third- from 3 million to 2.1 million. As a percent of the unemployed, those out 27 weeks or more fell from 30% to 25.8%. Those out 15 weeks or more (which includes the 27 weeks or more) fell from 4.5 million to 3.5 million.

[Origanalist]

There is no denying things are better now than a few years ago. I'm busy as hell and turning away work. However, I'm not representative of too many people. I have a clientele built up over years and i'm not even on the books. for those playing by mandated government rules it's still pretty hit and miss whether you're doing well.

[angelatc]

There is no denying things are better now than a few years ago. I'm busy as hell and turning away work. However, I'm not representative of too many people. I have a clientele built up over years and i'm not even on the books. for those playing by mandated government rules it's still pretty hit and miss whether you're doing well.

I agree that things are better than they were. But those of us older than 30 remember periods where almost all businesses had help wanted signs out. Nobody made minimum wage because wages were higher.

[Origanalist]

I agree that things are better than they were. But those of us older than 30 remember periods where almost all businesses had help wanted signs out. Nobody made minimum wage because wages were higher.

I remember much better times, and I don't think this brief reprieve is going to last.

[angelatc]

I remember much better times, and I don't think this brief reprieve is going to last.

What truly breaks my heart is that this is what some people will remember as the good ol' days.

[Zippyjuan]

The "Good Old Days" are always fondly remembered as being better than they actually were. They can only be appreciated with hindsight. But are we the best we have been? No. Are we the worst? Definitely not. Have things improved since the Great Recession? Absolutely. For everybody? There is always somebody doing better than they were and worse than they were.

Remember the booming 80's? How about the high gas prices and inflation? The double digit unemployment in 1980? World was peaceful with no problems? Except fears of nuclear war with Russia and massive protests against Reagan's plans to build more nuclear weapons. Terrorism in the Middle East. Iran Contra arms for hostages. Drug wars in Central America and proxy wars around the world. War in Afghanistan (the Russians this time).

[angelatc]

The "Good Old Days" are always fondly remembered as being better than they actually were. They can only be appreciated with hindsight. But are we the best we have been? No. Are we the worst? Definitely not. Have things improved since the Great Recession? Absolutely. For everybody? There is always somebody doing better than they were and worse than they were.

Remember the booming 80's? How about the high gas prices and inflation? The double digit unemployment in 1980? World was peaceful with no problems? Except fears of nuclear war with Russia and massive protests against Reagan's plans to build more nuclear weapons. Terrorism in the Middle East. Iran Contra arms for hostages. Drug wars in Central America and proxy wars around the world. War in Afghanistan (the Russians this time).

The 80's were awesome. Everybody was making obscene amounts of money and pretty much ignoring the games that DC was playing overseas. Lunchtime martinis, cocaine in the clubs...then came AIDs.

[oyarde]

[QUOTE=Origanalist;5932812]There is no denying things are better now than a few years ago. I'm busy as hell and turning away work. However, I'm not representative of too many people. I have a clientele built up over years and i'm not even on the books. for those playing by mandated government rules it's still pretty hit and miss whether you're doing well.[/QUOTE Where I live , it never stopped or slowed for my local plumbers , heating & air guys , auto mechanics ......that just do repairs.....

[LibForestPaul]

The number of Americans filing initial applications for unemployment benefits fell to a 42-year low last week in the latest sign the labor market is poised for further gains.

in other news, china economy is recovering. The statistics is irrelevant, because it is measuring nothing.

My question,

What are the income tax forms for under 35 looking like, w-2? How do they compare, inflation adjusted, for a generation ago? Let me know when you get a stat that I actually care about.

[acptulsa]

Or, to put it another way, nobody seems to be able to hold a job for six months before getting laid off any more, so their unemployment insurance never kicks back in.

In just the last year, those unemployed for 27 weeks and over fell by one third- from 3 million to 2.1 million. As a percent of the unemployed, those out 27 weeks or more fell from 30% to 25.8%. Those out 15 weeks or more (which includes the 27 weeks or more) fell from 4.5 million to 3.5 million.

Isn't it odd how the term of unemployment the federal government was doling out went from nine months to six months, and magically the term fell from some 38 weeks to some 26 weeks? Of course, the federal government only counts you as unemployed until your benefits run out, and after that assume that you aren't looking for work because you aren't bothering to prove to them that you're looking for work. But that's just a coincidence. Couldn't possibly mean that some one quarter of the nation is screwed by a government that refuses to allow the economy to recover.

[Zippyjuan]

Being on unemployment insurance is not what determines if a person is considered unemployed. What is required is to not be currently working and actively looking for a new job. They measure it by polling 60,000 people a month with a new group of 20,000 being rolled in each month (they follow one person/ household for a three month period). If you aren't looking for a job, they assume you don't want one and have removed yourself from the labor force.

[acptulsa]

Being on unemployment insurance is not what determines if a person is considered unemployed. What is required is to not be currently working and actively looking for a new job. They measure it by polling 60,000 people a month with a new group of 20,000 being rolled in each month (they follow one person/ household for a three month period). If you aren't looking for a job, they assume you don't want one and have removed yourself from the labor force.

And of course they can tell if you're looking for a job even if you aren't proving it to them every week, and even if you're homeless, because Obamaphones.

[Zippyjuan]

They have a long list of questions they ask weekly to determine if somebody has been looking for work or not as well as if they were working during the time period. Not looking and not working? Not in the labor force and not unemployed.

[VIDEODROME]

Many people have used up their unemployment or do not qualify. So they are not applying or actively phoning in their status.

What these people are doing probably varies a lot. Some are living with parents / family. Some are doing cash jobs on Craigslist.

[Zippyjuan]

They don't phone in. They are randomly called. Then they are followed up on for the next three months. And as was said, applying for or receiving unemployment insurance is not a qualification they look at. However, to be receiving unemployment insurance you do need to be actively seeking employment.