August 23, 2012

Unemployment Claims (082312): 372K SA; Last Week’s SA Figure (Naturally) Revised Up by 2K

Filed under: Economy,Taxes & Government — Tom @ 8:28 am

Business Insider’s email forecasts 365,000. So does Reuters.

The report will be released at 8:30.

Here it is:

SEASONALLY ADJUSTED DATA

In the week ending August 18, the advance figure for seasonally adjusted initial claims was 372,000, an increase of 4,000 from the previous week’s revised figure of 368,000. The 4-week moving average was 368,000, an increase of 3,750 from the previous week’s revised average of 364,250.

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 310,121 in the week ending August 18, a decrease of 7,320 from the previous week. There were 344,870 initial claims in the comparable week in 2011.

The current week’s seasonal adjustment factor or 83.4 is the same as last year’s comparable week.

The numbers suggest a nationwide labor market which is barely improving at best, and more than likely going nowhere.

Ohio’s initial claims for the previous week ended August 11 were higher than the same week during 2011.

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3 Comments

  1. In related news, Romney actually has a plan to employ at least 3 million people in full time permanent jobs without using one dime of taxpayer funds:

    Romney to declare goal of North American energy independence by 2020

    http://www.chicagotribune.com/news/politics/sns-rt-us-usa-campaign-romneybre87j0p0-20120820,0,2610963.story

    Romney is to predict that a full-blown energy plan will create 3 million jobs in energy sectors and other areas, part of an ambitious effort to create 12 million jobs during a Romney presidency.

    “I want every American who wants a good job to be able to have one,” Romney told Republicans at a fund-raising event in Little Rock on Wednesday.

    The centerpiece of Romney’s energy plan is to permit individual states to manage energy development on federal lands within their borders, according to a “white paper” released by the campaign and a briefing for reporters by senior aides in advance of the speech.

    Currently the federal government controls development on these lands, and Romney’s aides said that under Obama, this has led to a sharp reduction in exploration over the past year.

    That’s a $300 billion a year shot in the arm for the economy IF we weren’t forced to outsource conventional energy production and JOBS as Obama and his econut supporters so incompetently demand.

    The bottom line is this, it is the height of incompetence NOT to have a workable transition plan in OPERATION if you truly believe in GREEN energy. Outsourcing conventional energy thus losing much needed tax revenue and causing unemployment is NOT an operational plan. Subsidizing and essentially giving tax free profits to wind and solar producers does not encourage them to become more efficient or cost effective, it only reinforces their laziness. Why should they slit their own throats at becoming competitive when they have been so successful at getting the free ride at the taxpayers expense? Altruism? The point of the subsidy is an admission the industry is NOT sustainable, the point of mandating it’s use is the admission the industry will never become sustainable. The point of the tax credit is an admission by politicians they need, want and demand political campaign donations from an unsustainable industry to get re-elected. This holds true not just for wind and solar but also for ethanol. You want term limits on politicians? Then stop all subsidies, mandates and tax credits. Without them, the professional politician will cease to exist.

    Comment by dscott — August 23, 2012 @ 9:02 am

  2. Now to think about the previous post, something bears repeating:

    What James Madison said about Hope and Change

    http://www.publiusforum.com/2010/02/20/what-james-madison-said-about-hope-and-change/

    Comment by dscott — August 23, 2012 @ 9:18 am

  3. [...] won’t finds signs of stronger growth in falling consumer confidence; rising initial unemployment claims; the most recent increase in the nation’s unemployment rate, Gallup’s belief that the [...]

    Pingback by BizzyBlog — August 29, 2012 @ 7:05 pm

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