The Hits Just Keep on Coming: Initial Jobless Claims Come in at 382K SA
In the week ending September 8, the advance figure for seasonally adjusted initial claims was 382,000, an increase of 15,000 from the previous week’s revised figure of 367,000. The 4-week moving average was 375,000, an increase of 3,250 from the previous week’s revised average of 371,750.
… UNADJUSTED DATA
The advance number of actual initial claims under state programs, unadjusted, totaled 297,402 in the week ending September 8, a decrease of 12,058 from the previous week. There were 328,868 initial claims in the comparable week in 2011.
Business Insider’s email predicted 370,000. The seasonal factors used this year and during the same week last year are virtually identical (78.2 and 77.8, respectively).
As usual, last week’s 365,000 was revised up, this time by a relatively modest 2,000.
The relatively low number of raw claims probably relates to the week involved only having four business days due to the Labor Day holiday.
Well, expect less claims as the number of hours called full time has been reduced.
OBAMACARE REDEFINES ‘FULL TIME’ EMPLOYMENT AS 30 HOURS A WEEK
http://www.breitbart.com/Big-Government/2012/09/11/NFIB-New-Regulation-More-Proof-Obamacare-is-Bad-Law-Nearly-Impossible-to-Administer
So now by bureaucratic fiat which no legislature approved, you are considered a full time worker at 30 hours. In other words, your employer can reduce your hours by 25% and by implication you are NOT eligible for partial unemployment insurance. Look for employers to start cutting the work week to comply with the new definition of full time thus giving everyone a 25% pay cut. Yeah, that’s the ticket, you can have a 3% pay rate increase but you’ll be working less.
The good news is during this current downturn, you won’t get laid off. So all you part timers will be working 29 hours or less and all you full timers will be working 30 hours. If this keeps up, we can work three 10 hour days and call it a business week. Anyone up for 4 day weekends?
Next question, if full time now equals 30 hours, will overtime start at 30 or 40 hours per week?
Comment by dscott — September 13, 2012 @ 11:11 am
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