The US job market hasn't looked this good since the 1970s

[SirLinksALot]

SOURCE: BUSINESS INSIDER

URL: http://www.businessinsider.com/initial-jobless-claims-october-6-2016-2016-10

by: Akin Oyedele


The US labor market has not looked this good since the 1970s, judging solely by initial jobless claims.

The number of first-time filings for unemployment insurance fell to 249,000 last week, according to the Department of Labor.

That's just 1,000 more than the lowest level of this economic cycle hit in April.

The four-week average of claims, which evens out some of the week-by-week volatility, fell by 2,500 to 253,500, the lowest level since December 8, 1973.

Economists had forecast that claims climbed to 256,000 last week from 254,000 prior, according to Bloomberg.

Because it's a weekly data series, it tends to be volatile and subject to revision. But the claims report is one of the most timely ways to gauge how the labor market is doing, and usually gives an early warning when things are going south.

But right now, claims tell us that the labor market is solid. The weekly print has not risen above 300,000 for 83 straight weeks, the longest streak since 1970.

The claims numbers come ahead of the September jobs report on Friday, which is forecast to show that the US economy added 172,000 nonfarm payrolls, according to Bloomberg.

[XenaLee]

SOURCE: BUSINESS INSIDER

URL: http://www.businessinsider.com/initial-jobless-claims-october-6-2016-2016-10

by: Akin Oyedele


The US labor market has not looked this good since the 1970s, judging solely by initial jobless claims.

The number of first-time filings for unemployment insurance fell to 249,000 last week, according to the Department of Labor.

That's just 1,000 more than the lowest level of this economic cycle hit in April.

The four-week average of claims, which evens out some of the week-by-week volatility, fell by 2,500 to 253,500, the lowest level since December 8, 1973.

Economists had forecast that claims climbed to 256,000 last week from 254,000 prior, according to Bloomberg.

Because it's a weekly data series, it tends to be volatile and subject to revision. But the claims report is one of the most timely ways to gauge how the labor market is doing, and usually gives an early warning when things are going south.

But right now, claims tell us that the labor market is solid. The weekly print has not risen above 300,000 for 83 straight weeks, the longest streak since 1970.

The claims numbers come ahead of the September jobs report on Friday, which is forecast to show that the US economy added 172,000 nonfarm payrolls, according to Bloomberg.

This good? 

Ahem....

Private sector adds a weaker-than-expected 154,000 jobs in September

Employers added 154,000 private-sector jobs last month, down from 175,000 in August, Automatic Data Processing Inc. reported. This is the smallest increase since April.

The numbers: The Labor Department said Thursday that the number of applications for jobless aid slid by 4,000 last week to a seasonally adjusted 259,000, lowest since mid-July.

Manufacturing lost 6,000 jobs in September.

http://www.marketwatch.com/story/adp-reports-154000-jobs-added-in-september-2016-10-05

So get back to us when (if ever) the added jobs per month (154,000)....are higher than the 'new' weekly applications for unemployment (259,000).  It ain't rocket science (but apparently, it is to some).

[skeeter]

So the labor market is better today than it was during the Reagan Recovery?

Doesn't pass the giggle test - no sale.

[XenaLee]

Yeah....and....the unemployment rate under the Obama Democrats is only 4.9%.   Honest!!!

[andy58-in-nh]

RE: Initial claims are down because a huge number of able-bodied people are no longer counted among as "unemployed" or as part of the job market.

What is the age group of these able-bodied people? I hope they don't count those who should be in school ( the teens ) and those who are near retirement ( 60 and above ).

[dfwgator]

Straight from the Goebbel's Ministry of Propaganda.

[IsailedawayfromFR]

There is nothing in this pronouncement that can be believed.

Unless you believe Hillary is believable.

[Frank Cannon]

Sounds like we went from U-3 to U-1 statistics to get to this rosy outlook.

[Idaho_Cowboy]

I wasn't there, but I have it on good authorities the 70's were not a good time for the economy under Jimmy Malaise Carter.

[GtHawk]

So......you don't consider those who are 60 or above able bodied? It's that kind of thinking by employers that kept me, my friend and only God knows how many thousands from being hired and forced off the employment rolls

OK, sorry if I stuck a nerve, but I've always assumed that those above 60 are planning for or either on social security. If I am wrong about this, I stand corrected. Sorry.

The sad fact is most companies do not want to hire older people.  Ageism is rampant in this country and even though it is illegal to discriminate based on age, I don't know how you can consistently ENFORCE this law.

 That is why if you include those in their sixties in the stats for labor participation rate, it will skew the percentage HIGHER.

To be fair, this will also occur if you include those in their teens.

That is why I prefer to see the stats for this age range -- 23 to 59

 

[GtHawk]

I wasn't there, but I have it on good authorities the 70's were not a good time for the economy under Jimmy Malaise Carter.

I was there, and they were not!