Initial weekly unemployment claims for July 1, 2010

Most readers on this site know initial weekly unemployment claims is a volatile number, subject to revisions. Tomorrow the monthly unemployment report will be released. Regardless the below graph shows a disturbing trend in weekly initial unemployment claims, they simply are not going down to pre-recession levels. The 4-week average on initial unemployment claims is as high as March 2010.

 

 

This week the number increased 13,000 to 472,000. A general rule of thumb is weekly initial unemployment claims need to drop below 400,000 for job growth to occur.

In the week ending June 26, the advance figure for seasonally adjusted initial claims was 472,000, an increase of 13,000 from the previous week's revised figure of 459,000. The 4-week moving average was 466,500, an increase of 3,250 from the previous week's revised average of 463,250.

The advance seasonally adjusted insured unemployment rate was 3.6 percent for the week ending June 19, unchanged from the prior week's revised rate of 3.6 percent.

The advance number for seasonally adjusted insured unemployment during the week ending June 19 was 4,616,000, an increase of 43,000 from the preceding week's revised level of 4,573,000. The 4-week moving average was 4,567,500, a decrease of 25,250 from the preceding week's revised average of 4,592,750.

The fiscal year-to-date average of seasonally adjusted weekly insured unemployment, which corresponds to the appropriated AWIU trigger, was 5.077 million.

Notice the insured unemployment rate. There are now 1.3 million who are no longer counted due to the Senate's (GOP), refusal to pass the unemployment insurance benefit extension. Notice in that bill there were corporate international tax codes changes to stop giving corporations money when they offshore outsource your job.

In the week ended June 12, about 4.92 million jobless workers received extended federal benefits, down from 5.30 million. The figures are not seasonally adjusted.

Extended benefits are offered to some workers after they use up eligibility for state unemployment compensation, usually after 26 weeks. Congress has extended benefits for up to 99 weeks in the states hardest hit by the recession.

The extension has already expired, however, and lawmakers have not been able to agree on a proposal to renew it. As result, thousands of workers who have exhausted regular benefits are no longer receiving extra cash. The Labor Department estimates 3.3 million people could lose extended benefits by the end of July if they are not renewed.

Altogether, 9.29 million people were collecting some type of unemployment benefits in the week ended June 12.

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unemployment and congress

Wow, without the unemployment insurance, looks like out economy is headed straight from a recession to a depression. That's at least 3.3 million dollars (if each person collecting unemployment spends 1 dollar). Can we afford not to extend these benefits???

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it's going to be bad

UI has one of the largest stimulus multipliers of all approaches. But more, it's like the U.S. workforce can go to hell by this administration and this Congress (and it's the GOP who doesn't want to pass corporate tax code modifications to stop handing multinational corporations big bucks to offshore outsource your job)....

But bottom line the overall message is the U.S. worker can go to hell. They refuse to implement a true BUY AMERICAN and HIRE AMERICA direct jobs program, "Stimulus" money poured overseas, they gave contracts to overseas companies employing workers in other countries.....they absolutely REFUSE to rescind offshore outsourcing Federal and State contracts, which represent millions of jobs...

It's all pure political favoritism B.S. I think we're going into recession again and a huge reason is their refusal to favor the U.S. worker, the U.S. middle class in policy. Note they aren't doing a damn thing about the China trade deficit and literally want to pass more bad trade deals!

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The American Government

The American Government cannot fail to extend the benefits, if they are a government for the pwople.
However, as a disabled vet who ir treated as a 3rd class citizen, i am aware that we have a government for the government. We all recognize that we are heading towards socialism, and that our politicians are just fat and rich and trying to get richer by giving less to the working men and women in America,. Our government was set-up by godly men seeking the best for everyone in the country. Their successors care only for themselves, and wouldn't care if the 99% die in poverty, as long as the 1% live in wealth.
Dana Maxwell
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Dana, socialism is for the people

Socialism would mean wealth equality would be addressed, i.e. it's for the middle classes. That's the real definition, not the Glenn Beck version. There are many forms and I'm referring to the ones practiced in Canada, Norway, Sweden, Denmark, Finland and so on.

What you mean is Corporatism or Totalitarianism. One can call the Soviet Union a totalitarian state or the Nazis. Crony Capitalism or unfettered capitalism is when a group of super elites or super rich suck up all of the money and power for themselves at the expense of the rest of the Populace and nation.

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depression? no, suicidal

The third world countries and our congress are punishing us for wanting workers rights and benefits.

The US corporate and Congress are pushing us backwards to make us a third world country.

It's working.

The poor are getting poorer now that congress voted against the ui extensions.

Unemployment numbers are NOT Getting better .. the new numbers no longer include those who can't can pull from unemployment.

The real unemployment estimate is ~18% of the U.S. are jobless. Look it up.

More and more companies are shipping in from third world countries and aren't using the millions of people who are out of work here.

I'm a direct result of that. Now homeless living on unemployment. 10+ years experience as a Project Manager for the web and IT spaces. Lost my job to outsourcing three times.

Was told by a friend in hr at one of the companies that have jobs posted that they are posting it and won't fill it from someone here.

I know for a fact a large silicon valley company just hired a bunch of india guys (home base india) claiming they couldn't find anyone to fill the roles here.

Are you kidding me?

STOP OUTSOURCING OUR JOBS ... IT IS NOT GOOD FOR THE ECONOMY ... NOT GOOD FOR THE US ... NOT GOOD FOR FAMILIES .... AND NOT GOOD FOR THE WORLD ...

STOP ALLOWING THE US TO FALL INTO THIRD WORLD STATUS

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hello depressed and suicidal

Firstly, create an account on this site and respond to the email you get from that. We're pretty worker friendly and I happen to focus heavily on STEM labor.

I'm sure what you report is true, that while Americans cannot find a job, companies are busy importing foreign labor, claiming a "cough" shortage and obviously nothing is further from the truth at this point.

Secondly, a site devoted to pure STEM labor issues is NoSlaves.com. Good rants and info are useful there. We just had the President of the United States try to claim the U.S. needs more Indian tech workers to work in the U.S. What an unreal insult with so many Americans, American technical professionals, being out of a job. Unbelievable when the result of this offshore outsourcing conduit is our number 1 export is high paying jobs.

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USA....A Third World Country?

I am one of those nameless, faceless millions that has been abruptly cut-off of unemployment that you were talking about and I am outraged at how congress is treating us. I am a college graduate and have worked hard all my life. Congress is sticking their middle finger up at us. I just paid my rent with the last money in my account. I am going to be 2 months behind on utilities. I have my last $20 to eat for the rest of the week….my bank account will then say $0. I am holding my breath for July 12th.
THIRD WORLD COUNTRY?
My cousin is a college educated Lan Administrator and certified computer person and his has been pounding the pavement like an animal for a job. His unemployment benefits got cut at the worst time and he is now losing his apartment so he has to move in with my aunt, uncle and her daughter and 3 kids…I feel like I am having a bad dream.
My brother… a hard working AMERICAN…is losing his business of many years…his marriage has fallen apart and he will now have to move into the basement of a fellow college mate until he can back on his feet.

My Father, who worked harder than any person I know his whole life…just lost his house and had to move in with my sister and her husband and 4 kids…along with my other 2 sisters. They are living on top of each other. This is UNPRECEDENTED for anyone in my family!
EVERYONE I KNOW who is out of work is desperately trying to get work! AMERICANS ARE NOT LAZY!!!!
I am livid!!!!!!

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Hi MMD

I know what you're saying it true and it's disgusting that hard working, even college educated, highly skilled are going to poverty, homelessness and hunger.

I'm not doing so well myself. You might consider trying to get food stamps, that's about all that's left these days in terms of any help frankly but at least it can buy some food.

I'm pissed too, as you can probably tell from my recent 10,600,000 jobs post. This is a national emergency and people absolutely must get income and they should do whatever it takes and on top of it, put the citizens this government is responsible for 1st.

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