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Thursday, June 23, 2011

Initial unemployment claims increase for fourth straight month, while consumer spending decreases

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American consumers are pulling
back on spending as jobless claims
rise for the fourth straight month.
Despite positive job creation tea leafs President Obama offered earlier in the year, after extending jobless claims in December 2010 for claimants under 99 weeks and the Bush tax cuts for the top 15% so-called 'job creators', readings in the job market doesn't appear to look very promising. 

Specifically, the Bureau of Labor Statistics (BLS) report on June 23rd, cited initial unemployment benefit claims for newly jobless individuals, rose by 9,000 last week to 429,000 applications. These figures accounted for the "biggest" jump in a month, according to the Associated Press. 

Other discouraging economic signs include inflationary increases to gas and food prices, halt of businesses actively hiring, severe pull-back of consumers discretionary spending and private economists casting "pessimistic" projections for recovery. This is the fourth straight month of upward trend increases in the jobless numbers.

From the Bureau of Labor Statistics report released on June 23, 2011 
In the week ending June 18, the advance figure for seasonally adjusted initial claims was 429,000, an increase of 9,000 from the previous week's revised figure of 420,000. The 4-week moving average was 426,250, unchanged from the previous week's revised average of 426,250.  
The total number of people claiming benefits in all programs for the week ending June 4 was 7,538,448, an increase of 137,220 from the previous week.
The advance seasonally adjusted insured unemployment rate was 2.9 percent for the week ending June 11, unchanged from the prior week's unrevised rate of 2.9 percent. 
The advance number for seasonally adjusted insured unemployment during the week ending June 11 was 3,697,000, a decrease of 1,000 from the preceding week's revised level of 3,698,000. The 4-week moving average was 3,709,500, a decrease of 5,250 from the preceding week's revised average of 3,714,750. 
The advance number of actual initial claims under state programs, unadjusted, totaled 394,925 in the week ending June 18, a decrease of 5,683 from the previous week. There were 427,080 initial claims in the comparable week in 2010.
 The highest insured unemployment rates in the week ending June 4 were in Alaska (4.6 percent), Puerto Rico, Oregon, Pennsylvania, California, Nevada, Connecticut, New Jersey, Arkansas , Idaho, Illinois, Mississippi, New Mexico, Washington, and Wisconsin. 
The largest increases in initial claims for the week ending June 11 were in Pennsylvania (+6,019), California (+3,884), Texas (+3,333), Georgia (+3,235) and Ohio (+2,984). 
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