Initial Unemployment Claims, week ending Nov. 7th
by: Jon Aldrich
Today the Department Of Labor released the initial weekly unemployment claims. From the DOL report:
“In the week ending Nov. 7, the advance figure for seasonally adjusted initial claims was 502,000, a decrease of 12,000 from the previous week’s revised figure of 514,000. The 4-week moving average was 519,750, a decrease of 4,500 from the previous week’s revised average of 524,250.”
So, unemployment continues to get “less bad”, but it’s not actually improving. However, things are looking much better than they did a couple of months ago. Still, we are by no means out of the woods, and not many companies are looking to hire right now.
Also interesting to note for those of us in the Midwest, Wisconsin and Illinois had the two largest increases in initial unemployment claims. This was primarily due to layoffs in the trades and in manufacturing.
The economy is not going to improve until the employment picture turns positive, and it will likely take some time for this to happen. Take a look at the chart below showing the number of people unemployed for more than 26 weeks. Staggering!