US joblessness crisis worsens as nearly 900,000 file new unemployment claims

Homepage | Forums | Main Forums | Latest Breaking News | US joblessness crisis worsens as nearly 900,000 file new unemployment claims

Viewing 5 reply threads
  • Author
    Posts
    • #354890
      Ohio Barbarian
      Moderator
      • Total Posts: 17,063

      (WSWS) New data released by the US Department of Labor on Thursday showed that 881,000 jobless workers filed new unemployment claims last week, exploding claims of an economy in recovery as the worst job crisis in generations continues.

      An additional 759,000 people applied for Pandemic Unemployment Assistance (PUA), which was created as part of the CARES Act for self-employed, contract, freelance and so-called “gig” workers, an increase of roughly 150,000 from the week before.

      (skip)

      Thursday’s new unemployment claims data mark only the second time in the last 22 weeks that the Labor Department reported less than one million new claims. However, the federal agency recently changed its methodology in reporting overall jobless claims. In a press release, the department advised that it was adjusting its seasonal calculations from using “multiplicative factors” to “additive factors” that the department states will be more accurate “in the presence of a large level shift in a time series.”

      These “adjusted” figures do not take into account workers who have had their hours reduced drastically or cut off completely, as is the case with many retail and hospitality sectors. The numbers also do not account for workers who are still nominally employed, but who have not been called back to work yet. Such is the case with office workers in various industries who have been given the “option” of taking an unpaid leave of absence, thereby remaining “employed,” but no longer collecting a paycheck.

      Full story here

      It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

      Show me a man that gets rich by being a politician, and I'll show you a crook.--Harry Truman

    • #354895
      Bearian
      Participant
      • Total Posts: 589

      because claims were down over last month. They were all cheery . It was a Sinclair Broadcasting station. Spin Spin Spin

    • #354950
      mrdmk
      Participant
      • Total Posts: 2,229

      New Unemployment claims are a Leading Economic Indicator as to whether the Economy is Expanding or Contracting.

      Unemployment claims being dropped is a Lagging Economic Indicator as to whether the Economy is Expanding or Contracting.

      New employees are generally counted by private entities such as ADP and the standards are loose, can be used in taking a snapshot of the Economy with a plus/minus factor.

      With these descriptions in mind, below is a graph with a current trend:

      Because the graph was altered to show weekly graduation instead of monthly, this line is a link to the original

      In the graph both seasonal adjusted (red) and non seasonal adjusted (yellow) are shown.

      With the weekly graph added one can see a upward trend at the end of August in the Non Seasonal Adjusted which means the Economy is Contracting at a higher rate from one week to the next. Whereas the Seasonal Adjusted is showing the Economy is Contracting at a slower rate, yet still contracting if you refer to March of this year. In the middle of August, the Seasonal Adjusted showed a upward trend in the Contraction, this was due to a revision in the numbers. In my humble opinion there is a trend here of the Contraction slowing down, yet the Economy is still in a Contraction.

      This opinion is because there is a error rate that is not being reported, and that error is many people still have yet to be counted unemployed. Many state systems crashed and have yet to be fixed and a proper accounting of who, when, where needs to be taken by fixing the broken systems.

      Also notice the New Employed numbers are not being shown. I went to the BLS Website, the months of July and August New Employed Numbers are being shown as predicted. Lets put it this way, those numbers are way to good.

      The links below are a quick study of my opinion:

      https://www.macrotrends.net/countries/USA/united-states/population-growth-rate

      https://www.bls.gov/news.release/ecopro.nr0.htm

      https://www.dol.gov/ui/data.pdf

      If you cannot dazzle them with brilliance, baffle them with bullshit WC Fields

    • #354952
      Ohio Barbarian
      Moderator
      • Total Posts: 17,063

      It’s quite deliberate. They’ve been mucking with the numbers to make them seem better since Reagan.

      It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

      Show me a man that gets rich by being a politician, and I'll show you a crook.--Harry Truman

    • #355084
      Fasttense
      Participant
      • Total Posts: 1,174

      Soon everybody will have filed an unemployment claim and we will have a 1% overall jobless claim with the way they rig the numbers. Much like they rig the vote count.

      “Labor Department reported less than one million new claims. However, the federal agency recently changed its methodology in reporting overall jobless claims. In a press release, the department advised that it was adjusting its seasonal calculations from using “multiplicative factors” to “additive factors” that the department states will be more accurate “in the presence of a large level shift in a time series.”

    • #355113
      Ohio Barbarian
      Moderator
      • Total Posts: 17,063

      @fasttense Sooner rather than later, reality’s going to bite them on the ass.

      It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

      Show me a man that gets rich by being a politician, and I'll show you a crook.--Harry Truman

Viewing 5 reply threads
  • You must be logged in to reply to this topic.