Claims: Dropped A Deuce
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2011-01-27 09:09 by Karl Denninger
in Employment Ignore this thread
Claims: Dropped A Deuce

There's no love here:

In the week ending Jan. 22, the advance figure for seasonally adjusted initial claims was 454,000, an increase of 51,000 from the previous week's revised figure of 403,000. The 4-week moving average was 428,750, an increase of 15,750 from the previous week's revised average of 413,000.

Ok, that's bad.  CNBS is blaming the increase on snow.  Snow?  How does snow raise unemployment?  If anything it should do the opposite, since people can get paid to shovel or plow it, right?

The "wide view" looks like we're back to people rolling off the benefits list again.  That's decidedly negative.  But there is one good piece of news in here - the rolloff of people on the regular state claims.  If that's not a one-week blip (and it might be), that looks like actual people getting back to work, since only half of them rolled onto the EUC programs.

 

In summary: The headline is a "deuce", while the internals show a decided mixed picture.  On balance, it's a stinker.