Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
The number of people who applied for unemployment benefits last week sank to a 43-year low, reflecting the strongest labor market since before the Great Recession.
Unemp. claims fell to 235,000. The forecast had been for 255,000.
The claims have been under 300,000 (a key level) for 89 straight weeks. The last time that happened was in 1970, I read.
Unemployment remains at 4.9%.
This is good news and a good way to end the year, as we head into the holiday season. Here's hoping for robust holiday sales.
The US methodology for calculating U-3 is the accepted international standard for estimating unemployment, although not all other countries have adopted it.
I am not sure that unemployment really is down because isn't it true that after unemployment runs out (for example, in Colorado one can only get unemployment benefits for 26 weeks), that there is no point in filing? (Please correct me if I am wrong about that.)
But, OTOH, my husband was recalled to his job at his oil and gas job (electrical designer) in September after being laid off for six months on a recall basis, and his company is now at its former full staffing level (about 55 employees). And here in our Denver suburb, minimum-wage type employers are almost pleading for help, and many are offering about one-third over the minimum wage. (Some places are advertising $11.00 an hour for burger flippers!)
So I think that things are definitely improving in the Denver area, at least.
Last edited by katharsis; 11-18-2016 at 06:49 AM..
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,585 posts, read 81,206,701 times
Reputation: 57821
Quote:
Originally Posted by whocares811
I am not sure that unemployment really is down because isn't it true that after unemployment runs out (for example, in Colorado one can only get unemployment benefits for 26 weeks), that there is no point in filing? (Please correct me if I am wrong about that.)
But, OTOH, my husband was recalled to his job at his oil and gas job (electrical designer) in September after being laid off for six months on a recall basis, and his company is now at its former full staffing level (about 55 employees). And here in our Denver suburb, minimum-wage type employers are almost pleading for help, and many are offering about one-third over the minimum wage. (Some places are advertising $11.00 an hour for burger flippers!)
So I think that things are definitely improving in the Denver area, at least.
Here it's $13, and some even offer a $500 hiring bonus. All of the fast food and retail places seem to be hiring.
I am not sure that unemployment really is down because isn't it true that after unemployment runs out (for example, in Colorado one can only get unemployment benefits for 26 weeks), that there is no point in filing? (Please correct me if I am wrong about that.)
The number and monthly pattern of new UI claims filed during the year are among the variables BLS uses to establish seasonal adjustment factors for unemployment data. UI claims however have nothing at all to do with the calculation of the unemployment rate (U-3). That is produced from the results of the monthly survey of some 60,000 US households.
Quote:
Originally Posted by whocares811
But, OTOH, my husband was recalled to his job at his oil and gas job (electrical designer) in September after being laid off for six months on a recall basis...
As an FYI, had your household been in the survey sample at the time, your husband's expectation of a recall would have meant that he was counted during his layoff as unemployed and hence in the labor force even if he had not looked for work in the past four weeks.
The REAL unemployment rate is much higher. You take labor force and divide by entire US population, it's simple.
Quote:
Originally Posted by Lowexpectations
That's not the real unemployment rate. It's a made up measure you just like better than the official rate
It's not a made up measure....it's the Labor Force Participation Rate. In conjunction with the Employment-to-Population Ratio, it says a lot about your economy, and one thing it says is that you have about 13 Million fewer workers than you normally would have.
It's not a made up measure....it's the Labor Force Participation Rate. In conjunction with the Employment-to-Population Ratio, it says a lot about your economy, and one thing it says is that you have about 13 Million fewer workers than you normally would have.
Actually, that's a third statistic derived from excluding certain people from the denominator. It excludes my niece and nephew (2 and 4), civilian labor force would also exclude my cousin who is military.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
