LAYOFFS SLOWING, BUT SO IS HIRING
4/10/2003 9:36:37 AM
By Rex Nutting
9:36 AM ET Apr 10, 2003
WASHINGTON (CBS.MW) -- Layoffs are slowing, but unemployed workers are still finding it hard to line up new jobs, U.S. government data shows. The average number of workers filing for state unemployment benefits each week over the past four weeks fell by 3,750 in the week ended April 5 to 419,500, the Labor Department said Thursday. Read the full release.
It's marked the lowest four-week average for initial claims in a month. The number of first-time claims fell by 38,000 to 405,000 in the latest week, nearly erasing the increase of 41,000 seen in the previous week. The four-week moving average is a better gauge of the labor market, economists say, because it smoothes out one-time events such as holidays and weather that add volatility to the weekly
comparisons.
The average number of workers receiving state benefits over the four weeks ended March 29 increased by 10,750 to 3.513 million, the most since late November. The figures do not include about 800,000 people who are receiving extended federal unemployment benefits that kick in once they've exhausted their state benefits, typically after 26 weeks.
The percentage of claimants who have exhausted their state benefits was 43 percent -- a three-decade high -- at the end of February.
Trouble sign?
The four-week average for new claims seems to have found a new equilibrium in the past month at around 420,000, up from about 390,000 in the first two months of the year.
A sustained surge in layoffs above 450,000 a week could be taken as a sign of new distress in the economy. Robust job growth probably can't resume until layoffs fall to about 350,000 a week, economists say.
The insured unemployment rate -- the percentage of the 126.9 million covered workers who are receiving benefits -- fell to 2.7 percent from 2.8 percent.
The government also revised its data for the past year to include new seasonal adjustment factors.
Also, the Labor Department said import prices rose 0.5 percent in March, despite a 1.8 percent drop in imported petroleum prices. Excluding petroleum, import prices surged 0.9 percent, the highest jump since the government began tracking the data in 1988.
Prices of industrial supplies jumped 5 percent, including a 41.6 percent increase in natural gas.
4/10/2003 9:36:37 AM
By Rex Nutting
9:36 AM ET Apr 10, 2003
WASHINGTON (CBS.MW) -- Layoffs are slowing, but unemployed workers are still finding it hard to line up new jobs, U.S. government data shows. The average number of workers filing for state unemployment benefits each week over the past four weeks fell by 3,750 in the week ended April 5 to 419,500, the Labor Department said Thursday. Read the full release.
It's marked the lowest four-week average for initial claims in a month. The number of first-time claims fell by 38,000 to 405,000 in the latest week, nearly erasing the increase of 41,000 seen in the previous week. The four-week moving average is a better gauge of the labor market, economists say, because it smoothes out one-time events such as holidays and weather that add volatility to the weekly
comparisons.
The average number of workers receiving state benefits over the four weeks ended March 29 increased by 10,750 to 3.513 million, the most since late November. The figures do not include about 800,000 people who are receiving extended federal unemployment benefits that kick in once they've exhausted their state benefits, typically after 26 weeks.
The percentage of claimants who have exhausted their state benefits was 43 percent -- a three-decade high -- at the end of February.
Trouble sign?
The four-week average for new claims seems to have found a new equilibrium in the past month at around 420,000, up from about 390,000 in the first two months of the year.
A sustained surge in layoffs above 450,000 a week could be taken as a sign of new distress in the economy. Robust job growth probably can't resume until layoffs fall to about 350,000 a week, economists say.
The insured unemployment rate -- the percentage of the 126.9 million covered workers who are receiving benefits -- fell to 2.7 percent from 2.8 percent.
The government also revised its data for the past year to include new seasonal adjustment factors.
Also, the Labor Department said import prices rose 0.5 percent in March, despite a 1.8 percent drop in imported petroleum prices. Excluding petroleum, import prices surged 0.9 percent, the highest jump since the government began tracking the data in 1988.
Prices of industrial supplies jumped 5 percent, including a 41.6 percent increase in natural gas.
0 Comments:
Post a Comment
<< Home