Tired of Winning - Unemployment Report Ignored
Thursday is Unemployment Claims Day. The headline number used to be the seasonally adjusted (SA) first-time unemployment (FTU) claims number. It was considered a good day when that number was under 300,000 claims. Today that number was reported at 244,000, so it should be headline news. It isn't. The non-seasonally adjusted (NSA) FTU number is lower than it was during June of 2000.It is lower than June of 1971. Crickets. The SA Continuing Claims (CC) number is below 2 million at 1.948 million. This should be good news. It isn't. The NSA CC number is 1.815 million. Crickets.
The First Time Unemployment Claims Number is lower than it was during the week of June 26....1971. We only had 53,155,200 people who were covered insured during this week of 1971. This week we have 139,505,637 covered insured. Ten thousand fewer people took claims for the first time this past week while we had 86 million more people eligible for unemployment benefits. The only other time we had this level of first-time claims during this week of June was during June of 1967, 1968, 1969, 1970 and 1973.Think about it. This should be good news.
Continuing Claims - Lower than the Same Week of 1971, too.The NSA CC value lags the NSA FTU claims by one week. The number for June 17, 2017 was 1,815,908. This is lower than what was seen during June , Lower than June 17, 2000when we had 2.041 million claims for 124,674,680 covered insured. WE had 1.883 million NSA CC with 53,155,200 covered insured during 1971.
We do not have an elevated level of first-time claims or continuing claims because we have had an elevated level of people working two jobs and an elevated level of people working part-time jobs since the beginning of the recession. People who lose one of their jobs or a part-time job do not receive benefits. The silence regarding these historic lows is deafening.
It is the economy.
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