Jobless Claims of the U.S. economy Post a Notable Improvement
Economics / Unemployment Dec 16, 2011 - 05:39 AM GMTBy: Asha_Bangalore
Initial jobless claims of the U.S. economy fell 19,000 to 366,000 during the week ended December 10, after a similar decline in the prior week. If this trend were to continue, the labor market picture could be different by the next FOMC meeting in January 2012.
Continuing claims, which lag initial jobless claims by one week, rose 4,000 to 3.603 million. Claims under special programs, which lag initial jobless claims by two weeks, rose to 3.642 million from 3.309 in the prior week. Roughly, 6.8 million are recipients of unemployment insurance as of November 2011 compared with 9.05 million a year ago (see Chart 4). There has been a small increase of total unemployment insurance recipients in November. Given the latest weekly data, the tally for December could possibly show a decline. The drop in total unemployment insurance claims reflects partly a drop in number of claimants due to an increase in employment and partly a reduction from people who have lost eligibility for unemployment insurance.
Asha Bangalore — Senior Vice President and Economist
http://www.northerntrust.com
Asha Bangalore is Vice President and Economist at The Northern Trust Company, Chicago. Prior to joining the bank in 1994, she was Consultant to savings and loan institutions and commercial banks at Financial & Economic Strategies Corporation, Chicago.
Copyright © 2011 Asha Bangalore
The opinions expressed herein are those of the author and do not necessarily represent the views of The Northern Trust Company. The Northern Trust Company does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions.
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