U.S. Jobless Claims Reverse Gains Posted Last Week
Economics / Unemployment Jan 21, 2011 - 02:24 AM GMTBy: Asha_Bangalore
Initial jobless claims dropped 37,000 to 404,000 during the week ended January 15 after advancing 30,000 in the prior week. Additional weekly readings will be necessary to confirm if the reversal is not temporary.
Continuing claims, which lag initial claims by one week, fell 26,000 to 3.86 million. It is unclear if the decline in continuing claims since October 2010 indicates an increase in employment or the fact that people have exhausted their benefits (see Chart 7), which is rough 99 weeks but varies across states. If it is the former, it is a strong sign of strength.
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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