UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT



SEASONALLY ADJUSTED DATA



In the week ending Aug. 2, the advance figure for seasonally adjusted initial claims was 455,000, an increase of 7,000 from the previous week's unrevised figure of 448,000. The 4-week moving average was 419,500, an increase of 26,750 from the previous week's revised average of 392,750.



The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending July 26, unchanged from the prior week's unrevised rate of 2.5 percent.



The advance number for seasonally adjusted insured unemployment during the week ending July 26 was 3,311,000, an increase of 31,000 from the preceding week's revised level of 3,280,000. The 4-week moving average was 3,201,000, an increase of 27,000 from the preceding week's revised average of 3,174,000.



The fiscal year-to-date average for seasonally adjusted insured unemployment for all programs is 2.975 million.
 
These are data worth watching. Thank you, GITOC.



When people have jobs they pay their bills. When people don't have jobs, there is no option to pay the bills and this, I think, will be the biggest cause the defaults for prime borrowers, including the Alt-A's coming up, far moreso than the fact that they are "upside down" or that they will have to really stretch to make their monthly nut.



If jobs hold, I would venture to say that Alt-A resets will have a less-disastrous impact than the subprime mess that we're currently wading through, even though by volume (both number and dollar value of resetting loans) they have a greater potential for defaults.



Even when there is cognitive dissonance, people are in the end, creatures of habit and will do what they have done, for as long as they can. Borrowers with garbage credit have been in the habit of not paying their bills, which is of course why they have garbage scores. I think few are surprised that these folks have defaulted. A tiger doesn't change his stripes. Alt-A owners at least had a history of looking after their finances.



Change is possible, but people rarely make dramatic, sustained change on their own. It is usually an outside force that pushes change upon us. Job loss is one of those external forces capable of serving as an agent of change.



We will see.



Any chance of keeping updates on these numbers?
 
It's interesting what you are saying IR2... and there is proof of it everywhere. Since I have always been a saver, and am debt free... it is difficult for me to understand the mentality behind the spending of others...



I have watched countless shows and read countless articles illustrating that many, many, many people who are defaulting... have stopped paying all their bills... But spending is now even more out of control since they have all this "extra money" that they used to pay their mortgage with... to further the issues with job losses - most companies now include a credit check along with their standard background checks. Not only will these spenders not be in a position to buy another house anytime soon, but there job options will be very limited as well. Who is going to trust important roles in their company, to people who have proven to not be in control of themselves?



It's true they did not teach any of this to us in school, but I learned well from my parents just how freeing it is to not be burdened with debt. Opportunities are endless when in this position. And opportunites will be there for all the frugal IHB'rs who have lived responsibly. What will the children of these other parents learn from this never ending spending?



It is sad, all the job loss that is taking place... I do feel bad for those who have lived responsibly, and have been layed off by companies going under and downsizing. For an excellent book, read "Employed for Life" by P. Anthony Bunham, ESQ. It gives a unique look into the mindset of the employer and employee in this type of economy and so many of the changes taking place in industries today. An good read for employees and managers alike.
 
What do you do when you lose your job and have no savings? You borrow more, DUH! Snarkiness aside, consumers borrowed $14.3 billion more in June. Not much stimulation from that rebate check if ask me...



<em><a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aT1WfcLPxNYU">U.S. June Consumer Credit Up $14.3 Billion, More Than Forecast</a>



By Shobhana Chandra



Aug. 7 (Bloomberg) -- U.S. consumers borrowed more than twice as much as economists forecast in June as the slump in real-estate prices prevented American homeowners from tapping into home-equity lines of credit.



Consumer credit rose by $14.3 billion, the most since November, to $2.59 trillion, the Federal Reserve said today in Washington. In May, credit rose by $8.1 billion, previously reported as an increase of $7.8 billion. The Fed's report doesn't cover borrowing secured by real estate.



Consumers are using credit cards and loans to cover expenses as falling home values cause banks to restrict access to home- equity lines. The Bush administration sent out tax rebate checks in the past three months to help support spending, which accounts for more than two-thirds of the economy.



"Consumers are stressed, and some who are short of cash are relying more on credit cards,'' Joseph Brusuelas, chief economist at Merk Investments LLC in Palo Alto, California, said before the report. </em>



Next Friday the local jobs numbers come out. I am glad people are starting to pay attention to this, as I have been ranting about this for two years now.
 
[quote author="graphrix" date=1218169837]What do you do when you lose your job and have no savings? You borrow more, DUH! Snarkiness aside, consumers borrowed $14.3 billion more in June. Not much stimulation from that rebate check if ask me...



<em><a href="http://www.bloomberg.com/apps/news?pid=20601087&sid=aT1WfcLPxNYU">U.S. June Consumer Credit Up $14.3 Billion, More Than Forecast</a>



By Shobhana Chandra



Aug. 7 (Bloomberg) -- U.S. consumers borrowed more than twice as much as economists forecast in June as the slump in real-estate prices prevented American homeowners from tapping into home-equity lines of credit.



Consumer credit rose by $14.3 billion, the most since November, to $2.59 trillion, the Federal Reserve said today in Washington. In May, credit rose by $8.1 billion, previously reported as an increase of $7.8 billion. The Fed's report doesn't cover borrowing secured by real estate.



Consumers are using credit cards and loans to cover expenses as falling home values cause banks to restrict access to home- equity lines. The Bush administration sent out tax rebate checks in the past three months to help support spending, which accounts for more than two-thirds of the economy.



"Consumers are stressed, and some who are short of cash are relying more on credit cards,'' Joseph Brusuelas, chief economist at Merk Investments LLC in Palo Alto, California, said before the report. </em>



Next Friday the local jobs numbers come out. I am glad people are starting to pay attention to this, as I have been ranting about this for two years now.</blockquote>


Oh come on graph, unemployment numbers up 1.2% in OC YOY as of June and up .8% from April to June... It's just a blip, a bump, a little annoyance. Only 13K less people working, buying houses, cars, etc. over the past couple of months. The Terminator will take care of it. He'll fix what ails us!
 
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT



SEASONALLY ADJUSTED DATA



In the week ending Aug. 9, the advance figure for seasonally adjusted initial claims was 450,000, a decrease of 10,000 from the previous week's revised figure of 460,000. The 4-week moving average was 440,500, an increase of 19,500 from the previous week's revised average of 421,000.



The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending Aug. 2, an increase of 0.1 percentage point from the prior week's unrevised rate of 2.5 percent.



The advance number for seasonally adjusted insured unemployment during the week ending Aug. 2 was 3,417,000, an increase of 114,000 from the preceding week's revised level of 3,303,000. The 4-week moving average was 3,273,750, an increase of 75,250 from the preceding week's revised average of 3,198,500.



The fiscal year-to-date average for seasonally adjusted insured unemployment for all programs is 2.995 million.





--------------------------------------------------------------------------------



STATES WITH AN INCREASE OF MORE THAN 1,000





--------------------------------------------------------------------------------

State

Change



State Supplied Comment



NJ

+1,005



Layoffs in the trade, service, transportation, and warehousing industries.



CA

+1,207



No comment.



MI

+1,216



Layoffs in the automobile industry.



IA

+1,777



Layoffs in the manufacturing industry.



GA

+1,797



Layoffs in the trade and manufacturing industries.



TX

+1,927



Layoffs in the trade, service, and manufacturing industries.



MO

+2,011



Layoffs in the manufacturing industry.



IL

+4,163



Layoffs in the trade, service, and manufacturing industries.



PR

+5,389



No comment.
 
<a href="http://www.calmis.ca.gov/file/lfmonth/oran$pds.pdf">Orange County loses 10,100 jobs over the month and 29,900 jobs over the year</a>



The unemployment rate in Orange County was 5.7 percent in July 2008, up from a revised

5.3 percent in June 2008, and above the year-ago estimate of 4.3 percent. This compares with

an unadjusted unemployment rate of 7.6 percent for California and 6.0 percent for the nation

during the same period.



Between June 2008 and July 2008, total nonfarm wage and salary employment declined from

1,496,200 to 1,486,100, a loss of 10,100 jobs.



? Government reported the largest downturn with an overall loss of 8,100 jobs. Minor job

gains in county and city government were offset by the loss of 7,200 jobs in local

government education and 1,300 jobs state government education.



? Educational and health services posted a loss of 1,700 jobs overall. Nearly 88 percent

of the decline was in educational services, which reported 1,500 fewer jobs.



? Professional and business services declined by 1,000 jobs overall. Professional,

scientific and technical services was the only sector to post a gain (up 100 jobs), while

all other sectors remained flat or reported job losses.



? Leisure and hospitality posted the largest month-over gain with the addition of 1,800

jobs. The only other industry with overall job gains was trade, transportation, and

utilities, which grew by 900 jobs.



Between July 2007 and July 2008, total nonfarm wage and salary employment declined by

29,900, or 2.0 percent.



? Financial activities reported the largest year-over decrease with the loss of 12,500 jobs,

with declines in all categories. Credit intermediation and related activities accounted for

the greatest employment losses.



? Construction posted the second largest decline with 7,800 fewer payroll jobs and

employment declines in all the construction sectors. Professional and business services

declined by 6,000 jobs overall.



? Government reported the largest year-over growth with an overall increase of 4,300 jobs.

Employment declines in the federal government sectors were offset by overall gains in

the state and local government sectors.



This is the ugliest employment report since the 90s. I don't even know where to begin, it is just a sea of red and - signs. With the low civilian force numbers, it shows that the unemployment is under-reported with people who are not showing up in the unemployment numbers because they are considered discouraged workers.
 
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT



SEASONALLY ADJUSTED DATA



In the week ending Sept. 13, the advance figure for seasonally adjusted initial claims was 455,000, an increase of 10,000 from the previous week's unrevised figure of 445,000. The 4-week moving average was 445,000, an increase of 5,000 from the previous week's unrevised average of 440,000.



The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending Sept. 6, unchanged from the prior week's unrevised rate of 2.6 percent.



The advance number for seasonally adjusted insured unemployment during the week ending Sept. 6 was 3,478,000, a decrease of 55,000 from the preceding week's revised level of 3,533,000. The 4-week moving average was 3,461,000, an increase of 29,750 from the preceding week's revised average of 3,431,250.



The fiscal year-to-date average for seasonally adjusted insured unemployment for all programs is 3.031 million.
 
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT



SEASONALLY ADJUSTED DATA



In the week ending Sept. 20, the advance figure for seasonally adjusted initial claims was 493,000, an increase of 32,000 from the previous week's revised figure of 461,000. It is estimated that the effects of Hurricane Gustav in Louisiana and the effects of Hurricane Ike in Texas added approximately 50,000 claims to the total. The 4-week moving average was 462,500, an increase of 16,000 from the previous week's revised average of 446,500.



The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending Sept. 13, unchanged from the prior week's unrevised rate of 2.6 percent.



The advance number for seasonally adjusted insured unemployment during the week ending Sept. 13 was 3,542,000, an increase of 63,000 from the preceding week's revised level of 3,479,000. The 4-week moving average was 3,489,250, an increase of 28,250 from the preceding week's unrevised average of 3,461,000.



The fiscal year-to-date average for seasonally adjusted insured unemployment for all programs is 3.042 million.
 
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT



SEASONALLY ADJUSTED DATA



In the week ending Sept. 27, the advance figure for seasonally adjusted initial claims was 497,000, an increase of 1,000 from the previous week's revised figure of 496,000. It is estimated that the effects of Hurricane Gustav in Louisiana and the effects of Hurricane Ike in Texas added approximately 45,000 claims to the total. The 4-week moving average was 474,000, an increase of 11,500 from the previous week's unrevised average of 462,500.



The advance seasonally adjusted insured unemployment rate was 2.7 percent for the week ending Sept. 20, unchanged from the prior week's revised rate of 2.7 percent.



The advance number for seasonally adjusted insured unemployment during the week ending Sept. 20 was 3,591,000, an increase of 48,000 from the preceding week's revised level of 3,543,000. The 4-week moving average was 3,528,500, an increase of 46,750 from the preceding week's revised average of 3,481,750.



The fiscal year-to-date average for seasonally adjusted insured unemployment for all programs is 3.056 million.
 
[quote author="Girl In the OC" date=1223000944]UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT



SEASONALLY ADJUSTED DATA



In the week ending Sept. 27, the advance figure for seasonally adjusted initial claims was 497,000, an increase of 1,000 from the previous week's revised figure of 496,000. It is estimated that the effects of Hurricane Gustav in Louisiana and the effects of Hurricane Ike in Texas added approximately 45,000 claims to the total. The 4-week moving average was 474,000, an increase of 11,500 from the previous week's unrevised average of 462,500.



The advance seasonally adjusted insured unemployment rate was 2.7 percent for the week ending Sept. 20, unchanged from the prior week's revised rate of 2.7 percent.



The advance number for seasonally adjusted insured unemployment during the week ending Sept. 20 was 3,591,000, an increase of 48,000 from the preceding week's revised level of 3,543,000. The 4-week moving average was 3,528,500, an increase of 46,750 from the preceding week's revised average of 3,481,750.



The fiscal year-to-date average for seasonally adjusted insured unemployment for all programs is 3.056 million.</blockquote>
Just a matter of time before we see unemployment insurance weekly claims cross the 500k mark.
 
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT



SEASONALLY ADJUSTED DATA



In the week ending Oct. 4, the advance figure for seasonally adjusted initial claims was 478,000, a decrease of 20,000 from the previous week's revised figure of 498,000. It is estimated that the effects of Hurricane Gustav in Louisiana and the effects of Hurricane Ike in Texas added approximately 17,000 claims to the total. The 4-week moving average was 482,500, an increase of 8,250 from the previous week's revised average of 474,250.



The advance seasonally adjusted insured unemployment rate was 2.7 percent for the week ending Sept. 27, unchanged from the prior week's unrevised rate of 2.7 percent.



The advance number for seasonally adjusted insured unemployment during the week ending Sept. 27 was 3,659,000, an increase of 56,000 from the preceding week's revised level of 3,603,000. The 4-week moving average was 3,563,250, an increase of 31,750 from the preceding week's revised average of 3,531,500.
 
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT



SEASONALLY ADJUSTED DATA



In the week ending Oct. 18, the advance figure for seasonally adjusted initial claims was 478,000, an increase of 15,000 from the previous week's revised figure of 463,000. It is estimated that the effects of Hurricane Ike in Texas added approximately 12,000 claims to the total. The 4-week moving average was 480,250, a decrease of 4,500 from the previous week's revised average of 484,750.



The advance seasonally adjusted insured unemployment rate was 2.8 percent for the week ending Oct. 11, unchanged from the prior week's unrevised rate of 2.8 percent.



The advance number for seasonally adjusted insured unemployment during the week ending Oct. 11 was 3,720,000, a decrease of 6,000 from the preceding week's revised level of 3,726,000. The 4-week moving average was 3,680,000, an increase of 44,250 from the preceding week's revised average of 3,635,750.
 
[quote author="usctrojanman29" date=1224883103][quote author="Girl In the OC" date=1224853800]Sorry! I missed a week in between those last two! :long:</blockquote>
You are slackin on us. :p</blockquote>


Yep... I was a bad bunny. Sorry... :down:
 
[quote author="Girl In the OC" date=1224906153][quote author="usctrojanman29" date=1224883103][quote author="Girl In the OC" date=1224853800]Sorry! I missed a week in between those last two! :long:</blockquote>
You are slackin on us. :p</blockquote>


Yep... I was a bad bunny. Sorry... :down:</blockquote>


Man... comments like that make me miss the IHB chat days. Gotta refrain from a comment about bad rabbits in the forums... :coolhmm:
 
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