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Jobless Claims In US Decline To Match Lowest Since 1973 (bloomberg.com)
Sho Chandra, reporting for Bloomberg: The number of Americans filing applications for unemployment benefits unexpectedly declined last week to match a more than 42-year low, indicating employers are upbeat about an economy that bogged down in the first quarter. Jobless claims dropped by 13,000 to 253,000 in the week ended April 9, equaling the level in March that was the lowest since November 1973, a report from the Labor Department showed Thursday. The median forecast in a Bloomberg survey called for 270,000. Continuing claims also declined, to the lowest since mid-October. "Jobless claims are running really low and all other labor market data are telling us that the economy is creating a lot of jobs," said Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts. "This is further confirmation that the labor market is strong."
I was unemployed for 10 months last year, and I didn't file for unemployment - because, as a private 'consultant' (with exactly one client - you do the math), I wasn't eligible. My 'employer' didn't pay unemployment or medical premiums for me - nor did they pay the employer's share of social security taxes. The future of employment in the U.S.
You libertarians out there may tout my wonderful 'free agent' status, but I'm a free agent in name only - and I never wanted to be. After 34 years of good work put in on this company's products (which I was happy to work on, and felt a certain pride of authorship for), they've been killed off because, while nicely profitable, they weren't enough of a 'growth opportunity' to be of interest to the private equity guys that now own them. Easier to take the hit now and then show 'stellar growth' from a lower starting level next year (or the year after that), when they're hyping the company for yet another resale.
None of which speaks well of the Obama recovery - which is good enough, given the headwinds and the refusal of Congress to ante up for real stimulus that would've done a better job than what the Fed has been pumping in. But such is the state of our governance and our media coverage, that this is being seen as the best of all possible worlds - and Hillary's going to attempt to run on it as 'Obama's record of success'. Which is not to say that anything Trump, Cruz or Romney is or was offering would not be a lot worse...
Posted from my Android phone. Oh, I can change this? There, that's better...
Perhaps jobless claims went down because people have been unemployed for longer than the unemployment benefit duration.
The labor participation rate was also up in Q1 so overall that is most certainly not the case.
There are 4 boxes to use in the defense of liberty: soap, ballot, jury, ammo. Use in that order. Starting now.
What kinds of jobs? I'm curious how this breaks down into service sector, manufacturing, or salaried. I suspect this is more of a regional thing because our area seems to suck. And we're located near a large metropolitan area. Most of the positions I've been seeing around here are in warehousing and they're building lots of warehouses lately.
What we're seeing in our area are "temp" jobs paying around $10 or $12 per hour and no benefits. A person is hired for some short period of time (typically 6 months) with the possibility of getting hired full time. This appears to be a way to string people along in these low-paying, no-benefit positions. Several people we've heard from have been extended 2 or 3 times and then finally their contract is not renewed. The reason is always that the budget just doesn't allow for a new hire. Several firms in our area seem to be doing this a lot. I have to admit some of this is anecdotal evidence, but this anecdotal evidence seems to be proliferating the area.
Having been a manager, I get why they're doing this. Cut costs. Operate "lean 'n mean." One of my previous employers became aware of the potential of temp positions and switched a large part of their manufacturing over to temp positions. That was back in the early eighties.
One of our family members has graduated from the state university with a bachelor's in two majors. Graduated magna cum laude in MIS and high honors in Business Admin and received several awards. Also won a regional competition in marketing strategy. Nobody is hiring. And this relative is looking in the surrounding communities. Consequently they've taken a temp to hire position only this time they've been hired. At $12 per hour. And they have a sizable student loan debt.
So I'm a bit skeptical re the whole jobs recovery scene.
An effective "democracy" creates the illusion the people have a say in their government.
I've been out of work since the end of December 2014. Where I live jobs have been scarce in IT in general. I've had tons of interviews, but so many people are applying that even a second interview means very little.
So I tried going to more 'general' labor jobs like I worked earlier on in my career. 'Restaurants' tell me I lack experience in their industry. Factory jobs tell me I'm to much a risk of quick turn around if I can find a job in my field. Retail wants younger people (or older people) and I'm to 'middle aged' for them with no experience. Everyone and their brother who has job openings is just to fucking picky and come up with a million excuses why I don't 'fit'.
I worked for the state and they didn't pay into unemployment for my type of employee. So I can't claim unemployment. I did claim 'food stamps' and medical. That can to an end recently because now you MUST be a part time employee of a state approved business (ie one that pays into the state) or be in a protected category (pregnant, a woman, have kids, etc) to get benefits. Since I've been doing odd jobs to have just enough to cover the cost of internet and my car, I don't qualify anymore... Even though I make less than 5k a year right now.
Oh more screwed up? I can't even get into most employment programs the state 'unemployment agency' handles because they require me to be on unemployment to be in them. So I can't even get into programs that could get me into fields I don't have experience in...
These numbers the government so wants to quote are a fucking illusion created by bumping up the base requirements to 'qualify' for their specific terms. In the real world the economy is shit.
we are all invisible unless we choose otherwise
I own a house that is worth maybe 20 or 30k
Years ago, I lived in a small 2bdrm house in the midwest, worth only $50k. Then I moved to California, and I lived in my van for six months. I worked hard, and saved. But it was worth it. Today, I live in a small 2bdrm house worth nearly $1M.