January unemployment still on the rise
Posted by iusbvision on January 27, 2011
Normally unemployment rises a bit for the first two weeks of January. This is because those who lose their jobs in the last two weeks of December tend not to look for work during that time and do not add to the official unemployment number. At the end of December many seasonal hires are let go. This effect causes a mild January bump most years. While uncertainly and fear of what regulatory burden/scheme the government will come up with next continues to damage the economy, part of this bump is what happens almost every January during the first two weeks. What is a bit disturbing is the third weeks increase.
In the week ending Jan. 22, the advance figure for seasonally adjusted initial claims was 454,000, an increase of 51,000 from the previous week’s revised figure of 403,000. The 4-week moving average was 428,750, an increase of 15,750 from the previous week’s revised average of 413,000.
The advance seasonally adjusted insured unemployment rate was 3.2 percent for the week ending Jan. 15, an increase of 0.1 percentage point from the prior week’s unrevised rate of 3.1 percent.
The advance number for seasonally adjusted insured unemployment during the week ending Jan. 15 was 3,991,000, an increase of 94,000 from the preceding week’s revised level of 3,897,000. The 4-week moving average was 3,975,500, a decrease of 39,750 from the preceding week’s revised average of 4,015,250.