September 04, 2003

Another Not-Good Week for the Labor Market

Another not-good week for the labor market. The production (and productivity) news for August is looking very, very good indeed. The employment news is looking quite bad.

NewsFinder: U.S. jobless claims edge above 400,000 By Rex Nutting | WASHINGTON (CBS.MW) - Initial claims for state unemployment benefits edged above the 400,000 level for the first time in a month in the latest week, evidence that the labor market remains weak. The average number of first-time claims over the past four weeks increased to 401,500 in the week ending Aug. 30, up from 397,250 a week earlier, the Labor Department said Thursday. In the most recent week, initial claims rose by 15,000 to 413,000. It's the highest level since mid-July. The average number of workers collecting state checks over the past four weeks rose to 3.64 million in the week ending Aug. 23, the highest in five weeks. The insured unemployment rate remained at 2.9 percent.

Posted by DeLong at September 4, 2003 08:39 AM | TrackBack

Comments

Didn't Prof. Delong have a post a while back that indicated that the "magic" jobless claim number should not be the oft-cited 400K, but something closer to 356K ?

I'm asking because I don't remember if I saw that here or elsewhere...

Posted by: Patrick (G) on September 4, 2003 01:27 PM
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