Opinion

Ben Walsh

from Data Dive:

Fewer Americans are getting laid off, but not enough are getting hired

Ben Walsh
Nov 21, 2013 15:25 UTC

The number of Americans filing new claims for unemployment benefits is at a two-month low, data released by the Labor Department this morning shows.  From the report:

In the week ending November 16, the advance figure for seasonally adjusted initial claims was 323,000, a decrease of 21,000 from the previous week's revised figure of 344,000. The 4-week moving average was 338,500, a decrease of 6,750 from the previous week's revised average of 345,250.

Reuters writes that the new data suggests "some strengthening of labor market conditions". However, "while layoffs have slowed significantly to normal levels, there has not been a rapid acceleration in hiring as domestic demand remains lukewarm".

Reuters charts jobless claims, as well as  average unemployment duration, and the labor market participation rate:

 

 

 

 

 

First quarter growth goes from lackluster to dismal

Ben Walsh
Jun 26, 2013 16:57 UTC

The newest estimate by the Bureau of Labor Statistics says the US economy grew at an annual rate of 1.8% in the first quarter. Previously, growth was earlier reported to be 2.4%.

There were two main drivers to the downward revision: growth in consumer spending, which fell to 2.6% from 3.4%, and business investment, which fell to 0.4% from 2.2%.

There’s a chance that slower than estimated consumer spending in the first three months of 2013 may have improved in the second quarter (consumer confidence just reached its highest level in five years). Still, the 0.6 percentage point drop in first quarter growth is bad news for the US economy, where, as Sober Look put it, “the consensus seems to be that the US consumer will come to the rescue once again”.

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