October 18, 2012

As the Labor Department Turns...

Labor's announcement of a REVISED unemployment number for last week should come as a surprise to, well, nobody.  While the president got to crow about his 'recovery' and only 339k jobless claims, the new and improved number FOR LAST WEEK has been revised to 342,000.  Add another 46,000 new initial claims for this week's advance number and we have a grand total of 388,000 initial unemployment claims.

That isn't even my favorite part of the new soap opera known as the BLS report.  This section of the news release caught my eye.  I highlighted the parts that I feel deserve attention:

UNADJUSTED INITIAL CLAIMS FOR WEEK ENDED 10/06/2012

STATES WITH A DECREASE OF MORE THAN 1,000 

State Change
State Supplied Comment
CA -4,979
Fewer layoffs in the service and retail industries.

STATES WITH AN INCREASE OF MORE THAN 1,000 

State Change
State Supplied Comment
NY +2,700
Layoffs in the healthcare and social assistance, manufacturing, and construction industries.
OR +2,215
Increase due to quarter change.
IL +1,800
Layoffs in the construction, administrative support and waste management, and manufacturing industries.
TX +1,724
Layoffs in the manufacturing, support service, healthcare and social assistance, transportation, and retail industries.
GA +1,651
Layoffs in the manufacturing, and administrative and support service industries.
MI +1,619
No comment.
KY +1,426
No comment.
PA +1,392
Layoffs in the construction, entertainment, lodging and food service, professional, scientific and technology, and healthcare and social assistance industries.
SC +1,313
Layoffs in the manufacturing industry.
AR +1,225
No comment.
WI +1,110
No comment.
CT +1,078
No comment.
NC +1,065
Layoffs in the machinery and computer equipment, nonclassifiable establishments, business, rubber and plastic products, and transportation industries. 

Some interesting trends there. I am quite intrigued by the 'social assistance' category and wonder if those are via programs that are privately or government funded. It doesn't take a genius to drill down what those layoffs in healthcare, manufacturing and construction will end up costing the end consumer. Stay tuned, the BLS is hard at work on next week's episode.

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