The latest data released on Thursday, November 4, 2010 by the Department of Labor states that new unemployment claims for the prior week moved up slightly when looking at seasonally adjusted numbers. When bad becomes our usual, we’re all in big trouble.
In the week ending Oct. 30, the advance figure for seasonally adjusted initial claims was 457,000, an increase of 20,000 from the previous week’s revised figure of 437,000. The 4-week moving average was 456,000, an increase of 2,000 from the previous week’s revised average of 454,000.
How can the long term unemployed be expected to find jobs when the economy continues to under perform based on the needs to create jobs at a normal pace of 300,000-325,000 jobs a week just to keep even with average fluctuations in unemployment?
When viewing the full report, the unadjusted number of job losses appears slightly worse than numbers from the previous week as well, but down from the comparable week in 2009.
The advance number of actual initial claims under state programs, unadjusted, totaled 419,351 in the week ending Oct. 30, an increase of 10,881 from the previous week. There were 482,612 initial claims in the comparable week in 2009.
Although unadjusted claims are down significantly from the comparable week in 2009 the number is still bad – we cannot expect improvement in the jobs market while it is still running at a rate of 1.8 million job losses per month.
The long term unemployed, especially the 99ers currently trying to survive with no benefits whatsoever, cannot be expected in total to find employment in such a deteriorating jobs market. Unemployment extensions benefits due to expire Nov. 30 are definitely warranted. The creation of additional weeks or a Tier V for the 99ers is definitely warranted.
Now that the midterm elections are behind us, job creation bills, unemployment extensions, and the creation of a Tier V should be the number one priority of Congress going into a lame duck session. Millions upon millions of suffering Americans deserve relief and action by Congress and by President Obama. They have waited too long as it is.