Political Economy category archive

Better.

Initial jobless claims dropped 36,000 to a three-week low of 289,000 in the period ended March 7 from a revised 325,000 in the prior week, a Labor Department report showed Thursday in Washington. The median forecast of economists surveyed by Bloomberg called for 305,000 new applications.

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The four-week average of claims, a less-volatile measure than the weekly figure, fell to 302,250 from 306,000 the week before,

The number of people continuing to receive jobless benefits declined by 5,000 to 2.42 million in the week ended Feb. 28, while the unemployment rate among people eligible for benefits held at 1.8 percent. These figures are reported with a one-week lag.

Via Job’s Anger.

Snowed out right out of work.

The number of Americans filing for unemployment benefits rose last week to the highest level in more than nine months, a sign harsh winter weather may be stalling the job market’s progress.

Jobless claims increased by 7,000 to 320,000 in the week ended Feb. 28, the most since May, from 313,000 in the prior period, a Labor Department report showed Thursday in Washington.

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The four-week average of claims, a less-volatile measure than the weekly figure, climbed to 304,750 from 294,500 the week before.

The number of people continuing to receive jobless benefits increased by 17,000 to 2.42 million in the week ended Feb. 21.

Back over 300k.

Jobless claims increased by 31,000 to 313,000 in the week ended Feb. 21 from a revised 282,000 in the prior period, a Labor Department report showed Thursday in Washington.

(snip)

The four-week average of claims, a less-volatile measure than the weekly figure, gained to 294,500 from a revised 283,000 the week before.

In the one constant in a changing world, Bloomberg’s experts again missed the mark.

Dick Bauman wants to know.

The idea that casino gambling could replace honest taxation to support state and local governments has always been a mug’s game. The state mark might win in the short-term, but, in the long-run, the mark always looses.

In the last several states to open casinos — Ohio, Maryland and Pennsylvania — overall revenue is coming in below baseline forecasts, according to a review of state tax data. Officials blame miscalculations of spending habits and competition, but some also question how much the projected numbers reflected wishful thinking.

The casino industry has grown exponentially over the last decade as revenue-hungry states have moved to claim business that once went across state lines to Atlantic City, New Jersey, or the tribal-owned megaresorts in Connecticut. After Nevada, Pennsylvania has emerged as the country’s No. 2 gambling marketing, overtaking Atlantic City, where four of 12 casinos closed last year.

As long as politicians are too chicken to fund public needs through honest taxation, they will remain marks for the privatization scam of the day.

Robert Reich asks,

How would you like to live in an economy where robots do everything that can be predictably programmed in advance, and almost all profits go to the robots’ owners?

Meanwhile, human beings do the work that’s unpredictable — odd jobs, on-call projects, fetching and fixing, driving and delivering, tiny tasks needed at any and all hours — and patch together barely enough to live on.

Follow the link for his answer.

A little higher, but still under 300k.

Applications for unemployment benefits increased by 11,000 to 278,000 in the week ended Jan. 31, from a revised 267,000 in the prior period, a Labor Department report showed Thursday in Washington.

(snip)

The four-week moving average, a less volatile measure than the weekly figures, declined to 292,750 last week, the lowest in more than a month, from 299,250.

The number of people continuing to receive jobless benefits climbed by 6,000 to 2.4 million in the week ended Jan. 24. The unemployment rate among people eligible for benefits held at 1.8 percent. These data are reported with a one-week lag.

Via Job’s Anger.

Encouraging.

Jobless claims plunged by 43,000 to 265,000 in the week ended Jan. 24, the lowest since April 2000, a Labor Department report showed Thursday in Washington.

(snip)

The four-week average of claims, a less-volatile measure than the weekly figure, dropped to 298,500 from 306,750 in the prior week.

The number of people continuing to receive jobless benefits declined by 71,000 to 2.39 million in the week ended Jan. 17. The unemployment rate among people eligible for benefits held at 1.8 percent during that period, today’s report showed. These data are reported with a one-week lag.

In related news, Bloomberg’s experts were wronger than usual. Bloomberg really needs to trade them in for new experts.

Down a bit.

Jobless claims decreased by 10,000 to 307,000 in the week ended Jan. 17, from a revised 317,000 in the prior period, a Labor Department report showed on Thursday in Washington.

(snip)

The four-week moving average, a less volatile measure than the weekly figures, climbed to 306,500 last week, the highest since mid July, from 300,000.

The number of people continuing to receive jobless benefits increased by 15,000 to 2.44 million in the week ended Jan. 10. The unemployment rate among people eligible for benefits held at 1.8 percent. These data are reported with a one-week lag.

The number of filings was higher than Bloomberg’s “experts” predicted. Bloomberg implies that this is somehow a commentary on the unemployment figures, when it is actually a commentary on their “experts.”

At The Guardian, Suzanne Moore points out that an economy is not natural, like a tree. It’s man-made. Here’s a bit.

Most of us – I count myself – are economically inept. The economic climate is represented as a natural force, like uncontrollable weather. It’s a shame that the planet is getting hotter, just as it’s a shame that the rich are getting richer. But these things are man-made and not inevitable at all. In fact, there are deliberate and systemic reasons as to why this is happening.

The rich, via lobbyists and Byzantine tax arrangements, actively work to stop redistribution. Inequality is not inevitable, it’s engineered. Many mainstream economists do not question the degree of this engineering, even when it is highly dubious. This level of acceptance among economists of inequality as merely an unfortunate byproduct of growth, alongside their failure to predict the crash, has worryingly not affected their cult status among blinkered admirers.

The experts x-spurts unknown drips under pressure are not sure to what extent this reflects the normal post-Christmas retail layoffs.

Jobless claims climbed by 19,000 to 316,000 in the week ended Jan. 10, the most since early September, from a revised 297,000 in the prior period, a Labor Department report showed today in Washington.

(snip)

The number of people continuing to receive jobless benefits dropped by 51,000 to 2.42 million in the week ended Jan. 3. The unemployment rate among people eligible for benefits declined to 1.8 percent from 1.9 percent. These data are reported with a one-week lag.

Via Job’s Anger.

This is not a surprise.

In what academics call neoclassical economics, human beings are largely rational, self-interested decision-makers. This stereotypical human, often referred to as Homo economicus, is a creature of coldly calculated selfishness, dispassionately maximizing its best interests even if that comes at the expense of others.

A study in Japan shows that Homo economicus makes up only a minority of the population, but a minority with a wide range of unusual personality traits, including a touch of psychopathy.

More at the link.

Somewhat better.

Jobless claims decreased by 6,000 to 289,000 in the week ended Dec. 13, the fewest since early November, a Labor Department report showed today in Washington.

(snip)

The four-week average of jobless claims, a less-volatile measure than the weekly figure, declined to 298,750 from 299,500 the week before.

The number of people continuing to receive jobless benefits dropped by 147,000 to 2.37 million in the week ended Dec. 6, unwinding the previous week’s surge. Insured unemployment had jumped to 2.52 million in the period ended Nov. 29, which was the highest since August.