Political Economy category archive

I missed the unemployment figures the last two weeks, being distracted by distractions.

I didn’t miss much, more of the almost same. But now ’tis the season.

Jobless claims surged by 68,000 to a two-month high of 368,000 in the period ended Dec. 7, exceeding the highest forecast in a Bloomberg survey of economists, Labor Department data showed today in Washington. The 300,000 applications filed in the prior week, which included Thanksgiving, were the fewest since Sept. 7.

The data reflect seasonal adjustment volatility around the Thanksgiving and Christmas holidays, a Labor Department spokesman said as the figures were released. A report last week showed the unemployment rate fell to a five-year low and companies added more workers than forecast, pointing to further labor-market progress.

Here’s the other thing.

The folks who sling about charges of “commie” have no idea what Communism is or what it means.

For them, it’s just a convenient slur, a bogeyman with which to frighten the polity.

Communism is several things. One thing is an economic theory about concentration of wealth in few hands leading to a revolt by the poor–that part seems chillingly prescient.

Another thing is a mystical belief that, when the revolt is over, people will get governance right (they didn’t).

The third thing is that it is dead, dead, dead.

Via BartCop.

A little better.

Jobless claims in the week ended Nov. 16 dropped by 21,000 to 323,000, the fewest since the week ended Sept. 28, from a revised 344,000 the previous week, the Labor Department said today in Washington.

(snip)

The four-week average of claims, a less-volatile measure, decreased to 338,500 last week from 345,250 the prior week.

The number of people continuing to receive jobless benefits increased by 66,000 to 2.88 million in the week ended Nov. 9.

Because real estate prices never go down . . . .

For all practical purposes, no change.

Jobless claims in the week ended Nov. 9 declined 2,000 to 339,000 from a revised 341,000 the week before that was higher than initially reported, the Labor Department said today in Washington.

(snip)

The four-week average of claims, a less-volatile measure, decreased to 344,000 last week from 349,750 the prior week. The reading compares with an average 328,750 at the end of August, before delays in processing claims in California caused the numbers to see saw.

California was among states and territories for which claims were estimated last week. The others were Virginia, Hawaii, Washington and Puerto Rico.

The number of people continuing to receive jobless benefits was unchanged at 2.87 million in the week ended Nov. 2.

And they aim to keep it that way.

I do not agree with Thom’s statement that “we need to end globalization.” I don’t think that that’s possible.

Globalization is not fueled by policy; it’s fueled by technology (by which I don’t mean just computers–I mean communication, transportation, the whole ball of wax).

It may be possible and necessary to shape globalization into a less pernicious form (think “no more workers burning to death in clothing factories”) through policy, but end it? No.

Zombie charter school continues to scam after it has left this life.

The cash-strapped Philadelphia School District has been stuck with a $305,000 bill from a controversial cyber charter school that shut down last month.

Solomon Charter School on Vine Street agreed to surrender its charter to the state Department of Education on Oct. 30, in part because its program for seventh through 11th graders was housed in a building that shared space with a sex-offender clinic.

But Solomon also was under fire because it had enrolled 200 elementary students this fall – even though it was authorized to serve students only from the sixth through 11th grades.

The story goes on to report that zombie claims that it deserves the money because it does.

Heather Denkmire is not impressed by persons who decide to take the “SNAP challenge” and live on a foodstamp-sized food budget for a week.

A nugget:

Writing this column is difficult because I am upset about people who are essentially tourists checking out poverty, no matter how well-meaning they are. Intellectually, it reminds me of being in the sixth grade in West Hartford, Conn. We climbed onto a bus that drove over to Hartford for a tour of the city. We saw human beings living their lives in run-down housing on unkempt streets, and the adult at the front of the bus told us this was urban “decay.” We saw what I now would describe as gentrification and were told this was urban “renewal.” It took me 10 years to look back on that experience and realize how wrong it was.

Read the rest.

A little better.

Jobless claims decreased by 9,000 to 336,000 in the week ended Nov. 2 from 345,000 the prior period, the Labor Department reported today in Washington.

(snip)

The four-week average of claims, a less-volatile measure, fell to 348,250 last week from 357,500 the prior week.

Economists’ estimates in the Bloomberg survey ranged from 323,000 to 350,000. The prior week’s claims were revised from an initially reported 340,000.

In an almost-unprecedented aberration, Bloomberg’s “experts” got it right.

Via BartCop.

Jobless claims decreased by 10,000 to 340,000 in the week ended Oct. 26 from 350,000 the prior period, the Labor Department reported today in Washington.

(snip)

The four-week average of claims, a less-volatile measure, rose to 356,250 last week from 348,250.

The story attributes approximately 10,000 of these to the Republican shutdown and also reports that 2.88 million persons are receiving continuing benefits beyond the normal time limit.

No surprise here, as teabaggery takes it toll.

Jobless claims decreased by 12,000 to 350,000 in the week ended Oct. 19 from a revised 362,000 in the prior period, a Labor Department report showed today in Washington.

(snip)

The partial government shutdown this month trimmed 0.25 percentage point from fourth-quarter economic growth and cost the U.S. 120,000 jobs in October, Jason Furman, head of the Council of Economic Advisers, said at a White House briefing earlier this week.

Economists’ estimates in the Bloomberg survey for jobless claims ranged from 320,000 to 365,000 after the prior week’s previously reported 358,000. Applications surged in prior weeks as California worked through a backlog caused by a switch in computer systems.

The four-week average of claims, a less volatile measure than the weekly figures, increased to 348,250 last week from 337,500. No states were estimated last week.

Job creation, Republican shutdown style.

Jobless claims surged by 66,000, the most since the aftermath of Superstorm Sandy in November, to 374,000 in the week ended Oct. 5, figures from the Labor Department showed today in Washington.

(snip)

The median forecast of economists surveyed projected 311,000. Estimates ranged from claims of 304,000 to 340,000. The jump pushed applications up to the highest level since March last week. The previous week’s figure was unrevised at 308,000.

The jobless claims report showed the four-week moving average, a less volatile measure than the weekly figures, climbed to 325,000 last week from 305,000.

Also, Bloomberg still needs new experts.

Thom describes the clash of visions between the “we society” and the “me society.”

The numbers do not reflect the Secesh’s recent guerrilla actions against governance.

Jobless claims rose by 1,000 to 308,000 in the week ended Sept. 28, from a revised 307,000, a Labor Department report showed today in Washington.

(snip)

The jobless claims report showed the four-week moving average, a less volatile measure than the weekly figures, dropped to 305,000 last week, the lowest level since May 2007.

The number of people continuing to receive jobless benefits jumped by 104,000 to 2.93 million in the week ended Sept. 21. The continuing claims figure does not include the number of Americans receiving extended benefits under federal programs.

Additional reports scheduled for this week are reportedly on furlough.

A little better.

Jobless claims decreased by 5,000 to 305,000 in the week ended Sept. 21, a Labor Department report showed today in Washington.

(snip)

The four-week average dropped to 308,000 from 315,000 in the prior week, today’s Labor Department report showed.

The number of people continuing to receive jobless benefits increased by 35,000 to 2.82 million in the week ended Sept. 14. The continuing claims figure does not include the number of Americans receiving extended benefits under federal programs.

In related news, Bloomberg’s experts are nothing if not consistent. Details at the link.

Not terrible.

Applications for unemployment benefits climbed by 15,000 to 309,000 in the week ended Sept. 14 from a revised 294,000 in the prior period, a Labor Department report showed today in Washington.

(snip)

The four-week average fell to 314,750, the lowest since October 2007.

The number of people continuing to receive jobless benefits declined by 28,000 to 2.79 million in the week ended Sept. 7. The continuing claims figure does not include the number of Americans receiving extended benefits under federal programs.

In other news, Bloomberg’s experts are back on their trend-line of “don’t take these guys’ advice at the track.”

And they like it that way.

The millionaires and billionaires of the “1 Percent” saw their earnings spike by roughly 20 percent in 2012, the researchers found, while the other 99 percent of Americans brought home a paltry 1 percent pay hike, on average.

“We’ve got an economy that serves strictly to benefit the wealthy and not the average working person,” said Sharon Ward, executive director of the Pennsylvania Budget and Policy Center, who was aghast at the findings.