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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Chispas who wrote (6992)2/5/2004 12:33:25 PM
From: mishedlo  Read Replies (1) of 110194
 
Economists are forecasting gains in nonfarm payrolls of about 167,000 for January. The data will be released Friday. See Economic Calendar.

Over the past five months, 278,000 net jobs have been added.

Meanwhile, the number of Americans receiving state jobless benefits held steady at 3.123 million in the week ending Jan. 24. The four-week moving average of continuing claims fell 38,750 to 3.123 million, the lowest since August 2001.

The figures do not include some 620,000 Americans receiving federal unemployment benefits, which are available only after workers have exhausted their state benefits, typically after 26 weeks.

The federal program is no longer accepting new applicants.

Continuing claims have fallen by about 500,000 since September.

The cause of the drop off in continuing claims is a matter of some debate. The improvement could show that firms are bringing on new workers, or it could be that workers are simply exhausting their benefits without finding work.

Long-term unemployment has been particularly harsh in this recovery. In December, 1.9 million of the 8.4 million Americans officially classified as unemployed had been out of work longer than six months. The average length of unemployment was 19.6 weeks, close to a 20-year high.

cbs.marketwatch.com
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