It's The Economy Stupid: Jobs, And We're NOT Talking About Steve

 

Economic Event	Period	Economic Survey	Actual Reported	Original Prior	Revised Prior
Initial Jobless Claims	DEC 29	360K	372K	350K	362K
Continuing Claims	DEC 22	3210K	3245K	3206K	3201K
Challenger Job Cuts YoY	DEC		-22.10%	34.40%
ADP Employment Change	DEC	140K	215K	118K	148K

 

Jobless Claims in U.S. Rose More Than Forecast in Holiday Week

But The Labor Department “Estimated” Jobless Claims For 9 States Due To Holidays

 

More Americans than forecast filed claims for unemployment insurance payments last week as the closing of some state agencies during the holidays prompted the government to estimate “some” figures.       Applications for jobless benefits increased 10,000 to 372,000 in the week ended Dec. 29.  Economists had forecast 360,000 claims, according to the median estimate in a Bloomberg survey. Claims in nine states and territories were estimated last week, a Labor Department spokesman said as the data was released.  Claims data typically ebb and flow during this time of year as holiday closures make it more difficult to arrive at timely counts, the government spokesman said. Underneath the changes, the figures indicate firings were little changed heading into 2013 during the stalemate over the government budget.

 

The four-week moving average of claims, a less-volatile measure, rose to 360,000 from 359,750.  That’s not much of a move.

    

 

ADP Says Companies in U.S. Added 215,000 Workers in December

 

Private companies added more workers than projected in December, indicating the U.S. job market finished 2012 with momentum, according to a private report based on payrolls.

The 215,000 increase in employment was the largest since February and followed a revised 148,000 gain the prior month that was larger than initially reported, figures from the Roseland, New Jersey-based ADP Research Institute showed today.  The median forecast of 36 economists surveyed by Bloomberg called for a December advance of 140,000.

 

Sustained growth in hiring would help generate the wage gains needed to spur consumer spending, the biggest part of the economy.

 

Today’s figures showed that goods-producing industries, which include manufacturers and construction companies, increased workers by 28,000 in December. Employment in construction jumped by 39,000, while factories cut 11,000 jobs.  Service providers added 187,000 workers.  Companies employing more than 499 workers added 87,000 jobs. Medium-sized businesses, with 50 to 499 employees, took on 102,000 and small companies increased payrolls by 25,000, ADP said.

 

John Broussard

Assistant State Treasurer

Chief Investment Officer

State of Louisiana

Department of the Treasury