On Sep 10, 2009, at 11:11 AM, Matthias Wasser wrote:
> On Thu, Sep 10, 2009 at 10:54 AM, Doug Henwood <dhenwood at panix.com>
> wrote:
>
>> [from Dismal.com's writeup of this morning's unemployment claims
>> figures.]
>>
>> Jobless Claims for United States: 550,000
>>
>> Initial claims for unemployment benefits fell by 26,000 to 550,000
>> for the
>> week ending September 5, a larger decline than expected. Meanwhile,
>> continuing claims decreased by 159,000 to 6.088 million for the
>> week ending
>> August 29, more than offsetting the prior week's gain. The labor
>> market
>> continues to deteriorate, but at a more modest pace than several
>> months ago.
>>
>
> How much of this is discouragement?
Little to none. The figures are the number of people who sign up for unemployment benefits in a week (initial claims) and those still drawing them (continuing claims). The ratio of continuing claims to total unemployment is actually rather high right now compared to earlier recessions, possibly because of a high level of permanent job loss rather than temporary layoff.