Weekly jobless claims, or the number of Americans filing for first-time unemployment benefits rose last week to 298,000 from an upwardly revised 281,000 the week prior. The latest job numbers were way off the mark, but in line with expectations that the labor market would slowdown in the final quarter.
Initial claims for state unemployment benefits increased by 17,000 to a seasonally adjusted 298,000 for the week ended Dec. 27, the Labor Department said on Wednesday.
Wall Street expected a shallower rise to 290,000 from an initially reported 280,000, according to a poll of economists conducted by Reuters. The rising number is a little more than concerning considering the shrinking labor force and employment-to-population ratio, which indicates few are even eligible to apply.
Meanwhile, the prior week’s data was revised to show 1,000 more applications received that previously reported. However, claims are volatile around the Christmas holiday period, but should still have not reflected such as steep incline last week.
In the video above, FBN’s Cheryl Casone breaks down the latest weekly jobless claims data, which knocked on the door of 300,000 again last week.
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It’s a question of integrity and accountability towards us marginally employed who bare the
weight as the financial system comes back from teetering on the edge of oblivion due to some
thoughtless decisions by those who are well insulated from poverty.
Since I now work 4 part time jobs in my attempt to make my $600 monthly rent payment and put groceries on the table, I guess I am supposed to be convinced that prosperity is here. Too bad that one of my contract jobs sometimes doesn’t even pay for gas needed to deliver Edible Arrangements, another limits my auto dealership test drives to one location visit per year while
payment for my bank secret shopper efforts are undependably invoiced and paid 60 days later unlike my fourth company where I get paid every 2 weeks for trimming hedges.
It could still be worse; last year after scraping up $500 cash to get my DirecTV satellite certification, I begged and borrowed for 3 months to pay gas and tolls to do installs before I finally started receiving installments towards my wages instead of the full payment due to me.
And then there is the shortage of my unpaid truck driving wages due since workers desperate for income must accept risks of non-payment issues. Since Federal, State or Local authorities do not enforce the laws when trucking companies cheat the drivers, paychecks usually fall far short of compensation wages I actually earned.
Complaints of extensive promised but unpaid diverted loads in the Texas oil country fall on deaf ears at the Department of Labor where they focus on “minimum wage issues” to companies who stretch the truth and mislead drivers about allowable axle spreads to leave the drivers personally liable for the thousands in overweight fines merely to be replaced with more of the trusting naive willing to take a chance to put food on their family’s table.
And the local law enforcement who decline to prosecute the fully documented thousands of dollars in bad check’s paid to the drivers or the punishment for those refusing to drive CDL risking, overweight, poorly maintained death traps and fatigue conditions potentially endangering the unsuspecting public.
It’s a question of integrity and accountability in paying us marginally employed who bare the weight as the financial system comes back from teetering on the edge of oblivion due to some thoughtless decisions by those who are well insulated from poverty.
Enough thoughtless decisions made by those who do not suffer. One solution is to stop prolonging the delayed implementation of the recently SEC approved “Jumpstart Our Business Startups Act (JOBS Act)”, let's utilize our resources and get the economic momentum going again for everybody, not just the elite who build their wealth and portfolios of collectables.