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Unexpected drop in unemployment
Unemployment numbers dropped again unexpectedly last week. According to the labor department, claims fell 22,000 to 432,000, a record low since last July.
Here is a quick run down:
Michigan is still doing poorly. The still troubled auto industry and its continuing layoffs helped the state experience its largest increase in the number of people filing for benefits.
Job losses in construction and the service industry lent itself to increases in California and Florida as well.
Otherwise, many states saw fair drops in the number of job losses. Analysts point toward less layoffs in manufacturing as the reason.
But while initial claims fell, there is sufficient data that says people are spending more time not-working. The number of people who are now collecting extended unemployment benefits climbed by nearly 200,000 in the week that ended December 12. The need for extended benefits has been so great that the federal government recently extended the emergency program through February
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The heavily fudged unemployment stats shift from month to month, but the ratio of jobs to population keeps falling like a rock. That’s the real measure of how bad things have gotten over the last year.