Those stubborn initial unemployment filings October 1, 2009Posted by geoff in News.
The unemployment figures for September will be released tomorrow morning. Based on the initial unemployment claims, I think there’s a pretty fair chance we’ll break 10% this time (though the experts are predicting 9.8%). Here are the data for the initial claims (seasonally adjusted):
As you can see, while we’re on a general downtrend, we’re nowhere near the normal level of 300,000 filings per month, and our rate of recovery is painfully slow. We can’t seem to get the initial filings number under half a million. That means that the economy is still losing jobs, unemployment is still rising, and that the benefits of the stimulus package remain imperceptible.
Tomorrow’s unemployment number should cause quite a stir.