Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Market
Jobless Claims Surge, Attributed To Shutdown
WASHINGTON, D.C. (10/11/13)--Jobless claims rose to a new high in the first week of October, as the aftershock of federal furloughs rippled through the economy, and California worked through a bottleneck processing unemployment benefits claims.

The Labor Department measure showed an uptick in 66,000 claims, bringing the total at the end of the week ending Oct. 5 to 374,000. It was the highest the figure has been since the recovery from Superstorm Sandy began last November.

About half of the rise can be attributed to California having completed a change in the computer system it uses to process claims. Layoffs of non-federal employees in the wake of the government shutdown accounts for another 15,000 (Bloomberg.com Oct. 10).

A less volatile measure used by Labor Department, the four-week moving average, also rose 20,000 to a five-week high of 325,000 (Moody's Economy.com Oct. 10)

Claims lodged by furloughed federal workers will be measured by a metric other than the Labor Department's jobless claims total. But claims made by furloughed contractors are counted.


RSS print
News Now LiveWire
.@TheNCUA says its employees report high job satisfaction in the 2014 Federal Employee Viewpoint Survey. http://t.co/1nLUwrEqnA
22 minutes ago
.@MeridianTrustCU has opened the first mobile banking branch in the state of Wyoming
53 minutes ago
#Cash isn't king anymore, @BostonFed reports http://t.co/smR6H0ztoy
1 hours ago
@FTC acts to stop 'phantom debt scam' that targeted Spanish-speaking consumers nationwide http://t.co/9FSNSgWSax
1 hours ago
Data, privacy take center stage at Cal./Nev. #creditunion leagues annual meeting #NewsNow http://t.co/4ognppZ6jv
1 hours ago