ECON 201: Initial Claims Sophia Polo
1. Write a short two or three sentence description of what initial claims are based on the short
... [Show More] article by Investopedia: https://www.investopedia.com/terms/i/initialclaims.asp
Initial claims are information that the department of labor can gather from people seeking benefits from unemployment. When people fill out an unemployment application, it gets counted as a claim. This information helps us see unemployment rates and other things.
2. Go back to the weekly claims website and state what government Department is producing this data?
United States Department of Labor
3. Describe the general trend, if any, for initial claims over the time period of the graph.
They spike up and down but always go back to 210,000
4. If the trend in initial claims for unemployment continues, we might expect the Unemployment Rate to perhaps do what in the near future?
The more generous the benefits are, the longer people will stay unemployed. If the trend in initial claims continue, I think it will help bring us to our natural rate of unemployment. It gives people time to find a good job more suitable to them, that they will stay at longer then going from job to job looking for the right one. I think this will be good for the unemployment rate.
Pretend you are a Chicago business news reporter and are tasked with writing a ~250-word article (about half a page, double spaced) on the latest press release by the Bureau of Labor Statistics (BLS). The monthly press release we will be interested in is the “Jobs numbers” and unemployment rate.
Do not use any other sources but the news lease itself from the BLS website. Links will be given below. As a reporter give the who, what, where, when, and why (is it important to your readers). Give just the facts, this is straight news, no opinions! In your short article you will just be able to give the highlights, decide what is most important for your readers to know, do not repeat information. Be detailed and do not write in generalities. Find a few interesting facts to report besides the headline numbers.
According to the federal Bureau of Labor Statistics... Among the 6 million people in the labor force 3.7 percent are unemployed, this has been a fact for about 3 months now.
Teenagers seem to have the highest unemployment rates with African American in a close second. Of those unemployed, 20 percent of them have been unemployed for at least 27 weeks. Around August to July worker were forced into part-time. These people would like to work full time but with the economy lately, it's too hard to find a job to match the hours that you want. This leaves people to resort to looking for a second job or being unemployed until they find the right job with the right hours. There were 467,000 discouraged workers in August, and the number currently remains. When 25,000 temporary workers were hired for
2020 census which recorded employed to increase to 28,000. Health care added 24,000 jobs over the month and 392,000 over the past 12 months. Lately a lot or people have been hired as social workers within the industry 100,000 jobs were added making it the highest trend on the job market so far. Employment showed little change over the month in construction, manufacturing, transportation and other government priorities. Job growth in these industries has moderated thus far in 2019 compared with 2018. Hourly earnings for all employees on private nonfarm payrolls rose by 11 cents to $28.11, following 9-cent gains in both June and July. Within the industry, employment increased by 10,000 both in computer systems design and other programs and in management and enterprises. Monthly job gains in professional and business services average to 34,000 in 2019, below the average monthly gain of 47,000 in 2018. [Show Less]