Thursday, January 11, 2007

Good and Bad News in the Unemployment Report

From the Department of Labor:

In the week ending Jan. 6, the advance figure for seasonally adjusted initial claims was 299,000, a decrease of 26,000 from the previous week's revised figure of 325,000. The 4-week moving average was 314,750, a decrease of 1,750 from the previous week's revised average of 316,500.

Here's the bad news: 8 states had 1,000 or more lay-offs caused in part by construction losses. Pennsylvania and Wisconsin each had more than 17,000 lay-offs. On the good side, Florida had fewer construction related lay-offs.

While the overall decrease is good, this is the third week in the last 6 when construction related lay-offs have caused 1,000 or more lay-offs in more than a few states.