Jobs Number Today: Background Noise -- October 22, 2015; Housing Numbers Superb

Updates

Later, 9:31 a.m. Central Time: housing -- superb numbers --

Americans snapped up more homes in September, suggesting that the U.S. housing sector remains insulated from global economic turmoil. The National Association of Realtors said Thursday that sales of existing homes jumped 4.7 percent last month to a seasonally adjusted annual rate of 5.55 million. Buying activity rebounded after slipping in August, indicating that demand for housing continues despite a series of recent economic hits.

Later, 9:24 a.m. Central Time: ESPN to cut 4% of its workforce. Millennials cutting the cord (to cable television. ESPN is the "highest paid" cable network - $6 from each cable subscriber. Typically, cable networks may get 50 cents per subscriber. I've never subscribed to any cable package that included ESPN.


Later, 8:42 a.m. Central Time: Bloomberg is throwing some cold water on these "exciting" jobs numbers -- the economist concludes that "we are not in uber-boom mode," and that the spread between the breakeven level and initial claims is consistent with payroll growth of about 180,000.

And 180,000 is well below the 200,000 -- the "magic number" associated with a growing economy.

The Magic Numbers

First time claims, unemployment benefits: 400,000 (> 400,000: economic stagnation)

New jobs: 200,000 (< 200,000 new jobs: economic stagnation)

Economists estimate the labor market needs to create about 125,000 jobs a month to keep the unemployment rate steady, though estimates vary -- Reuters.

I don't recall when I first posted "the magic numbers" but it was near the beginning of the Obama administration when it became evident that the government was manipulating numbers, and indications were that the mainstream media would move the goalposts -- which they did.

Original Post

From Business Insider:

Initial jobless claims once again fell more than expected, with the prior period's print revised upwards.

Claims totaled 259,000 last week and were revised up by 1,000 to 256,000 for the prior period.

Economists had estimated that first-time unemployment insurance claims increased to 265,000 last week, according to Bloomberg.

The four-week moving average dropped 2,000 to the lowest level since 1973, at 263,250.

From YCharts:

US Initial Jobless Claims is at a current level of 259000.0, an increase of 3000.00 or 1.17% from last week. This is a decrease of 7000.00 or 2.63% from last year and is lower than the long term average of 360580.5.

From Reuters:

The number of Americans filing new applications for unemployment benefits rose less than expected last week, remaining at levels consistent with a fairly healthy labor market.

Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 259,000 for the week ended Oct. 17, the Labor Department said on Thursday. They remained not too far from levels last seen in late 1973.