NC Unemployment Claims: Week of 7/2/11

For the benefit week ending on July 2nd,  13,156 North Carolinians filed initial claims for state unemployment insurance benefits, and 111,659 individuals applied for state-funded continuing benefits. Compared to the prior week, there were more initial and continuing claims. These figures come from data released by the U.S. Department of Labor.

Averaging new and continuing claims over a four-week period — a process that helps adjust for seasonal fluctuations and better illustrates trends — shows that an average of 12,194 initial claims were filed over the previous four weeks, along with an average of 109,453 continuing claims. Compared to the previous four-week period, the averages of initial and continuing claims were higher.

One year ago, the four-week average for initial claims stood at 12,586 and the four-week average of continuing claims equaled 148,031.

While the number of claims has dropped over the past year so has covered employment. Last week, covered employment totaled 3.71 million, down from 3.80 million a year ago.

The graph shows the changes in unemployment insurance claims (as a share of covered employment) in North Carolina since the recession’s start in December 2007.

Both new and continuing claims appear to have peaked for this cycle, and the four-week averages of new and continuing claims have fallen considerably. Yet continuing claims remain at an elevated level, which suggests that unemployed individuals are finding it difficult to find new positions.

Around The Dial – July 21, 2011

Economic policy reports, blog postings, and media stories of interest:

• Robert Skidelsky describes a “battle of the bonds.”
• Economist’s View is not impressed by “the Gang of Six.”
• Free Exchange is not feeling very optimistic.
• The Progressive Pulse points out cuts to literacy education.
• Naked Capitalism lays out more reasons “why liberals are lame.”

The Power Of Social Security

Social Security provides the majority of income for three-fifths of older Americans, according to a new analysis by the Economic Policy Institute.

The Case For Fiscal Policy

In a video interview with the Institute for New Economic Thinking, Canadian economist Mario Seccareccia explains the advantages of fiscal policy over monetary policy during severe slumps.

Around The Dial – July 20, 2011

Economic policy reports, blog postings, and media stories of interest:

• The News & Record reports on the state of “green jobs.”
• Rortybomb explains why the GOP will block any nominated CFPB director.
• TaxVox argues for eliminating the debt limit.
• Keith Hennessey explains just what “cut, cap, and balance” entails.
• Naked Capitalism points out that “robosigning” lives.