California’s Data Revisions Paint Less-Dire Picture of U.S. Jobs By Bloomberg


© Bloomberg. People dine outside on Grant Street in San Francisco.


(Bloomberg) — The number of Californians who filed for unemployment benefits the week ended Oct. 10 was almost almost a quarter less than previously reported, according to Labor Department figures that show a better trajectory than previously thought for the U.S. labor market because of the state’s size.

For the three weeks spanning late September and early October, federal reports on jobless claims showed California’s number of applications for state benefits stuck at the mid-September level of 226,179 while the state paused processing to whittle down a massive backlog and improve fraud prevention. That skewed the national reading higher because it didn’t reflect the true picture of claims in the most populous state, which is home to one of eight Americans.

A technical note included with Labor’s claims report on Thursday said California completed its pause in claims processing and resumed reporting actual unemployment insurance filings data based on weekly activity. The revised state data showed claims in California at 171,220 for the week ended Sept. 26 and 148,213 for the following week — both significant drops from the previously reported placeholder number of 226,179. Thursday’s main U.S. report showed 176,083 Californians filed initial claims during the week ended Oct. 10.

Read more: California’s Data Backlog to Cloud U.S. for Weeks

The revisions don’t alter the broader picture of a still-struggling labor market, where the number of Americans filing for unemployment each week remains far above pre-pandemic levels. But if the national numbers had reflected an accurate count in California, the improvement would show greater momentum from week to week.

©2020 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

We will be happy to hear your thoughts

Leave a reply