Market Mover Thursday: August Housing construction up, weekly jobless claims falls, continuing claims rise…

unemployment

CNBC is ecstatic, MiM was hoping new housing construction would stay low so we could, you know, work off some foreclosure inventory. The seasonally adjusted weekly jobless claims are down, last week revised up (again and this week will no doubt be raised up next week, !) Don’t forget the double dip, mind the gap following 3Q earnings season folks….just MiM’s opinion…

The number of U.S. workers filing new claims for jobless benefits unexpectedly fell last week, data on Thursday showed, while there was a rise in the number of those still on the benefit rolls after an initial week of aid.

Meanwhile, new U.S. housing starts and permits rose in August to their highest level since November, lifted by a rebound in multifamily homes.Initial claims for state unemployment insurance declined to a lower-than-expected seasonally adjusted 545,000 in the week ended Sept 12 from 557,000 the week before, the Labor Department said.

CNBC not talking much about the continuing claims which rose far higher than forecast:

Continued claims of people still on jobless aid after an initial week of benefits increased by 129,000 to 6.230 million in the week ending Sept 5, the latest for which data is available. It was the largest one week gain since late June, when continued claims advanced by 180,000. Analysts had forecast continued claims would be 6.10 million…

The delta for continuing claims is still headed in the wrong direction…maybe Congress could focus on JOBS and not health care…just a suggestion…

September 17, 2009. Tags: , , , , . Economy, Housing, Labor Department, Politics, Unemployment Statistics, Wall St. Comments off.

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