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Thursday, May 12, 2011

Economic Education

Weekly "jobless" numbers are out ... well the number of people who have filed for unemployment (it is supposed to be 'first time' applicants, but what they don't tell you is that after you work for 3months you requalify as a 'first timer') ...

Last week it was
new unemployment numbers

BUT - I'm willing to concede that a good portion of that was probably due to the tornadoes that swept the nation ... since it not only took out neighborhoods, but businesses where people worked as well.

So now that there has been a bit of time, and most of those people have already filed ... how will the numbers compare this week?
Weekly Jobless Claims
week ending 07May2011
About 8 million people recieve unemployment benefits in the US

thats down from last week but up from what they were expecting.

In order for the economy to be deemed "stable" in the eyes of economists it needs to stay nearer to 350,000 ... 

It needs to be around 250,000 - 300,000 before they will consider the economy as 'growing'

at least job wise.
Remember that it isn't just the number of jobs created, but its also the number of people who aren't employed.

Oil Prices on Decline
17% down from highest
$115/barrell a couple days ago
$95.50/barrel NOW

Gas Prices
At highest price in 30 months
$3.98/gallon (nationally)

record high in Chicago & Indiana and 16 other states ... also over $5/gallon in Hawaii and places in CA
Gas Consumption
dropped 2.4% last week
Permits for drilling in Gulf Coast that President is claiming, were actually issued under George W Bush - they are being allowed to get back to drilling after spillage

Down 43%
oil production
from all time high 

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