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press release

U.S. jobless claims come down in final week of January, EmploymentCrossing finds 555,000 jobs.

February 08, 2011   |  PDF version  PDF version

Pasadena, CA — The initial jobless claims went down in the week ending January 29.

The figure was 415,000, down from 457,000 the previous week. The jobless claims figure has kept this trend of sharp ups and downs through 2010 and has continued the pattern this year. For the week ending January 22, the reason given was that it was the severe winter storms that hit the nation.

Now that the figure is down again, the reason being given is that businesses have started hiring again. But most economists do not take the week to week jobless claims as a good indicator of the unemployment scenario since the figure is highly volatile.

The unemployment rate according to the latest jobs report has come down to 9 percent. But most of media has not bought into the story that unemployment is coming down in real numbers. Discouraged workers and faulty counting methodology are being blamed for the drop rather than any real improvement in the jobs market.

Although the job market remains tight in most part of the country, there are thousands of openings which are not advertised in newspapers and other traditional sources of job hunting. These are job hunting sources that unemployed people often overlook.

A. Harrison Barnes, CEO of EmploymentCrossing, says ''We have been able to get over 555,000 job postings from employer websites and other sources in the last seven days. Most of the openings are in small and medium sized companies all over the country.'' EmploymentCrossing is a job aggregator website.

Roger Croft
Editorial Coordinator
Employment Research Institute

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