Jobless claims

[Rustynutt]

Appreciating the layman explanations here, got a question.
Watching the unemployment estimates this morning, roughly 330k was the estimate, but actual claims exceeded that by approximately 22k (this period).

My full time student son (24) was recently laid off from his part time job. I’d asked him about unemployment (California) as he has worked since age 15, some of those years full time. He said that the office told him he must apply for, and accept full time employment in order to receive benefits. He has no other income. His internship is a full 40 hours a week, non-compensated, in addition to class time. This is the first year he will qualify for any type of government grant, and he is in his last semester before completing the program, so that won’t amount to much, even if approved.

I would have thought that with all the social benefit plans available to many citizens, resident and non-resident aliens that he would at least be able to draw a reduced amount.

So my question is, do the unemployment estimates and actual figures take into account those that are unemployed, but do not qualify for benefits?

 

[Oldcoin]

Initial jobless claims measure the number of filings for state jobless benefits. This report provides a timely, but often misleading, indicator of the direction of the economy, with increases (decreases) in claims potential signalling slowing (accelerating) job growth. On a week-to-week basis, claims are quite volatile, and many analysts therefore track a four week moving average to get a better sense of the underlying trend. It typically takes a sustained move of at least 30K in claims to signal a meaningful change in job growth.

There are two other statistics in this report -- the number of people receiving state benefits and the insured unemployment rate; neither is watched closely by the market. Some analysts track the number of people receiving state benefits from month to month as a guide for job growth, though this series has a poor track record in predicting the monthly employment report. The insured unemployment rate changes little on a weekly basis and is never a factor for the market.

http://www.briefing.com/Investor/Public/Calendars/EconomicCalendar.htm

It also doesn’t measure those people who can’t find a job and give up looking.

 

[Rustynutt]

Thanks for the insight.
Son picked up job yesterday at a GNC mall store, starts Saturday

 

[Wildboar53]

Bravo to him for such fast work find.