Jobless Trend Continues to Wobble

April 18, 2002 (PLANSPONSOR.com) - It's been one week up, one week down for initial jobless claims numbers, and the latest data release from the Department of Labor (DoL) shows the pattern continuing, with last week's tally of initial unemployment benefits claims edging up again.

The number of first-time jobless claims inched up by 1,000 for the week ending April 13 to a seasonally adjusted 445,000, DoL figures show, though officials note that much of the increase in initial claims can be attributed to a rise in applications for extended benefits from the unemployed.

Even as the early signs of an economic recovery surface, millions of unemployed workers are still struggling to find jobs as evidenced by the increase in continued claims, which rose to 3.84 million for the week ending April 6, the latest week for which data is available.

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The closely-watched, four-week moving average, considered a more reliable indicator of the unemployment picture, rose to 448,750 for the week ending April 13, it’s highest level this year.

Affluent Americans Still Retirement Savers

April 17, 2002 (PLANSPONSOR.com) - Some 58% of affluent Americans surveyed, who are still working, participate in retirement plans such as 401Ks, 403bs and Keoghs, a new study by Opinion Research reveals.

The study is the latest in a series detailing the financial profile of affluent Americans, who are defined as having investable assets of $100,000 or more, excluding their primary residence.

Results also show that the investment vehicles most widely held by affluent Americans are:

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  • mutual funds, held in 63% of portfolios
  • individual stocks, held in 61%.

According to the findings, the average affluent American has a portfolio of investable assets totaling $738,000.

Asset allocation by the affluent has remained fairly constant over the past two years, although the latest study reveals a movement towards equities at the expense of cash.

Equities command the lion’s share, at 37%, up from 34.5% immediately following the terrorist attacks. That was followed by:

  • cash or cash equivalents at 20%, down from 22%
  • fixed income securities at 13%, down from 15%
  • “other” assets making up the remainder, up from 28%.


Affluent Americans have reduced their expectations on annual financial returns over the next 10 years to 9.5% annually, significantly lower than the 13.5% reported just after September 11, and the 12.9% rate reported the month before.

The responses of 390 affluent Americans were included in the survey. The interviewing was conducted from March 15 to 24, 2002



 

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