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AP: Higher Jobless Claims Suggest Modest Hiring

From the always dependable Associated Press:

Claims for US jobless aid suggest modest hiring

By CHRISTOPHER S. RUGABER | February 21, 2013

WASHINGTON — The number of Americans seeking unemployment benefits jumped 20,000 last week to a seasonally adjusted 362,000, though it remains at a level that suggests slow but steady improvement in the job market.

Now higher jobless claims means more hiring. The news media have gone full Orwell.

For those of you keeping track at home, last week’s claims number was once again revised up, by 1,000. Which means that number has now been revised up for 99 of the past 103 weeks.

The Labor Department said Thursday that the four-week average, a less volatile measure, rose 8,000 to 360,750, the highest in six weeks…

Which is surely another good sign.

Weekly applications "continue to show no sign of trending up," Jim O’Sullivan, an economist at High Frequency Economics, wrote in a research note. "That is a good sign … consistent with the recent pace in employment growth at least being maintained." …

Except for these signs that they are trending up.

In January, the economy added 157,000 jobs. The unemployment rate ticked up to 7.9 percent from 7.8 percent in December. Economists think the rate will slowly decline if hiring continues at last year’s monthly pace of 180,000. The unemployment rate fell 0.7 percentage point in 2012…

And the payroll tax increase and the tax increase on ‘the rich’ aren’t going to slow hiring at all.

In reality, Obama’s lickspittle minions in the news media are just treading water until they can blame all of this on the Republicans for their draconian sequester cuts, which are not even cuts.

And then it will be ‘Katie bar the door.’ Every uptick in unemployment claims is going to be blamed on the sequester.

The economy shrank at an annual rate of 0.1 percent in the October-December quarter, hurt by a sharp cut in defense spending…

Cuts made by Obama long before the sequester. But those $487 billion in cuts are long since forgotten. In fact, they were barely reported in the first place.

This article was posted by Steve on Thursday, February 21st, 2013. Comments are currently closed.

3 Responses to “AP: Higher Jobless Claims Suggest Modest Hiring”

  1. captstubby says:

    and the econemy will grow even” bigger “this year when

    Sears, Best Buy, Borders, Radio Shack, Wendys, and other big chain stores

    close up or lay off people.

  2. untrainable says:

    Where’s that wormhole I fell through that goes back to my universe? We had something called math, and it was absolute. We also had something we refered to as common sense. That was because sense was pretty common, and idiocy of this magnitude could only be found in the Acme catalog carried by Wile E Coyote.

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