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AP: Huge Hike In Jobless Claims Due To Sandy

From the whirling dervishes at the Associated Press:

Sandy Spurs Jump in Jobless Claims; Inflation Nudges Up

Thursday, 15 Nov 2012

Super storm Sandy drove U.S. weekly jobless claims up to 439,000, while consumer prices rose slightly last month as higher rents and costlier food offset cheaper gas.

But Bill Clinton said it was the Republicans who were driving up the unemployment numbers.

Super storm Sandy drove the number of people seeking unemployment benefits up to a seasonally adjusted 439,000 last week, the highest level in 18 months.

In fact, according to the DOL’s press release, this week’s unadjusted, ‘real life’ number of new claims, is even higher: 466,348. Which an increase of 104,548 from last week.

The Labor Department said Thursday that weekly applications increased by 78,000 mostly because a large number of applications were filed in states damaged by the storm. People can claim unemployment benefits if their workplaces close and they don’t get paid…

Does anybody know anyone who has been laid off because of Sandy? How many businesses have actually closed up for good? Besides, don’t you have to be unemployed for at least two weeks before you can apply for unemployment benefits?

And never mind that, after Sandy hit, a lot of the news media said the storm would be good for the economy, because it would spur hiring in construction and elsewhere.

Before the storm distorted the figures, weekly applications had fluctuated between 360,000 and 390,000 since January. At the same time, employers have added an average of nearly 157,000 jobs a month. That’s barely enough to lower the unemployment rate, which was 7.9 percent in October…

And whatever you do, don’t start thinking that the last few weeks of surprisingly good jobs numbers were manipulated to help Obama get re-elected, and those suppressed numbers are only being reported now.

Speaking of revisions, last week’s number has been revised up by a whopping 6,000, from 355,000 to 361,000. In fact, the previous week’s claims number has now been revised up for 87 of the last 89 weeks.

The storm combined with cautious consumers to lower retail sales in October. Consumers may also be holding back because of anxiety over big tax increases and spending cuts — known as the "fiscal cliff" — that will take effect in January unless Congress and the White House reach a budget deal by then. Many companies are likely to scale back hiring and investment, too, until the fiscal cliff debate is resolved…

Why would anyone be holding back? We’re told the country is clamoring for tax increases.

The consumer price index rose a seasonally adjusted 0.1 percent in October, down from sharp gains of 0.6 percent in the previous two months, the Labor Department said Thursday. In the past year, prices increased 2.2 percent. That’s just above the U.S. Federal Reserve’s inflation target of 2 percent…

And never mind that inflation is higher than our GDP, which is below 2%. So the country is actually moving backwards.

This article was posted by Steve Gilbert on Thursday, November 15th, 2012. Comments are currently closed.

7 Responses to “AP: Huge Hike In Jobless Claims Due To Sandy”

  1. dasher

    As always, thank you for posting these employment articles Steve, I feel these are both the best measure of the economy and of the spin by the NFM (non-Fox media).

    Here’s my take for the next 14 months: For the next 3 months I’m inclined to think unemployment will go down because of the holiday hiring that delivery companies like UPS and retailers like Macy’s will do. However, I’m also wary of the fact that if there are indeed so many Americans sitting on the sidelines, then they may step up and get involved, thus driving the unemployment numbers back up. So I give the NFM until February to start with the “seasonally-adjusted” baloney being the excuse du jour.

    Taxes will most certainly go up. Not as violently as they potentially could, but they will go up nonetheless (big surprise there, huh?). With higher taxes on EVERYONE (why don’t Liberals ever acknowledge this?) the price of nearly everything is set to go up as well.

    I am beginning to believe that the President has one goal for the next 4 years: destroy the United States. With the recent election’s results, I don’t see how enough of the electorate has the sense to see his motivation and do anything about it. Thus, I am buying a Pardner Pump Protector this weekend to add to the home defense arsenal.

    Get ready boys and girls, the next 14 months are going to be very bumpy.

    Keeping the faith!

    Dan
    Atlanta, GA.

    • BannedbytheTaliban

      If you have a few extra $ laying around, I would recommend the Mossberg JM Pro.

    • dasher

      BbtT – I DO have a Mossberg – great choice, love it! : )

      D.

    • GetBackJack

      Moss berg with 5 extra rounds in a the buttstock cuff. Also, get a tactical foregrip. Trust me, racking shells through the Moss is a helluva lot easier with a tactical foregrip, which is why the Obama Admin wants to outlaw them.

      Also acquire a shell bandolier. Holds 37 rounds of 12 and 20 ga. If SHTF, you’ll feel a lot better with five in the pipe and 37 slung on your shoulder than with just five in the pipe.

  2. Astravogel

    Here’s a head scratcher: There are seccession petitions now ongoing
    in 50 States. What happens if they’re all successful?

  3. mr_bill

    There’s always some force majeure responsible for the “unexpectedly” high unemployment numbers: there was a storm, it was too cold, it wasn’t cold, it was sunny, the month started on a Monday. They have never said “hey the economy sucks, hiring is slow, layoffs are responsible, crappy domestic policies are to blame. It’s never the fault of the people in charge, except when the people in charge are of a certain political party.

  4. Right of the People

    Just bought a new turret press to crank out more rounds per hour getting ready for the apocalypse.

    Lock and load and keep your powder dry.




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