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AP: Initial Jobless Claims Drop By 11,000

From a giddy Associated Press:

Initial jobless claims drop to 457,000


July 29, 2010

WASHINGTON — New jobless claims fell last week for the third time in four weeks but remain elevated.

And never mind that those other two drops are directly due to Obama-Motors ‘unprecedented’ decision to not shut down for two weeks to retool, which skewed the “seasonally-adjusted” numbers. (A fact, the AP reluctantly admits below.)

The Labor Department said Thursday that first-time claims for unemployment insurance dropped by 11,000 to a seasonally adjusted 457,000.

And never mind that next week will probably hear that this number has quietly been ‘revised’ up.

Claims have fluctuated this month because of temporary seasonal factors. General Motors and other manufacturers skipped their traditional summer shutdowns, which led to fewer layoffs and unemployment claims. But the impact of that distortion has largely faded from the data, a Labor Department analyst said.

The four-week average of claims, which smooths [sic] fluctuations, dropped to 452,500, the lowest level since May…

The economy has grown since last summer, but the pace of growth is slowing. The government is scheduled Friday to release an estimate of gross domestic product, the broadest measure of the economy’s output, for the April-June period. Economists forecast it will show growth slowed to a 2.5 percent annual rate, down from 2.7 percent in the first quarter and 5.6 percent in last year’s fourth quarter.

Of course under President Bush a 2.7 percent GDP growth rate would be pronounced to be a ‘recession’ by our partisan press.

The number of people continuing to claim unemployment benefits rose by 81,000 to 4.57 million.

Notice that despite the drop in new claims, the actual number of people on unemployment rose.

That doesn’t include an additional 3.67 million of the unemployed that are receiving extended benefits paid for by the federal government.

Yes, the economy is growing so strongly we have 4.57 million people collecting unemployment.

Of course this is actually great news. Since, at least according to the economic maven Nancy Pelosi, giving out unemployment benefits is the best way to stimulate the economy and create more jobs.

So with all those additional benefits being handed out, the economy should be taking off any day now.

This article was posted by Steve on Thursday, July 29th, 2010. Comments are currently closed.

9 Responses to “AP: Initial Jobless Claims Drop By 11,000”

  1. proreason says:

    How many times do you get to spend those unemployment benefits?

    Government spending have a multiplier of 1.6 or so, according to Keynesian economics. If you don’t believe me, ask a genius Nobel Lauriat like Paul Krugman.

    So if you get $1,000 a month, it’s really like $1,600. Isn’t it a wonder?

    Enjoy your new wealth.

  2. Liberals Demise says:

    The point being missed is that nearly half a million people signed up for unemployment last week.
    They are saying the glass is half empty while I see it as half full.
    I’d rather have a job!

  3. bill says:

    Yeah, near half a million new unemployment sign-ups is good news? On what planet?

  4. Rusty Shackleford says:

    Let’s see, those collecting unemployment= 3.67 million + 4.57 million = 8.24 million.

    Population of the US, not counting illegals, ~ 309 million. 8.24/309=0.026666 or 2.6% of the population are collecting unemployment.

    Yet how many people, really, are unemployed who want work?

    This, by omission of the article itself, tells that if unemployment is actually at closer to 9.7% of the population ( a dubious figure as I think it’s far closer to 13 and when you include those who can work but won’t, 20% of the population) so…using the socialists numbers, 9.7% of 309 mil is ~30 million people. Of those, 8.24 million are collecting unemployment “benefits”.

    30 – 8.24 = 21.76 million people who have no income from the government who are unemployed.

    And those are 21.76 million people who will vote for the socialists?

    Even using the socialist numbers in plain, ordinary math, not Pelosi-math, or Reid or Biden-math, I can’t see how the socialists have done any good. So many people unemployed and “extending” unemployment payouts to a very small fraction of that group…that is, a little over a quarter of them (8.24 million out of 30 million) while everyone else gets told to go pound sand.

    Yeah, that’s change I can believe in. All those pie-in-the-sky plans. Way to go, socialists. You win again.

    • proreason says:

      “everyone else gets told to go pound sand”


      A very high percentage of them are collecting some form of gubamint benefits. Count on it.

      SSSI, welfare, state benefits, food stamps, gubamint scams, Katrina-related payments, now BP-related payments, tax credits, ‘lawsuits’, and countless other ‘benefits’ that the Country Class have never even heard about.

      And that doesn’t even touch the underground economy and tolerated crime like prostitution and drugs.

      There is a reason that the average ‘poor’ person in the US has $200 sneakers, i-phones with $200 a month payment plans, widescreen TVs, etc etc etc…..whereas you, Rusty, don’t have any of those things.

      You aren’t a victim. And people like LD, who could use some help, are descended from the wrong people.

    • Rusty Shackleford says:

      Yes, and there you make the excellent point. For, if the information I laid out was put before a socialist, what do you think the answer would be? In a round about way, other than the typical ad-hominem arguments/answer pointed at the questioner (how dare you ask such a thing!), eventually, with the correct person asking the question, the socialist would eventually have to answer the way you did, Pro, with something that at least touches on your points.

      Most people are aware of this. That is, conservatives are. Socialists find themselves very challenged to answer things in the obvious manner.

      By saying “go pound sand” that is exactly what I would’ve been told once my unemployment INSURANCE payments ran their course. And exactly that happened in 2004. So I collected a one-time payout from my 401K.

      Being unemployed is tough. It’s tougher if you’re _______ (fill in the blank).

      I feel badly for the people who are in obama-caused unemployment. If they are people who voted for him, well, how’s that “hope and change” working out for ya now? Miss Bush/Hitler yet?

      How about a republican congress that at least knows where prosperity comes from.

      There is an ongoing decline in available jobs right now and yes, it is being driven by the socialists.

  5. Right of the People says:

    The monthly job loss is eventually going slow down because we’re eventually going to run out of private sector jobs to lose. Of course then the O-hole and his minions will claim that their “plan” is working.

  6. blindboygrunt says:

    “That doesn’t include an additional 3.67 million of the unemployed that are receiving extended benefits paid for by the federal government.” I know I’m overly touchy about this sort of thing. But here again we see the not-so-subliminal Marxist-speak in the press. “Paid for by the federal government.” As if it’s a benevolant rich uncle we can all turn to when times are tough. The federal government is not paying one thin dime. This bill is being footed by the American Taxpayer and that’s how it should be described in the press.

    • Liberals Demise says:

      As of now, the Feds aren’t coughing up one thin dime for unemployment.
      What is Chi-com money called? For it is they that are the principle loaners of the money dingleBarry is flashing around like a drunk Barney Fwank.

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