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AP: Jobless Claims Fall More Than Expected

From the perpetually surprised by any good economic news Associated Press:

Thousands of unemployed wait in lines for buses to a job fair at the Mall of New Hampshire parking lot in Manchester, N.H., Thursday, April 9, 2009.

New jobless claims fall more than expected to 654K

By Christopher S. Rugaber, AP Economics Writer

WASHINGTON – New jobless claims fell more than expected last week but are stuck at elevated levels, while the number of people continuing to receive unemployment insurance approached 6 million, setting a record for the 10th straight week

The Labor Department said the tally of initial jobless claims fell to a seasonally adjusted 654,000, down from a revised 674,000 the previous week. Analysts expected claims to drop to 660,000…

The data show "no hint of a slowdown in job losses," John Ryding, chief economist at RDQ Economics, wrote in a note to clients

Separately, retail sales reports showed some signs of stabilizing, as Wal-Mart Stores Inc. said sales at stores open at least a year increased 1.4 percent, though that was less than analysts expected. Discount retailer Target Stores Inc.’s sales fell, but less than analysts forecast.

The four-week average of jobless claims, which smooths out fluctuations, fell slightly to 657,250, the first drop after 11 straight increases, according to the Labor Department.

Still, the declines are from very high levels. The 674,000 figure was the highest number of initial claims in the current recession and the most in 26 years, though the labor market has grown by half since then…

The high level of continuing claims is a sign that many laid-off workers are having difficulty finding new jobs.

The Fed expects the unemployment rate — now at a quarter-century high of 8.5 percent — will probably "rise more steeply into early next year before flattening out at a high level over the rest of the year," according to minutes from the central bank’s March meeting released Wednesday. Many private economists expect the rate will hit 10 percent by year’s end.

The U.S. has lost a net total of 5.1 million jobs since the recession began in December 2007, almost two-thirds of them in the past five months, according to Labor Department data released last week…

Of course the AP has to immediately temper any good news with some bad:

New jobless claims fell more than expected last week but are stuck at elevated levels…

Exactly in what way are these claims “stuck at elevated levels” if they are going down?

The Fed expects the unemployment rate — now at a quarter-century high of 8.5 percent — will probably "rise more steeply into early next year before flattening out at a high level over the rest of the year," according to minutes from the central bank’s March meeting released Wednesday. Many private economists expect the rate will hit 10 percent by year’s end.

And of course they have to cite yet another bleak forecast that will most likely turn out to be also inaccurate.

The U.S. has lost a net total of 5.1 million jobs since the recession began in December 2007…

And of course they had to repeat the seemingly deathless lie that we have been in a recession for a year longer than we have been.

It’s the Associated Press after all.

This article was posted by Steve on Thursday, April 9th, 2009. Comments are currently closed.

7 Responses to “AP: Jobless Claims Fall More Than Expected”

  1. Liberals Demise says:

    Take your figures and cram them up the Barney Fwank oriface!!
    I just lost a job I held for two months because the economy is STILL tumbling!!
    The Fayetteville Observer has a grand total of six (6) jobs listed. NCESC is telling me that I haven’t any unemployment coming because my year has been used up. Mexicans can file and once they are excepted, they are automatically given food stamps. I have to drive 20 miles away to “apply” for food stamps.
    The AP (Ass Pumpers) is wrong when they run with these figures and twist them into something that it is not!!
    That fact still is that almost 6,000,000 Americans are without and the numbers are STILL climbing!!
    AP………Run with those numbers and see if Obamas ass still smells like a rose!! Your heads are soooooo far up there……you would know!!!!!

  2. Odie44 says:

    Add in this gem :

    Stocks surge as profits at Wells Fargo jump

    Stocks are bounding higher after banking giant Wells Fargo & Co. issued a surprise profit announcement that was far above analysts’ estimates…

    Wells Fargo’s report early Thursday that it expects first-quarter earnings of $3 billion is providing an encouraging sign that a deep freeze in bank lending may finally be beginning to thaw…

    http://news.yahoo.com/s/ap/20090409/ap_on_bi_st_ma_re/wall_street

    Impeachment is in order. An inflated “the banks are falling” set up, which led to gov take over, through loaned funds to the entire sector, then refusing to allow them to give it back or pay in advance (some real genius business 101 acumen from Bambi, Timmy and the bunch) in order to remain in fraudulent control over siad banks.

    You DO NOT turn a $3B profit in 1 quarter, just 2 quarters away from the “greatest bank failure since the depression”.
    All a set up for power and control through manipulation, ironically the very thing that Maddoff and feigned “outrage” over AIG and execs, companies, etc – are in deep water for.

    What are the chances the FDIC, SEC and NASD investigate this fraud????

  3. Trogdor says:

    Jobless Claims fall?! They went up 654K when they were expected to go up by 669K, woop-de-do. Or did I miss the entire point?

    It’s just like any government cuts in spending, they say they cut spending when a program was expected to grow by 15% and they only grew it by 10%…they cut virtual spending, not real spending, they are spending like crazy…it’s truly maddening.

  4. proreason says:

    More tales from Alice in Wonderland.

    This is happening just like the Moron’s handlers want it to happen.

    Employment must continue to fall until 2010, and then go up so that more lunatics are elected in Nov 2010. Slow Joe said just the other day there would be job losses throughout 2009…..why would he say it unless they want it.

    And they will blame all of 2009 on Bushhitler, even though the problem is 100% democratic, and the democratic stimulus and budget are making things worse, not better.

    This country is toast.

    And if it gets much worse, the burnt part is going to sear some asses in power that think they’ve got it under control.

  5. 12 Gauge Rage says:

    PR, the Townhall article forgot to mention buying weapons and ammo. Because hording a vast amount of gold attracts the eyes of the criminal element. Kind or harsh words won’t deter a robber from taking the things you need for your survival in hard times. And it wouldn’t surprise me at all if Obama and his minions are padding the numbers to their favor, to seek reelection and more power.

    • proreason says:

      12G, Your’re right of course. But I think that author was focusing specifically on economic issues. From his tone, if you got him alone in a room, I bet he would agree about providing for self-protection as well.

      And again, my point was to show an article from a rather low-key conservative web-site that says things that you would have never heard there a few short months ago. (the author, btw, has a newsletter so he has an economic interest in stirring the pot….but even so, he managed to get it published).

      I sense things turning a bit. Not fast enough yet. But as The Moron’s henchmen get more and more extreme, resistance is mounting against the takeover.

      Here’s another article that from Rick Santorium that is rather explicit about an ulta-looney lawyer who has been proposed for a key position:

      http://www.philly.com/inquirer/opinion/42725037.html


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