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AP: Jobless Claims Rise ‘Unexpectedly’!

It’s Thursday, which can only mean we are in store for another bombshell from the perpetually surprised Associated Press:

Initial jobless claims increase unexpectedly

By Christopher S. Rugaber, AP Economics Writer

April 8, 2010

WASHINGTON – The number of newly laid-off workers seeking unemployment benefits rose last week, a sign that jobs remain scarce even as the economy recovers.

The Labor Department said Thursday that first-time claims increased by 18,000 in the week ending April 3, to a seasonally adjusted 460,000. That’s worse than economists’ estimates of a drop to 435,000, according to a survey by Thomson Reuters.

That has got to be a macro.

The report covers the week that includes the Easter holiday, and a Labor Department analyst said seasonal adjustment for Easter can be difficult since the holiday occurs in different weeks each year.

There is always some arcane excuse. Expect when there is a man with an R after his name in the White House.

California also closed its state offices for a holiday March 31, the analyst said, which likely held down the claims figures. On an unadjusted basis, claims rose by 6,500 to nearly 415,000…

Economists closely watch unemployment claims, which are seen as a gauge of layoffs and a measure of companies’ willingness to hire new workers.

The four week average, which smooths [sic] volatility, rose to 450,250. Two weeks ago, the average fell to its lowest level since September 2008, when Lehman Brothers collapsed and the financial crisis intensified…

Yep, there is the “smooths” macro, too.

Still, this is great news for the Democrats. (Which is probably why we are hearing about it.)

It will make it that much easier for them to extent unemployment benefits on a “one-time emergency basis” — for the seventh time since the recession began.

This article was posted by Steve on Thursday, April 8th, 2010. Comments are currently closed.

4 Responses to “AP: Jobless Claims Rise ‘Unexpectedly’!”

  1. proreason says:

    Easter – the new engine of unemployment.

    No wonder we are getting rid of Christianity.

  2. Gladius et Scutum says:

    “California also closed its state offices for a state holiday March 31”? Even a mid-westerner could guess, it was Caser Chavez Day! Which reminds me to get around to that boycott of California produce I was asked to participate in thirty – odd years ago.. (maybe reconsider Nov. 3rd)

    • mr_bill says:

      I lived in San Antonio several years back and there was a big debate over renaming a street to honor Cesar Chavez, some group wanted to rename COMMERCE ST. to Cesar Chavez Blvd.! Needless to say, it failed, but the city actually considered it for a while, which is frightening.

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