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Initial Jobless Claims Rise ‘Unexpectedly’

From the perpetually astonished Associated Press:

First-time jobless claims rise unexpectedly

By Christopher S. Rugaber, AP Economics Writer

February 4, 2010

WASHINGTON – The number of newly laid-off workers filing initial claims for jobless benefits rose unexpectedly last week, evidence that layoffs are continuing and jobs remain scarce.

The rise is the fourth in the past five weeks.

So why was it so unexpected?

Most economists hoped that claims would resume a downward trend that was evident in the fall and early winter.

Oh, because the economists had “hoped” it would go down.

The Labor Department said Thursday that new claims for unemployment insurance rose by 8,000 to a seasonally adjusted 480,000. Wall Street economists had expected a drop to 460,000, according to Thomson Reuters.

The four-week average, which smooths fluctuations, rose for the third straight week to 468,750.

Nice to see the AP is still using the macro with the typo in it. (Smooths should have an ‘e.’)

The figure is the highest in the past two months. Initial claims dropped sharply in late December, raising hopes among economists that layoffs were nearing an end and the economy would soon start generating net gains in jobs.

The figures come a day before the Labor Department is scheduled to report the January employment figures, which are expected to show a tiny gain in jobs.

At this point, why even tell us what is “expected,” since these economists are always wrong. Unless this is just a kind of mental torture.

The unemployment rate is forecast to rise to 10.1 percent

Unemployment is expected to rise?! And this is what the AP describes as showing “a tiny gain in jobs.”

Orwell lives.

This article was posted by Steve on Thursday, February 4th, 2010. Comments are currently closed.

6 Responses to “Initial Jobless Claims Rise ‘Unexpectedly’”

  1. proreason says:

    Question: how much do economists earn?

    Answer: way too much.

  2. mr_bill says:

    If I ‘unexpectedly’ walked into a post everyday, I would start expecting it sooner or later. Yet these ‘economists’ are constantly caught off guard month after month by the ‘unexpected’ increases in unemployment. There are a whole bunch of us that are not surprised by the increases, yet we are called names and derided by the permanently surprised libs in the media and the ‘enlightened’ elite. Its time that these guys wise up and stop towing the line for Obama, we all see it for the charade that it is, either that or they are too effing retarded to keep their jobs.

    • JohnMG says:

      ….”Its time that these guys wise up and stop towing the line for Obama….”

      “If you’re going to tell a lie, make it an outrageous lie.”

      “If you tell a lie often enough it will soon be regarded as fact.”

      You can’t really blame these tools for making such (whistling-in-the-graveyard) predictions. They’ve been weaned on “hope”, so they predict some rosy scenario and then “hope” it comes true.

      My opinion is they have been hired from a pool of rejected applicants for Psychic Hotline jobs. A perfect fit, don’t ya think?

  3. Oracle says:

    Sorry to say I am a party to this yet again unexpected increase in unemployment. I was layed off yet again of Friday. 2 times in less than a year. The “change” is bankrupting me.

    • proreason says:

      One of 30+ million, Oracle, but twice is too much for anyone to have to bear. Condolences.

      These criminals have to be evicted from office. Have you noticed that nobody in Washington is suffering? Good times are rolling in the city where they can print the money they can’t steal from the public.

  4. canary says:

    I do not believe the economy is up, just a cooking the books and playing with numbers.

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