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Jobless Claims Down Again – Unexpectedly

From from a blindsided Reuters:

Jobless claims brighten labor market picture

February 9, 2012

WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, underscoring a firming of the labor market.

How can it be unexpected when last week Reuters and every other mainstream media outlet was crowing about how the job market was improving?

Last week, the Reuters headline for their unemployment claims report was: ‘Jobless claims fall, jobs market slowly healing.’

Initial claims for state unemployment benefits dropped 15,000 to a seasonally adjusted 358,000, the Labor Department said on Thursday.

You will be amazed to hear that the prior week’s claims were revised up by 6,000. Which is twice as high as usual.

The four-week moving average for new claims, seen as a better measure of labor market trends, fell 11,000 to 366,250 – the lowest level since April 2008.

Economists polled by Reuters had forecast new claims rising to 370,000

We sure hope these economists aren’t being paid for their expertise.

Solid employment gains and strong manufacturing activity have prompted analysts to temper their expectations of a sharp slowdown in growth in the first quarter after a brisk 2.8 percent annual pace in the final three months of 2011

Hilarious. A GDP of 3.5% was called a recession when Bush was President. Now 2.8% is "brisk."

The number of people still receiving benefits under regular state programs after an initial week of aid rose 64,000 to 3.52 million in the week ended January 28

But the good news is that once these people stop getting unemployment benefits they will have officially dropped out of the workforce, and they won’t be unemployed anymore.

It’s like magic.

This article was posted by Steve on Thursday, February 9th, 2012. Comments are currently closed.

5 Responses to “Jobless Claims Down Again – Unexpectedly”

  1. proreason says:

    um, if fewer and fewer people are working, won’t jobless claims have to go down at some point?

    After all, if a person is on the dole, why would that person ever apply for a job in the first place? Anyone who would do that is either a nut or a conservative.

    Eventually, every person will either be on the dole or supporting two or three people who are on the dole by working his ass off. Then we will at last have a responsible society. The few workers will be totally responsible for everybody else.

  2. untrainable says:

    Seasonal Adjustment is Marxist code speak for : Fudged for the sake of Barry.
    At this point, I wonder if there is even the premise of a formula for “seasonal adjustment”. Maybe there is a dark, cigar smoke filled room in a basement somewhere in D.C. where Skippy the wonder lizard is throwing darts at a spreadsheet to do the “seasonal calculations”.

    When Princess Pelosi said the Obama administration was going to be the most transparent in history, is this what she meant? An endless deluge of disinformation, propaganda, and outright lies from the regime. They are transparent to any honest American that has more than 2 brain cells to rub together.

    • finebammer59 says:

      “It’s like magic.”

      “Fudged for the sake of Barry.”

      the depth and extent of the unsolicited coordination of the media for this administration is staggering. (to me, anyway)

      think on the period before the president’s poll numbers started rising.

      remember chrissy mathews public lamentations? his concern?

      “What are we trying to do in this administration? Why does he want a second term? Would he tell us? What’s he going to do in the second term? More of this? Is this it? Is this as good as it gets? Where are we going? Are we going to do something the second term? He has yet to tell us. He has not said one thing about what he would do in the second term. He never tells us what he is going to do with reforming our healthcare systems, Medicare, Medicaid, how is going to reform Social Security. Is he going to deal with long-term debt? How? Is he going to reform the tax system? How? Just tell us. Why are we in this fight with him? Just tell us, Commander, give us our orders and tell us where we’re going, give us the mission. And he hasn’t done it.”

      “tell us Commander.”

      “give us our orders.”

      here was the line of demarcation.

      since, there’s been a full court press to talk up the economy to make the president look more palatable to the voters.

      was chrissy looking to the administration for guidance??

      or was he signaling his troops?

      (rhetorical question)

      it’s amusing to hear the hand wringing about 5 and 6 dollar a gallon gas this summer when under the fold the saudis have guaranteed they will manipulate the market to keep crude under $100 a barrel.

      now mind you, the israeli/iranian tension is the wild card in the subject, but when prices fail to reach those heights this summer, who do you think will get the credit??

      couple that with the mother-of-all october surprises on romney, (axelrod is licking his chops at the thought of springing this on a stuttering, stammering romney) and you have the making of a landslide that the media laid the red carpet for.

  3. GetBackJack says:

    I reckon when you just quit looking for work you help the “jobless numbers” go down

  4. Anonymoose says:

    If you go on assistance, then go off, how long do you have to work before if you lose your job again they consider if a “new” claim for unemployment?

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