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Jobless Claims Down (Prior Week’s Were Up)

From a conveniently short term memory deficient Reuters:

Jobless claims fall to 4-month low

August 11, 2011

WASHINGTON (Reuters) – New U.S. claims for unemployment benefits dropped to a four-month low last week, government data showed on Thursday, a rare dose of good news for an economy that has been battered by a credit rating downgrade and falling share prices.

Initial claims for state unemployment benefits fell 7,000 to a seasonally adjusted 395,000, the Labor Department said, the lowest level since the week ended April 2.

Economists polled by Reuters had forecast claims steady at 400,000. The prior week’s figure was revised up to 402,000 from the previously reported 400,000

Which means that the previous week’s new claims number (August 4th) did not "edge down," after all. In fact, it went up. The prior week’s (July 28th) was 401,000.

But the Obama administration got the headlines they wanted. Not that it did them much good.

Hiring accelerated in July after abruptly slowing in the past two months… However, there are worries that a sharp sell-off in stocks and a nasty fight between Democrats and Republicans over raising the government’s debt ceiling could dampen employers’ enthusiasm to hire new workers

So employers might stop hiring because of "a nasty fight between Democrats and Republicans over raising the government’s debt ceiling"? — And we thought we had heard everything.

Damn that Tea Party!

The continued improvement in the labor market could help to allay fears of a new recession, which have been stoked by the economy’s anemic growth pace in the first half of the year

The four-week moving average of claims, considered a better measure of labor market trends, slipped 3,250 to 405,000


This article was posted by Steve on Thursday, August 11th, 2011. Comments are currently closed.

3 Responses to “Jobless Claims Down (Prior Week’s Were Up)”

  1. River0 says:

    This is so pathetic. Hey, job losses are declining! Hallelujah!
    Two and a half years into Reagan’s administration – mid 1983 – millions of jobs were being generated.
    We’re in a zombie economy, led by vampires. The undead.

  2. proreason says:

    Prediction: unemployment will soon be redefined.

    One possibility: Delta unemployment – the difference between unemployment when a president is inaugerated and current. For Obamy, it’s 1.7%. So we might start seeing headlines “Delta unemployment steady at 1.6%”

    Another possibility: Comprehensive unemployment – the percentage of the entire population that is unemployed. For Obamy, right now, it would be about 5.0%. The headline would be, “Comprehensive Unemployment shrinks to 4.9%”

    A third possiblity: Average unemployment – the average of public and private unemployment. If private unemployment is 11% (like now) and public is 0% (like now), Average Unemployment is 5.5%. The headline would be: “Obama’s jobs program drives Average Unemployment down to 5.6%”

    See…..presidenting is easy.

  3. P. Aaron says:

    If Obama becomes unemployed, that’s about as low as the jobless rate will go.

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