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Jobless Claims Hit 2 Mo Low Unexpectedly

From a predictably surprised Reuters:

US weekly jobless claims hit two-month low

WASHINGTON, Sept 16 (Reuters) – U.S. claims for unemployment benefits unexpectedly fell last week, dropping to a two-month low, according a government report on Thursday that hinted at some stability in the labor market.

Initial claims for state unemployment benefits slipped 3,000 to a seasonally adjusted 450,000, the lowest since the week ended July 10, the Labor Department said.

And yet we still have 450,000 people applying for unemployment benefits. You would think by now there wouldn’t be many more jobs to lose.

Analysts polled by Reuters had forecast claims rising to 460,000 from the previously reported 451,000 the prior week, which was slightly revised up to 453,000 in Thursday’s report.

We are shocked, shocked that the unemployment numbers from last week were (quietly) revised up. When has that ever happened before during the Obama administration – except every week.

A Labor Department official said data for only two states had been estimated for last week’s report. The four-week average of new jobless claims, considered a better measure of underlying labor market trends, dropped 13,500 to 464,750.

The second straight week of declines pulled claims for unemployment benefits further away from a nine-month high of 504,000 touched in mid-August and claims are now in the upper end of a 400,000-450,000 range that analysts say is associated with sustainable job growth

What a coincidence. And just in time for the upcoming elections.

The number of people still receiving benefits after an initial week of aid fell 84,000 to 4.49 million in the week ended Sept. 4 from an upwardly revised 4.57 million the prior week

Yet another number quietly “revised” upward. It’s almost as if there is a pattern here.

This article was posted by Steve on Thursday, September 16th, 2010. Comments are currently closed.

8 Responses to “Jobless Claims Hit 2 Mo Low Unexpectedly”

  1. confucius says:

    Perhaps the holiday weekend influenced the numbers.

  2. AcornsRNutz says:

    Well, I guess we can breathe a sigh if relief, espescially since this should take some of the strain off of social security disability. Perhaps it will keep going another few days before it is completely sunk.

  3. mr_bill says:

    Between the numbers they are making up and the IRS registering tens or hundreds of thousands of temporary poll workers as employees (for the first time ever), all they could manage was a 3000 reduction in NEW claims? That won’t survive next week’s upward revision in the numbers-although the MSM will never acknowledge any of this.

  4. GetBackJack says:

    Headline I’m waiting for, but won’t see published …. “Christians Around the World Suddenly Vanish” World Rejoices

    It will be ‘unexpected’, Barack.

    As all of God’s actions against tyrants and impostors are.

    Unexpected, Barack. Unexpected.

  5. Am I OK? Seriously Steve..

    “We are shocked, shocked that the unemployment numbers from last week were (quietly) revised up. When has that ever happened before during the Obama administration – except every week. ”

    The sheer absurdity so subtly presented by you causes open guffaws..

    I just wish it all didn’t matter.. Then I wouldn’t have these feelings of guilt for really laughing so hard.

  6. bill says:

    Lies hit two year high …

  7. proreason says:

    “claims are now in the upper end of a 400,000-450,000 range that analysts say is associated with sustainable job growth”

    I wonder…..is what “analysts say” based on the number of jobs when the economy was health under Bush (154 million people employed) or now that we are in the midst of the Obama depression (134 million people employed).

    But in any event, should the focus be so exclusively on jobs?

    What about the people 50 years of age and older who lost up to 1/2 of their life savings when Soros and other Obamy henchmen tanked the market in 2008? Those people were the savers…the solid citizens who fueled the boom times from 1983 and later, because they had the discipline to actually SAVE for their retirements. Many had their money in the stock market, but even if they did not, their savings found its way to the economy because any kind of savings is eventually invested in new products and services. The lifestyles of those people have been reduced by 25% to 60% because of that deliberate act….with no chance of ever recovering. Ever.

    Think about it, first they were decimated by losing a major portion of their life savings. And now, since 2008 they can’t make a dime on whatever pittance they have left. CD returns are less than true inflation for them. And why is that? So Goldman Sachs and Soros can continue to make billions by borrowing money at less than 1% and then making 4% on it (risk free if you have that kind of capital).

    But it’s even worse for older people. CPI is low of course….but not for older people. CPI is composed of many elements. The reason it is low right now is because, for the entire population, housing costs are declining, and the cost of fuel is much lower than those costs were in the summer of 2008. Reductions in those components have more than offset the rise in medical costs.

    But what about retired people? They haven’t seen a reduction in housing costs. Virtually all of them either have paid-off houses, or fixed rate mortgages that aren’t going down. And for senior citizens, medical costs continue to escalate for two reasons…(a) medical cost inflation rises 3 to 9% every years, and even more significantly, (b) senior citizens require more and more medical services. Meanwhile, fuel costs are now starting to appreciate substantially. Overall, since 2008, a realistic CPI for seniors has probably been going up over 5% a year……and you ain’t seen nothing yet.

    Redistribution from old white people to the black underclass. Change you can believe in.

    But don’t worry, you won’t live as long as you thought you would anyway. And why should you anyway? You and your ancestors exploited people of color shamelessly to create your extravagent lifestyles. You deserve what you are going to get.

    That’s why Obamy is here.

  8. jimreport says:

    I expected it’d be 50% by now so everything less is unexpected to me. Somehow it still runs in spite of what they do.

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