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Jobless Claims ‘Rise Above Expectations’

From an endlessly creative Reuters

Jobless claims rise above expectations

July 21, 2011

WASHINGTON (Reuters) – New claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, pointing to a labor market that is struggling to regain momentum after job growth faltered in the last two months.

Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 418,000, the Labor Department said.

Economists polled by Reuters had forecast claims rising to 410,000. The prior week’s figure was revised up to 408,000 from the previously reported 405,000

Another unexpected development. (Just kidding.)

Meanwhile, from the Associated Press:

More people sought unemployment benefits last week

Christopher S. Rugaber, AP Economics Writer, On Thursday July 21, 2011

WASHINGTON (AP) — More people applied for unemployment benefits last week, evidence that layoffs are rising and the job market is weak.

The hell you say. We never made the association between new unemployment claims and layoffs before. Who knew?

Consumers have pulled back on spending this year, besieged by high unemployment, stagnant wages, and high gas prices. That has slowed growth

Economists have attributed much of the slowdown to temporary factors, such as a spike in gas prices this spring. Manufacturing output also declined after Japan’s March 11 earthquake disrupted global supply chains

Many economists expect growth to pick up later this year as those factors fade

And when have they ever been wrong before?

This article was posted by Steve on Thursday, July 21st, 2011. Comments are currently closed.

3 Responses to “Jobless Claims ‘Rise Above Expectations’”

  1. heykev says:

    I’m shocked, shocked to find that unemployment and jobless claims rising!

    • JohnMG says:

      Regardless, you have to admit that this has brought about a fundamental change to America. I mean, Schumer and the rest of his bloviating bastard cohorts told us that 4.7% unemployment under GWB wasn’t acceptable, so I guess this “fundamental change” in the numbers is all for the better, right?

  2. bobdog says:

    More t*rd polishing from Reuters.

    What’s “unexpected” about 400,000 new unemployment claims this week? After nearly 3 years of “unexpected” new unemployment claims, it seems to me that Reuters should start using “the usual” instead.

    And what’s “temporary” about the “spike” in gas prices? They’re back up to $4.10 per gallon in Chicago. That squirt of strategic oil reserves is what was “temporary”.

    Do these folks even KNOW they’re lying any more?

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