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Jobless Claims Rise In Weak Job Market

This week’s jobless report, from a remarkably unsurprised Associated Press:

New jobless claims rise in sign of weak job market

By CHRISTOPHER S. RUGABER (AP)

July 1, 2010

WASHINGTON — Initial claims for unemployment benefits rose for the second time in three weeks last week. The potential rise in layoffs comes as Congress remains stuck at an impasse over extending federal jobless aid.

Notice how quickly the AP gets in their political points.

The Labor Department said Thursday that new claims for jobless benefits jumped by 13,000 to a seasonally adjusted 472,000. The four-week average, which smooths [sic] fluctuations, rose by 3,250 to 466,500, its highest level since March.

Claims have remained stuck above 450,000 since the beginning of the year. That has heightened concerns among economists that jobs remain scarce even as the economy has begun to recover from the worst recession since the 1930s

Adding to the problem is that millions have been cut off from their benefits. And millions more stand to lose their federal benefits later this month if Congress fails to act.

More than 1.3 million laid-off workers won’t get their unemployment benefits reinstated before lawmakers go on a weeklong vacation for Independence Day. The numbers could reach 3.3 million by the end of this month if they don’t pass the extension, the Labor Department said.

For the third time in as many weeks, Senate Republicans blocked a bill Wednesday night that would have continued unemployment checks to people who have been laid off for long stretches.

Oh, those mean spirited Republicans. What is another $33 billion in spending to add to the deficit? We will only owe it to ourselves the Chinese.

The House is slated to vote on a similar measure Thursday, though the Senate’s action renders the vote a futile gesture as Congress prepares to depart Washington for its holiday recess.

They have their priorities.

Economists say they may revise their growth forecasts for the third quarter if the benefits are not extended.

"People whose benefits are going to run out will simply not have the spending power necessary to help drive growth," said Dan Greenhaus, chief economic strategist at Miller Tabak.

They are pulling out all the stops. But isn’t it funny that this argument is never accepted when it comes to reducing taxes.

Greater layoffs by construction firms fueled the increase, a Labor Department analyst said. Home sales and construction slumped in May after the expiration of a popular homebuyer tax credit. Summer layoffs in many school districts also added to the total, he said

We thought these numbers were ‘seasonally adjusted.’

The figures come a day before the Labor Department is scheduled to release the June jobs report. That is expected to show a modest rebound in private-sector hiring. Overall, employers are expected to cut a net total of 110,000 positions, but that includes the loss of about 240,000 temporary census jobs. Private employers are projected to add 112,000 jobs, according to a survey of economists by Thomson Reuters

Economists, we know now, who are never wrong.

The unemployment rate is expected to edge up to 9.8 percent from 9.7 percent in May

“Summer recoveries” must be different from normal recoveries.

This article was posted by Steve on Thursday, July 1st, 2010. Comments are currently closed.

10 Responses to “Jobless Claims Rise In Weak Job Market”

  1. U NO HOO says:

    Hey, Obama, how about you depressionally adjust the unemployment figures…like they do for seasons, that way unemployment is only about 3%, because unemployment always goes up in a depression…econonmy is therefor recovered.

    Aint it? Or no?

    • proreason says:

      Actually, that is their plan for November.

      The new talking point is that unemployment would be 12 or 15% without the “stimulus”, so you see, they have reduced the “would have been” unemployment by 3 to 6%.

      Sadly, many people will believe it.

      The same ones who believe that having just a couple of quick shots with breakfast proves they aren’t alchoholics.

  2. Rusty Shackleford says:

    This whole administration reminds me of the story of King Arthur and Camelot. Only, the administration isn’t honorable, and has no scruples, and isn’t duty-bound to anything and has no credibility and honesty is lacking in significant quantity. And the women aren’t beautiful and the men aren’t strong…or even “men” in the classic sense. And the notions of duty and honor are nonexistent.

    On second thought, it’s nothing like “Excalibur” is it?

    Never mind.

    • U NO HOO says:

      Not even like Lake Woebegone where the women are strong, the men good looking, and all the children are above average.

      Well, Barney Fwank is good looking. Yeth, yeth, yeth he ith.

  3. EvaTheFrisbeeDog says:

    I’ve lost or didn’t gain 25 pounds since last fall…oh, and I saved $50,000 by not buying that new car, which I took to the casino where I won or didn’t lose $25,000…so now I’m ahead by $25,000 but owe the credit card company $50,000, but not to worry, when the Fed pumps the money supply, it’ll only be worth $25,000, which means I’m even or ahead.

    Who comes up with this BS??

  4. Chuckk says:

    Don’t worry. When the beginning of the year tax increases kick in there will be enough free money for everyone.

  5. GL0120 says:

    But just think of the number of jobs being created by all of the unemployment benefits!

    • proreason says:

      It’s stunning to contemplate, GL0120, but that is EXACTLY what Nancy Pelosi said late yesterday.

      No kidding.

    • Rusty Shackleford says:

      Yup, and woefully inadequate nancy actually believes it. Why? Because another dim-witted socialist told her so.

      I would love to personally roll out a spread sheet for her to show her how much money she alone spends a year; Taxpayer dollars that is, on the 757 rides, the limos, the meals, the hotels, the everything.

      Trouble is, it wouldn’t sink in. She sees things quite differently having been raised on an entitlement to begin with.

      We have the most irresponsible government in our history and the rest of the world knows it.

      And they laugh at us.

  6. GL0120 says:

    Queen Nancy the First’s statement makes perfect sense, but only if you’re a Dimwitocrat.
    The more jobs lost, the more UC checks issued.
    The more checks issued, the more jobs created.
    Since more and more checks are being issued, it stands to reason that more and more jobs are being created.
    Since more and more jobs are being created, the stimulus plan is a roaring success!


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