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Jobless Claims Rose Last Week ‘Unexpectedly’

From the perennially blindsided Reuters:

Jobless claims unexpectedly rise last week

Lucia Mutikani
April 12, 2012

WASHINGTON (Reuters) – New claims for unemployment benefits rose last week to their highest level since January, a development that could raise fears the labor market recovery was stalling after job creation slowed in March.

Initial claims for state unemployment benefits increased 13,000 to a seasonally adjusted 380,000, the Labor Department said on Thursday. The prior week’s figure was revised up to 367,000 from the previously reported 357,000.

Wow, Reuters is even reporting that last week’s number was revised up. (As usual.)

Economists polled by Reuters had forecast claims falling to 355,000 last week

Meanwhile, the Associated Press tries to make the best of things:

US applications for jobless aid up to 2-month high

By CHRISTOPHER S. RUGABER
April 12, 2012

WASHINGTON (AP) — More people sought unemployment benefits last week, pushing the number of applicants to the highest level in two months.

The Labor Department said Thursday that weekly unemployment benefit applications jumped 13,000 to a seasonally adjusted 380,000. The previous week’s figures were also revised higher

The figures come after a disappointing employment report last week that showed that employers added only 120,000 jobs in March, half the average pace in the preceding three months. But many economists downplayed the weak March figures, noting that a warmer winter may have led to some earlier hiring in January and February

Hilarious. But the AP never says die:

The economy has added an average of 212,000 jobs per month in the January-March quarter, well ahead of last year’s pace.

Economists note that applications for unemployment aid are at a much lower level than they were last year, suggesting that March’s weak numbers might have been a temporary lull

And their economists are never wrong. Except all the time.

This article was posted by Steve on Thursday, April 12th, 2012. Comments are currently closed.

3 Responses to “Jobless Claims Rose Last Week ‘Unexpectedly’”

  1. mr_bill says:

    Apologies in advance for a little self-promotion: I’ve been saying this would happen for a while now. The seasonal hiring boost has ended. Now we’re back to the reality of the new normal.

    I expect that the unemployment rate will tick up a couple tenths this summer, as long as millions more don’t give up looking for work or nerobama finds a new way to skew the numbers. The unemployment rate will be just as bad in November as it was last summer. Christmas seasonal hiring will not take place early enough to change this number for the elections. I’m still waiting for nerobama to try to take credit for jobs he expects to be created in the future. Mark my words, he will try to get Christmas seasonal jobs included in the October numbers to cut the reported unemployment number so he looks better for the election. It’s all about optics.

    If nerobama is unable to rig the election in November, I expect at least a point to be shaved off the unemployment rate by inaguration day, just on account of nerobama not being president any more.

  2. P. Aaron says:

    Them thar’s some smart guy eeconomy people ‘dey’s got pullin’ numbers outta their behinds.

  3. bobdog says:

    Why is it we only hear about “new” unemployment claims?

    Why don’t we ever see the number that represents “total” unemployment claims, and the amount the federal government pays out every week? Just how much is the government paying out, anyway?

    I suspect the dollar amount would make a buzzard puke.


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