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Jobless Claims Skyrocket – Unexpectedly

From a seemingly stunned Reuters:

US jobless claims unexpectedly rise last week

Thu Apr 14, 2011

WASHINGTON, (Reuters) – New U.S. claims for unemployment benefits unexpectedly rose last week, bouncing back above the key 400,000 level, a government report showed on Thursday.

Initial claims for state unemployment benefits rose 27,000 to a seasonally adjusted 412,000, the Labor Department said. Economists polled by Reuters had forecast claims slipping to 380,000.

The prior weeks figure was revised up to 385,000 from the previously reported 382,000

Just as it always is. But luckily last week’s quiet revision keeps this week’s jump from being 30,000 new claims. (Which it will probably turn out to be anyway, with next week’s revision.)

The rise in claims interrupted a downward trend that had kept them below the 400,000 threshold for four weeks. That level is normally associated with steady job growth

A Labor Department official said claims tend to rise the first week of a new quarter

Hilarious. Apparently, there weren’t any snow storms to blame, so they have had to resort to this.

Still, the always sunny Associated Press says this news isn’t so bad:

More people apply for unemployment benefits

By Jeannine Aversa, AP Economics Writer
April 14, 2011

WASHINGTON – More people applied for unemployment benefits last week, the first increase in three weeks. Still, the broader trend points to a slowly healing jobs market.

Would the broader trend point to this under a Republican President? (This is a rhetorical question.)

The government says applications for unemployment benefits rose 27,000 to a seasonally adjusted 412,000 for the week ended April 9. That left applications at their highest point since mid-February.

Applications near 375,000 are consistent with a sustained increase in hiring

Funny, the Reuters says that this number needs to be 400,000. They must not be as patriotic as the AP.

However, a more sobering reason for the drop is that the number of people who are either working or seeking a job is surprisingly low for this stage of the recovery. People without jobs who aren’t looking for one aren’t counted as unemployed. Once they start looking again, they’re classified as unemployed, and the unemployment rate can go back up

Once again, the AP is building in excuses for future jobless increases. While at the same time refusing to admit that the real number of unemployed is much higher than is being reported by the government – and of course them.

Applications for unemployment benefits could rise further in the coming weeks due to disruptions from the earthquake and tsunami in Japan. Toyota said last week that it will probably be forced to temporarily shut down all of its North American factories. Nissan and Ford Motor Co. have said several North American plants would be closed for some of April…

Just wait until the prospective employers hear about the tsunami of new taxes Mr. Obama has in store for them.

This article was posted by Steve on Thursday, April 14th, 2011. Comments are currently closed.

5 Responses to “Jobless Claims Skyrocket – Unexpectedly”

  1. heykev says:

    Every month these “experts” are shocked, shocked that jobless rates are rising or some other part of the US economy is tanking

    I am not sure what to believe about these “experts”.

    Perhaps they don’t know anyone who does not work for the government.
    Maybe they are incompetent – who else would not get fired from their job for being habitually wrong.
    Or, like the MSM, they are just part of the propaganda apparatus of the Democrat party

    It would make for an interesting study to see how many times since BHO came onto office, the words “shocked” or “unexpected” has been used in a headline relating to monthly economic statistics.

    Somehow, I don’t recall a single “shocked” expert when Bush was in office.

    • JohnMG says:

      …..”“experts” are shocked…..”

      No they’re not. But in an earlier time they would have been. The whole friggin’ gaggle of them would have been consigned to an asylum for the criminally insane and be administered electro-shock treatment. In any sense, they would have been locked away from the sane folks where they couldn’t do any harm, rather than serving in government or some “think tank” somewhere.

  2. oldpuppydixie says:

    UNEXPECTEDLY always crops up when AP/Reuters can’t think of of any really interesting lies or excuses. No snow storms or Christmas holidays in April, after all.

  3. GetBackJack says:

    What’s the point of hiring employees if America is now the Nation of Hopelessness?

  4. bobdog says:

    “Once they start looking again, they’re classified as unemployed, and the unemployment rate can go back up…”

    If only Obama can convince the unemployed to stay home and quit looking for jobs, we can see some real progress. But, NO! Some of them are selfish and insist on looking for work, without regard for the damage they cause to their president’s popularity ratings.

    Ingrates.


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