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Jobless Claims Unexpectedly Hit 3 Mo Low

From a perpetually surprised Reuters:

Jobless claims near three-month low

WASHINGTON | Thu Oct 7, 2010

WASHINGTON (Reuters) – New claims for unemployment benefits fell to a near three-month low last week, pointing to some improvement in the troubled labor market…

Initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 445,000, the lowest since the July 10 week, the Labor Department said.

We are still talking about nearly a half million people filing for new unemployment benefits last week. You would think that eventually everybody who could be laid off would have been laid off by now.

Analysts polled by Reuters had forecast claims edging up to 455,000 from the previously reported 453,000.

Sigh. (Of course they will probably turn out to have been correct, when we get next week’s revision.)

The government revised the prior week’s figure up to 456,000.

Well, this last is one thing that was surely not unexpected. For once again, the government has quietly revised the previous week’s figure. And, as always, things were worse than first reported.

So, next week, we will hear that this week’s numbers weren’t so good after all. Or, rather, we won’t hear that – not from our ‘mainstream media’ operatives, anyway.

"It does show that the summer rise in jobless claims has been corrected. We are getting a lot of mixed signals in the labor market. There is a good deal of uncertainty with tomorrow’s payroll number," said Robert Dye, senior economist at PNC Financial Services in Pittsburgh…

Mr. Obama laughs at your ‘uncertainty,’ Mr. Dye.

Although the longest and deepest recession since the 1930s ended in June 2009, the economy is experiencing its weakest recovery by historical norms

No kidding. In fact, it is almost impossible to tell where Mr. Bush’s recession let off and Mr. Obama’s recovery began.

This article was posted by Steve on Thursday, October 7th, 2010. Comments are currently closed.

10 Responses to “Jobless Claims Unexpectedly Hit 3 Mo Low”

  1. Rusty Shackleford says:

    “In fact, it is almost impossible to tell where Mr. Bush’s recession let off and Mr. Obama’s recovery began.”

    Mr Gilbert, you, sir, have a gift.

  2. proreason says:

    What does the now 3-year trend of historically high unemployment filings mean?

    Since the number of initial filings substantially exceeds the total number of people who have lost jobs relative to Dubya’s boom years, it must mean that many people have been laid off multiple times. In other words, there must be millions of people who got laid off, found a new job and got laid off again. For many it must have happened several times.

    It sounds to me that companies are holding their costs down by hiring people in at low wages and after a year or so, letting the people go and hiring a new set at the same or lower wages. And that sounds deflationary to me…….which is supposed to be even worse than inflation.

    There is no end of joyful surprises from the most anti-business government to ever appear in this country. But ‘most’ is a misnomer, as is ‘anti-business’. The words should be something like ‘catastrophic’ and ‘nuclear to business’.

    Welcome to Russia, circa 1952.

    • tranquil.night says:

      Absolutely. Working part-time in retail and knowing many who’ve turned to whatever work they can get in the past two years, we realized quickly that pretty much every business has been leveraging every loophole to cut costs. Cutting managment and full-time level staff, sourcing more to part-time and seasonal to avoid the added tax and benefit obligations. That’s been going on ten-fold now since there’s been a lot of short-term incentives by banks/government thrown at businesses to hire.. note – hire, not maintain hired. But even that rope is wearing thin. Confidence is too low.

      So again, all the stimulus, supposed tax cuts and small business relief, it’s all malarky and it was all oriented in such a way that would make the government’s role in fouling up the mechanisms of the free-markets a certainty. They want to make sure even the healthiest of companies aren’t immune to fascist thugocracy. Like a deadly virus the subprime crisis was released upon an otherwise decently healthy system. Then Obama came to us with his “cure,” which wasn’t a cure at all but rather more like a mallet to the face, some pain meds, and a 1 trillion dollar price-tab, non-negotiable. Meanwhile the disease continues to wreak havoc on our vital systems, even though we’ve been able to get out of bed in the morning with anything from a mild fever to diarrhea of the mouth.

      But at some point that disease is going to emerge, probably even more malignant because the problems have compounded. My guess is it’s already happening and the pain-meds, i.e. the Fed is losing control over the virus rapidly. It wasn’t supposed to happen until after the election which is only a problem to Obama in as much as it exposes him to vulnerability from Congress in the future – and he is worried about that. Nevertheless if we are indeed about to see the dollar in crisis, it’s always been these lunatic’s endgame goal. The reason it happened with such haste is twofold: the majority of the people playing a rigged game figured out as such and for the most part have left the ball-field, as best they can.

  3. GetBackJack says:

    These results are so …. unexpected.

    Pro – 1952 Russia without the whimsy.

  4. bobdog says:

    That’s not the way Gallup reports it.


    Gallup puts September unemployment at 10.1% and underemployment at 18.1%, and goes so far as to suggest that the government is cherry picking the data to dress up the unemployment numbers for the benefit of mid-term elections. The government is basing their numbers on mid-September, when in fact unemployment took a sharp turn up in the last half of the month. Not that the Obama administration would even dream of cooking the books or anything…

    Does ANYBODY believe Reuters any more? I sure as hell don’t.

    • Coco Q. Rico says:

      Hi bobdog. You know, one of the big attractions of Obama was his putative ability to strategize (or so I heard from libs.) So we have to be frank in analyzing all the news in October before tough midterm elections.

      Economic data suddenly points to recovery! (This is classic Dem playbook — remember in 2002, they kept saying the economy was awful and we heard lots about the Dow Jones having dropped, etc., I remember in Oct 2002 Dem colleagues showing me statistics that showed Bush lost millions and millions of jobs! And in 2006, when the unemployment rate was under 5%, the Dems did their October sweep on the radio spouting all kinds of statistics about the shrinking middle class, blah blah blah).

      Gay people! Gay people! Gay people! It’s the October before midterms and suddenly we find out that teens are killing themselves, and a few of them were even called antigay slurs. Trot out the gay Democrats to overwhelm us with sob stories and warn us — as Obama has — that a Republican win next month would mean less AIDs funding, no gay marriage, and no repeal of DADT (never mind that Bush spent $50 billion on AIDs research, the Dem pres opposes gay marriage, and the Log Cabin Republicans won the lawsuit to block DADT — against an Obama attorney). 40,000 suicides in America each year, and antigay violence has gone down among teens, and some of these kids weren’t necessarily even gay…. But no matter. Gay people! Gay people! This is one of the classic Dem. routines. In 2006, it was panic about “mixed orientation marriages” and Marc Foley and Ted Haggard were both outed 3 weeks before the midterms. The same people who outed them in 2006 are back on CNN in 2010 saying how cruel it is to out gay teens — and they do everything they can to blame Republicans.

      Hypocrisy! A Mexican maid! Linda Chavez — ooops, I mean Meg Whitman had a pitiful-looking maid who was illegal when she was working for Meg. This is the oldest trick in the book. A month before midterms.

      See if you can just laugh your way to political survival… Start pulling out the Dem comedians. Have Bill Maher tell a few jokes, pull Colbert in front of Congress. Have Stewart rally three days before people vote! And fire anyone who questions his integrity. Just make sure the Rick Sanchezes of the world lie low until after election day. Old Dem playbook. Tina Fey went from B List to A List in October 2008 by bashing Palin, then got awards for it.

      What next? Oh, race. Yes, as reported by Politico, the Black Caucus and Hispanic Caucus are warning, warning, warning about the ramifications of a midterm election. How old and tired is this one?

      They’ll keep trying, and I’ll keep catching them: http://colorfulconservative.blogspot.com

      But it’s fun on my site to watch the occasional lib show up and try to make us think we’re being paranoid. Coincidences? No, no, no.

    • Coco Q. Rico says:

      OMG, I can’t even make this stuff up! As soon as I logged off after this comment, the Nation posted a story about Lou Dobbs using illegal immigrants to work on his property.


      This is so predictable. They had a reporter on the case for years and broke the story 3 weeks before the midterm. Vey.

  5. IntegrityMatters says:

    What about the still-unemployed who have run out of benefits, and can no longer re-apply? Does this ‘unemployed rate’ include them? Probably not. These people are now under the radar, and do not matter in the ‘new numbers polls’ games.
    In the extreme, eventually, no one can apply after a certain point. The numbers have nowhere to go BUT down. Talk about “Mixed signals.”

  6. GL0120 says:

    Rumor has it that the democrats, tired of increasing jobless numbers, have decided to move Christmas up to take advantage of seasonal hiring.
    A minor hitch has cropped up in that first, they must concede that Christians have a right to a holiday.

  7. misanthropicus says:

    Hope Gilbert won’t mind this, but I frisbee in here a great petition that needs signatures: the re-broadcast/ release og DVD of the SOOO important “The Path to 9/11” – below is the link for the e-mail petition (I found it on Breitbart’s Big Hollywood).

    Sign, and disseeminate, like a good bee – incidentally, as a kid a spent much time around bees, my father, dear him, kept about 40, home-made bee-hives – so I know a thing or two about the powers of those tiny and dedicated beings –
    Do it!



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