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Jobless Claims Up Higher – Unexpectedly

From a perpetually blindsided Reuters:

Stubborn Jobless Claims Still Keep On Climbing Higher

Thursday, 26 May 2011

New U.S. claims for unemployment benefits unexpectedly climbed to 424,000 last week from a revised 414,000 in the prior week, pointing to a painfully slow improvement in the nation’s job markets.

‘Unexpected’ is back! By the way, why is it never unexpected when the new claims number goes down, except under Republican administrations?

The Labor Department on Thursday revised the prior week’s claims number up from an originally reported 409,000.

Which, of course, is the opposite of ‘unexpected,’ since they are quietly revised upward every week. But the Obama administration got a week’s worth of good economic news out of the bogus number in the meantime.

Economists surveyed by Reuters had forecast that claims last week would decline to 400,000, rather than rise.

Perhaps it would be better for Reuters to ask their office cat.

The four-week moving average of unemployment claims, considered a better measure of trends since it smoothes [sic] out weekly variations, eased slightly to 438,500 from a revised 440,250.

Hilarious. Reuters is now using the Associated Press’s macro, misspelling and all.

Last week marked the seventh straight week in which claims topped the 400,000 level, indicating that payroll growth is soft and may continue to be so for some time. A department official said there were no exceptional factors to account for the rise in last week’s claims.

Even the Department Of Labor is running out of excuses.

Of course it couldn’t be because we are still stuck in a recession.

This article was posted by Steve on Thursday, May 26th, 2011. Comments are currently closed.

4 Responses to “Jobless Claims Up Higher – Unexpectedly”

  1. Liberals Demise says:

    Last year it was “Summer of Recovery”.
    This year will no doubt be “Summer of Recession”.

  2. Right of the People says:

    “payroll growth is soft ”

    Is that the new liberal-speak for the economy sucks and we are still in a recession?

    • JohnMG says:

      What’s going to happen when the current crop of HS and college grads start taking those entry-level jobs now being held by the “under-employed”, simply because they will work for less money than even the desperate job seekers?

      That’ll smootheeeee things out, alright. Unexpectedly so!

    • Rusty Shackleford says:

      Don’t they have pills for that now?

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