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Jobless Claims Up, Job Growth Surges, Jobless Rate Falls

From Reuters:

U.S. jobless claims rise slightly, labor market improving

By Lucia Mutikani | July 3, 2014

WASHINGTON, July 3 (Reuters) – The number of Americans filing new claims for unemployment benefits rose marginally last week, but continued to suggest the labor market was steadily improving.

Initial claims for state unemployment benefits rose by 2,000 to a seasonally adjusted 315,000 for the week ended June 28, the Labor Department said on Thursday. The prior week’s claims were [quietly] revised to show 1,000 more applications received than previously reported…

So the last two weeks of June had increases in new new unemployment claims, but June’s jobless rate surged?

From Reuters:

U.S. job growth surges, unemployment rate falls to 6.1 percent

By Lucia Mutikani | July 3, 2014

WASHINGTON (Reuters) – U.S. employment growth jumped in June and the unemployment rate declined to near a six-year low of 6.1 percent, effectively dispelling fears about the economy’s health and underscoring its momentum heading into the second half of 2014…

What fears? The media told us that the first quarter’s 2.9% shrinkage was a sign of a juggernaut economy.

Nonfarm payrolls increased by 288,000 jobs, the Labor Department said on Thursday. Data for April and May were revised to show a total of 29,000 more jobs created than previously reported…

It was the first time since the technology boom in the late 1990s that employment has grown above a 200,000-jobs pace for five straight months…

And never mind that we used to be told that the economy needs to add at least 250,000 jobs a month, just to keep up with the population growth. The monthly unemployment rate just keeps going down, as if by magic.

(By the way, are we really supposed to believe we had such big job growth for five straight months when the first quarter GDP shrank by 2.9%?)

Here is how the Associated Press reported this miraculous news:

US employers added robust 288k jobs in June

By JOSH BOAK | July 3, 2014

WASHINGTON (AP) — U.S. employers accelerated their hiring last month, adding a robust 288,000 jobs and helping drive the unemployment rate to 6.1 percent, the lowest since September 2008…

Friday’s report from the Labor Department made clear that the U.S. economy is moving steadily closer to full health after having shrunk at the start of the year…

The AP reporter was so giddy he didn’t even know what day of the week it is.

This article was posted by Steve on Thursday, July 3rd, 2014. Comments are currently closed.

2 Responses to “Jobless Claims Up, Job Growth Surges, Jobless Rate Falls”

  1. dasher says:

    Now you see it, now you don’t.


  2. yadayada says:

    ?!?!?!? 315k – 288k = 27k…….growing, eh?

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