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Jobless Claims Up More Than Expected!

From the perpetually surprised Associated Press:

New jobless claims rise more than expected to 551K

WASHINGTON – First-time claims for jobless benefits increased more than expected last week, a sign employers are reluctant to hire and the job market remains weak.

And while consumer spending jumped by the most in nearly eight years in August due partly to the government’s Cash for Clunkers program, economists worry whether that rebound can be sustained with U.S. households facing rising unemployment, tight credit conditions and other obstacles.

The Labor Department said Thursday that initial claims for unemployment insurance rose to a seasonally adjusted 551,000 from 534,000 in the previous week. Wall Street economists expected an increase to 535,000, according to a survey by Thomson Reuters.

The increase comes after three weeks of declines. Weekly claims have been trending down since the spring, but the decline has been painfully slow. The four-week average, which smooths out fluctuations, dropped to 548,000, about 110,000 below its peak in early April.

"This is a bit disappointing but not unduly alarming," Ian Shepherdson, chief U.S. economist for High Frequency Economics, wrote in a note to clients. The increase "leaves the downward trend in claims intact."

The claims data come a day before the September unemployment report due Friday. Economists forecast that report will show the unemployment rate rose to 9.8 percent from 9.7 percent in August. Most economists expect the rate to top 10 percent by early next year

Continuing claims have declined slowly from a record level of 6.9 million in late June, "suggesting that the unemployment rate is near its peak," Abiel Reinhart, an economist at JPMorgan Chase, wrote in a note to clients.

But when federal emergency programs are included, the total number of jobless benefit recipients was nearly 9 million in the week that ended Sept. 12. That’s little changed from the previous week…

The recession, which began in December 2007 and is the worst since the 1930s, has eliminated a net total of 6.9 million jobs

For those of you playing along at home (since you are unemployed), the latest Google search for the phrase “new jobless claims rise more than expected” now returns 2,150,000 hits:

(Click to enlarge.)

That is an unexpected rise from 898,000 hits, when we last checked in on July 30th, 2009:

(Click to enlarge.)

We also notice that the AP reporters once again managed to use their keyboard shortcut:

The four-week average, which smooths out fluctuations…

Still without fixing their typo. (It’s smoothEs, when used as a verb.)

They even managed to work in the bogus claim about when the recession started:

The recession, which began in December 2007 and is the worst since the 1930s, has eliminated a net total of 6.9 million jobs.

But note how all of a sudden this recession is not the worst since the early 1980s — as hitherto claimed — it is now the worst since the Great Depression.

Which, if true, you would think would warrant some mention in the headline and the article’s lede (lead) paragraph.

This article was posted by Steve on Thursday, October 1st, 2009. Comments are currently closed.

15 Responses to “Jobless Claims Up More Than Expected!”

  1. Rusty Shackleford says:

    With apologies to Mr Berra: “It’s deja-vu all over again.”

  2. proreason says:

    “The recession, which began in December 2007 and is the worst since the 1930s, has eliminated a net total of 6.9 million jobs.”

    Aside for the continually bogus claim that the recession began in Dec 2007 (apparently a recession begins whenever it’s conventient for Democratic election prospects), the number of 6.9 million jobs is ludicrous.

    Last month the percentage including “discouraged workers” was 16.7%. “Discouraged” workers are unemployed people who don’t count as unemployed people because they no longer receive government benefits, and hence are no longer considered people.

    But that doesn’t count UNDER employed people, i.e., those who need to work full-time but can’t find enough work. Average work hours have declined from 33.9 to 33.1 hours per week in the past year, which represents another 2.3% that isn’t counted in the 16.7%.

    And it doesn’t count the 200,000 people who enter the workforce every month (because the nation is growing), which represents another 1.1% over the last year, that isn’t counted in the 16.7%.

    So you see, the unemployment rate is AT LEAST 20.1%.

    I say “at least” because there are surely millions of people who have retired (and mothers who now need to go back to work), but now must work because their life savings have been destroyed, but who also cannot find jobs, and are therefore unemployed. But, of course, the government wouldn’t count them. That would drive the unemployment numbers up. Can’t have that.

    But for grins, let’s exclude the millions or tens of millions of desperate retirees, and use a nice round figure of 20% for real unemployment.

    Since the employment base was 154 million in the summer of 2008, the number of unemployed (counting underemployed people) in the country appears to be about 31 million (probably a bit north of that).

    Yes, 31 million.

    Now, since the “official, lowball, because we don’t want the people to know the truth, unemployment percentage” in Sept 2008 was 6.7%. The equivalent to that laughable lie number for Sept 2009 is 9.7%.

    Which says that 31% of the unemployed people in this country lost their jobs JUST SINCE THE MORON TANKED THE ECONOMY TO GET ELECTED.

    Or in other words, 9.3 million people have lost jobs on the Moron’s watch (15 to 16 million if you go back to since October, 2007).

    But hey, 45% accuracy is better than the hollow-cheeked MSM usually does.

    Thank goodness the Depression Stimululs has been such a resounding success. Where would we be if we hadn’t impoverished our grand children and their kids, so Obamy’s political cronies can get rich?

    • TwilightZoned says:

      Yes, yes, yes, Pro. You are correct in your thinking.

      I still think all this un/under employment along with
      not spending the majority of the stimulus is a set up.

  3. “That is an unexpected rise from 898,000 hits,….”

    HAR! Brilliant play!, Mr. Steve.

    That’s why ol’ S&L makes the big bucks.

  4. Right of the People says:

    “The recession, which began in December 2007 and is the worst since the 1930s,” and overseen by the worst president since the 1930s.

    I know everyone thinks Mr. Peanut is the worst we’ve ever had but compared to the damage FDR did to the country, he’s a comparative piker. I actually usually put JFK in there too, his actions set us back years on the world stage from the Bay of Pigs fiasco where he allowed thousands of brave Cuban patriots to die because he pulled promised US Navy support to the Cuban missile mess. What is it about Dem presidents that go by 3 initials, FDR, JFK, BHO?

    • proreason says:

      You forgot LBJ. He was worse than JFK, and could compete with the Peanut Farmer.

      But BHO is by far the worst.

      The others weren’t TRYING to destroy the country.

      The others were also accomplished people with life skills other than stealing elections (although, except for FDR and Jimmah, they were all skilled election criminals).

      FDR had been a governor and overcame a debilitating disease.
      JFK was a war hero (but otherwise had a very thin resume)
      LBJ was considered to be the best legislator of his time.
      Jimmah was a naval officer, a nuclear scientist, and an accomplished racist.

      and BHO taught people how to take advantage of their race to steal taxpayers money and con private businesses.

      and oh yes, he also scribbled a few notes to help Bill Ayers write his famous first auto- biography.

    • Petronius says:

      LBJ was not only worse than JFK, he was worse even than Carter and Clinton and, IMHO, the worst president in US history up to 20 Jan 2009.

      LBJ was the most vulgar, unscrupulous, corrupt, and uncouth man ever to occupy the White House (and that is saying a lot because I haven’t forgotten Bill Clinton);

      LBJ was the first to use the Oval Office for fornication;

      LBJ surrounded himself with corrupt men as his closest advisors––Bobby Baker, Abe Fortas, Clark Clifford, Wally Jenkins, Billie Sol Estes, et al.;

      the Great Society and War on Poverty––food stamps, Medicare, Medicaid, public housing, and all the rest;

      the Great Society trashed the Constitution––up until then, there was still hope that the Constitution might be saved;

      the Great Society was responsible for establishing the idea that the US government is a giant spending machine;

      welfare spending rose from 12% of GDP to 22% of GDP;

      Great Society ushered in an era of permanent deficit spending;

      it generated a gigantic explosion in the size of the Federal bureaucracy;

      Great Society led to years of inflation, economic stagnation, and tax surcharges, and removed silver from the coinage;

      Great Society programs led to the destruction of black families in America;

      1965 Immigration Act that removed national origins, and eventually removed quotas and border security, and thereby transformed the nation’s demographics;

      the prolonged no-win war in Vietnam that eventually led to untold millions of deaths when US troops pulled out;

      Vietnam gave rise to the Legend of Quagmire, which Liberals have used for 40 years to oppose every deployment of US troops abroad;

      started a fight in Laos, then withdrew support, leading to a bloodbath there;

      appointed Abe Fortas and Thurgood Marshall to the No Good Nine;

      last but not least, LBJ was the first to use the IRS as a political weapon to persecute political enemies.

    • Colonel1961 says:

      So, other than that, LBJ was a pretty decent guy – right?

    • proreason says:

      LBJ also pulled off the most outrageous election fraud in American History to win his first Senate race in 1948.

      “But fortunately for Johnson, the six Parr-controlled counties in South Texas “voted” for him 98%, which, while not enough to get Johnson more votes than Stevenson, was enough to get him into a runoff with Stevenson. In the runoff, Johnson used his funds to buy enormous numbers of votes in San Antonio and to pay off other counties to get numerous 5:1 ratio leads. But Stevenson still was ahead statewide by 854 votes the day after election day, and since the Parr-headquarters Duval County had, e.g. voted Johnson by 99% (with 99.6% turnout), it seemed unlikely Parr could generate enough additional “votes” to put Johnson over the top. No problem. The Parr-controlled counties simply kept “amending” their returns daily to keep generating more Johnson votes, with the final trick, a week later, being precinct number 13 in Jim Wells County, which was election judge Luis Salas’s precinct, which had voted for Johnson 765 to 60. Somebody simply “closed the loop on the 7” to make it 965 to 60, giving Johnson a statewide victory by 87 votes, and earning him the nickname “Landslide Lyndon.”

      http://rangevoting.org/PresFraud.html

      You can’t help but admire a 99% majority with a 99.6% turnout.

    • Liberals Demise says:

      Petronius …..God love ya! You walk the talk on this one!
      Thank You, Brother!!

  5. proreason says:

    Shocker. Media was 13 times more negative about unemployment under Reagan than the Moron.

    http://newsbusters.org/blogs/nb-staff/2009/10/01/bmi-s-seymour-networks-coverage-unemployment-13-times-more-negative-presid

    Who could have imagined such a discrepancy.

    Why, it’s almost like the media is in the tank for Fascism.

    But of course, that can’t be. We aren’t even allowed to mention the word. Even the thought is preposterous.

  6. Petra says:

    Speaking about the jobless.

    Where is ACORN’s Union?

    September 18th, 2009 by J. Justin Wilson

    I’m beginning to lose track of how many employees ACORN has fired since news broke that the embattled community organizing group was willing to offer advice on running an underage prostitution ring.

    The questions in my mind are: What about their union? Where is the SEIU? Shouldn’t SEIU’s lawyers be burning the midnight oil writing Unfair Labor Practices for such capricious firings? Where was the hearing? What about the grievance procedure? Was their shop steward notified?
    Contin:
    http://laborpains.org/index.php/page/2/

    […]

    “ACORN calls itself a community group, but it is really a multi-million-dollar, multi-national conglomerate. Its political agenda is driven by a relative handful of political thugs for hire. ACORN spends millions promoting economic policies (like raising the minimum wage), but doesn’t always want to abide by them.

    In fact, ACORN sued the state of California to get out of paying its own employees the minimum wage, and even fought their efforts to create a union.
    Contin:
    http://www.rottenacorn.com/

    I asked Wayne Kratski on his whiney blog these questions – he avoided answering by not publishing my comment – unless he was away on many of his frequent trips.

  7. WendyB says:

    I agree with everything y’all have said, I just wanted to point out, Pro, that those screeds published under Mr. Obama’s name are correctly classified as “autohagiographies.”


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