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Jobless Claims Up More Than Expected

From an amazingly consistent (in their errors and lies) Associated Press:

New jobless claims rise more than expected to 531K

By Christopher S. Rugaber, AP Economics Writer

WASHINGTON – The number of newly laid-off workers filing claims for jobless benefits rose more than expected last week, after falling in five of the past six weeks, as employers remain reluctant to hire even with the economy showing signs of recovery.

The Labor Department said Thursday that new jobless claims rose to a seasonally adjusted 531,000 last week, from an upwardly revised 520,000 the previous week. Wall Street economists had expected only a slight increase, according to Thomson Reuters.

Economists closely watch initial claims, which are considered a gauge of layoffs and an indication of companies’ willingness to hire new workers.

The four-week average of claims, which smooths out fluctuations, fell slightly to 532,250, the lowest since mid-January and about 125,000 below the peak for the recession, reached this spring. But claims remain well above the 325,000 that economists say is consistent with a healthy economy.

The number of people continuing to claim benefits did drop for the fifth straight week to 5.9 million, from just over 6 million. The figures on continuing claims lag initial claims by a week.

Many recipients are moving onto extended benefit programs approved by Congress in response to the recession, which began in December 2007 and is the worst since the 1930s. Those extensions add up to 53 weeks of benefits on top of the 26 typically provided by the states.

When those programs are included, the total number of recipients dropped to 8.8 million in the week ending Oct. 3, the latest data available, down about 50,000 from the previous week. That decline is likely due to recipients running out of benefits, rather than finding jobs, economists say…

Let’s see…

Do we have a reference to always wrong economists who are surprised that the jobless rate has gone up or down more than they expected? – Check.

Do we have the sentence stating that the four-week average of claims “smooths out fluctuations,” where ‘smoothes’ is spelled wrong? – Check.

Do we have the false claim that the recession began back in December 2007? – Check.

Yes, it’s a patented Associated Press story, all right. 

By the way, note this:

But claims remain well above the 325,000 that economists say is consistent with a healthy economy.

As we have noted before, back in May of 2008 the same Associated Press was saying the economy was in dire straits for having lost 20,000 jobs the month before.

My how times change, especially under a Democrat administration.

This article was posted by Steve on Thursday, October 22nd, 2009. Comments are currently closed.

5 Responses to “Jobless Claims Up More Than Expected”

  1. proreason says:

    I wish the economists would predict a disastrous climb in jobless claims.

  2. Consilience says:

    Is it me or are the experts in a state of continual surprise? “Unexpected” is the go to word in any story about the economy—when the dollar is plummeting and the thug messiah at the helm no one should be surprised that unemployment is rising…

  3. joeblough says:

    Jobless Claims Up More Than Expected

    Expected by who?

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