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Lower Jobless Rate Due To Debt Uncertainty?

From a non dot connecting Reuters:

U.S. jobless claims fall below 400,000

WASHINGTON, July 28 (Reuters) – New U.S. claims for unemployment benefits fell more than expected last week, dropping below the key 400,000 level for the first time since early April, according to a government report on Thursday that pointed to some labor market improvement.

Initial claims for state unemployment benefits dropped 24,000 to a seasonally adjusted 398,000, the Labor Department said.

Economists polled by Reuters had forecast claims falling to 415,000. The prior week’s figure was revised up to 422,000 from the previously reported 418,000

So, as usual, last week’s new claims number was revised up by 4,000. And if that happens to this week’s number, it will not longer be below the "key 400,000 level."

The drop in jobless claims last week below the 400,000 mark that is normally associated with stable jobs growth will be welcome news for the economy after a recent string of weak data.

It is also a hopeful sign for the economy which has struggled to regain momentum after growth faltered in the first half of 2011…

A Labor Department official said there were no special factors in last week’s jobless claims data

So the Japan earthquake is finally over. At least until the jobless number goes up again.

Still, doesn’t this good news put the lie to Mr. Obama’s claims that the debt ceiling negotiations are causing "uncertainty" that is hurting the US economy? In fact, we suspect the Republicans’ insistence on spending cuts and no new taxes is actually giving employers new found hope about the future.

Naturally, our news media will never report it that way.

The number of Americans on emergency unemployment benefits rose 18,427 to 3.17 million in the week ended July 9, the latest week for which data is available.

A total of 7.65 million people were claiming unemployment benefits during that period under all programs, up 320,152 from the prior week.

Details, details.

This article was posted by Steve on Thursday, July 28th, 2011. Comments are currently closed.

5 Responses to “Lower Jobless Rate Due To Debt Uncertainty?”

  1. proreason says:

    A great expense savings would be to do away with the agencies that make up these numbers and just let Steve do it while he’s drinking his coffee in the morning.

    In addition to saving money and helping his income, the numbers will be a lot more accurate.

    • JohnMG says:

      Well how about this? Since we know that when unemployment benefits are about to expire, a great many of the recipients suddenly find jobs, why not CREATE more unemployment by doing away with several government agencies like HUD, Departments of Energy and Education, EPA…….the list could grow to be quite long. Just cut ’em loose without UE benefits and let them find some sort of employment that contributes to the economy rather than the one they have that is a dead drain on it. Most people, when thrown out of the boat and told to ‘sink or swim’, tend to learn how to swim fairly quickly.

      Democrats are right……we do have a tax problem. Not enough of their constitutients pay any. I offer the Obama cabinet as evidence, in addition to all the government-union-SEIU leaches.

  2. untrainable says:

    The lower jobless rate is due to uncertainty allright. The “government” is uncertain how to disguise dismal numbers and still make people feel good about the economy. Standard “unexpectedness” aside, revisionist statistics are a good start. Get some more lipstick. The pig’s lips are getting harder to cover every day.

  3. P. Aaron says:

    We had dry-hot conditions here in MI. I am sure that accounts for additional unemployment.

  4. Right of the People says:

    When Barry the Bungler and Bite Me Joe are unemployed as of January 20th 2013, I’m curious, where will they file for their unemployment bennies? DC or Chicago and Delaware?

    That’s a rise in unemployment numbers I can get behind.

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