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New Jobless Claims Fall (Though Not Really)

From a joyous Associated Press:

Unemployment benefit applications fell to 409K

September 1, 2011

WASHINGTON (AP) — Fewer people applied for unemployment benefits last week, a sign that the job market may be improving slightly.

Weekly applications fell 12,000 to a seasonally adjusted 409,000 last week, the Labor Department said Thursday. It was the first decline in three weeks.

A strike by Verizon workers drove applications higher during the previous two weeks. The strike has ended and is no longer affecting applications.

Applications typically need to drop below 375,000 to signal sustainable job growth. They haven’t been at that level since February.

Notice how this magic number seems to vary from week to week.

The downward trend suggests employers aren’t stepping up layoffs amid renewed concerns about the economy’s health

Again, there is no "downward trend."

The government reports Friday on job growth in August. While the report is always important, economists will pay particular attention to the data to see if businesses pulled back on hiring in response to the plunge in stock prices and the gloomy economic outlook.

In other words, if the August job numbers are bad, the AP will find a way to explain that they really aren’t all that important.

The economy expanded at an annual pace of just 0.7 percent in the first six months of this year, the weakest six months of growth since the recession officially ended in June 2009. Economists expect growth will only improve to about a 2 percent pace in the second half of this year…

If so, Mr. Obama’s chances of re-election are doomed.

This article was posted by Steve on Thursday, September 1st, 2011. Comments are currently closed.

5 Responses to “New Jobless Claims Fall (Though Not Really)”

  1. Petronius says:

    First basic step toward alleviating unemployment that will produce immediate results :

    Stop Immigration Now (SIN).

    Enforce existing immigration laws. Then impose a moratorium on new immigration, particularly of unskilled and low skilled people. We already have enough lawnmower men collecting unemployment checks, disability, and ADC. We don’t need any more of them.

    • AmericanIPA says:

      How about we kill two birds with one stone and put people to work on building a wall to keep illegal immigrants out of our country? I haven’t heard that line about their just taking jobs Americans won’t do in a while, have you? If Americans don’t want those jobs now, I don’t know what it would take to get them working.

  2. proreason says:

    Coming soon…a redefinition of “growth”.

  3. AmericanIPA says:

    I would like to make a couple of comments about the photo, not the article: First, have you ever seen so many well dressed people? This couldn’t possibly be the line at the unemployment office. Secondly, check out that gigantic man (and tiny woman in front of him) in the background.

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