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New Jobless Claims Fall – Unexpectedly

From those ever-dependable economic mavens at Reuters:

Jobless claims fall but still elevated

August 26, 2010

WASHINGTON (Reuters) – New claims for unemployment benefits fell more than expected last week but a measure of underlying labor market trends rose to a nine-month high, pointing to a subdued jobs recovery.

“Subdued” must be an example of Reuters’ famous British understatement.

Initial claims for state unemployment benefits fell 31,000 to a seasonally adjusted 473,000 in the week ended August 21, the Labor Department said on Thursday.

The four-week average of new claims, considered a better measure of underlying labor market trends as it irons out week-to-week volatility, rose 3,250 to 486,750, the highest since late November.

Analysts polled by Reuters had forecast initial weekly jobless claims slipping to 490,000 from the previously reported 500,000 the prior week, which was revised up to 504,000 in Thursday’s report.

A Labor Department official said there were no special factors influencing the report…

And never mind that it will probably be quietly revised downward next week.

Claims for unemployment benefits have hovered above the 400,000 to 450,000 range many analysts say is associated with sustained jobs growth and this implies unemployment will remain stubbornly high well into 2011.

The number of people still receiving benefits after an initial week of aid fell 62,000 to 4.46 million in the week ended August 14 from an upwardly revised 4.52 million the prior week.

So-called continuing claims covered the survey period for August’s employment report, [are] expected to show the jobless rate ticking up to 9.6 percent

Yes, that is safe to call a “subdued job recovery.”

This article was posted by Steve on Thursday, August 26th, 2010. Comments are currently closed.

11 Responses to “New Jobless Claims Fall – Unexpectedly”

  1. proreason says:

    It’s hard to believe there are any new jobless claims after 18 months of the obama depression. Hasn’t everyone been laid off already?

    How does this rate compare to a normal rate of new jobless claims?

    At this point in the Depression, if the rate is more than a fraction of the rate of new claims in a normal economy then it is a disaster beyond comprehension.

    Is there a ‘journalist’ in the world who has the ability to ask a reasonable question?

    • Mithrandir says:

      New isn’t news anymore, it is just political marketing.

      That is how Clinton gets economic credit for the actions of a Republican Congress, and Bush gets blamed for the actions of a Democrat Congress since 2006.

  2. Rusty Shackleford says:

    I too laughed at the “subdued” inference.

    How about “non-existent” or “blank” or even just “no”?

    The LSM has done a great deal of damage to itself by constantly running cover for this sham of an administration. I welcome it. Took them a few generations to get there and now that they unashamedly bare their behinds with everything they publish, the public has chosen alternate means by which to get their news.

    The hardest thing for any person or entity to overcome is mistrust. And the public is now voting with their keyboards and showing that distrust and what it’s doing to the market for “news agencies”.

    The expression used to be, “Pardon me, your slip is showing”, I believe.

  3. P. Aaron says:

    An elevated fall, a euphamism for more failure.

  4. Georgfelis says:

    (Yes, that is safe to call a “subdued job recovery.”)

    And Iran is seeking a “subdued” atomic bomb.

  5. Liberals Demise says:


    Oh my GOD!!!
    Do you see their glee that “ONLY” 400 to 450,000 people last week lost their jobs?
    Whew…..I’ll bet they are soooooo glad it wasn’t a 1/2 million like last week.

    When do we get to see an up side?

    Is this all we get?
    A upside to negative?

    • Rusty Shackleford says:

      NYT Headlines you’ll never see:

      “Things Not As Bad As All That”
      “Economy Bounces Back—To The Bottom”
      “Unemployed Give Up Hope”
      “Happy Days Aren’t Here Again”
      “Light At The End Of Economic Tunnel—It’s A Train”
      “Millions Out Of Work—Family Time Surges”
      “In Tough Times, Even The Strong Quit”
      “Tough Times Never Last—But Obamanomics Does”

  6. Mithrandir says:

    Is it amazing that all these “experts” back-seat drivers, naysayers, protesters, George W. Bush critics, back during the campaign…..


    It’s a pseudo-apology to George Bush, “Sorry, it turns out we had no idea what we were talking about….”

    • Rusty Shackleford says:

      With Socialists you can bank on that. Any position they take is fundamentally flawed on the basis of being nothing more than a paper exercise. As you well know, theory is great and more often than not, you have to have a blueprint to start from. But moreso than any house, machine or play in football, it must be adaptable to changes that are necessary when met with reality.

      History has shown that socialism/communism is bad for people. Only on paper or TV does it work. The second humans get involved and try to live their own lives, both fail. It may hold a heavy hammer over the peoples’ heads for some time but ultimately, people prefer the opportunity to fail, to acknowledge inequities as long as their path to freedom is still clear.

      Every dictator, every socialist premiere, every “leader” who thinks that rights come from the seat of power, not from the Creator of mankind. Thus, the fallacy perpetuates and more and greater lies are needed to run cover for whoever is in power. Plus, more and more laws. We have always been heading in that direction, what with the addition of some 1,000 new laws every year in local/state/federal government but never this fast, this aggressively.

      And, it will fail here as well.

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