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New Jobless Claims Highest Since February

From a shocked Associated Press:

New claims for unemployment aid reach 484K

August 12, 2010

WASHINGTON – New applications for unemployment insurance rose last week to their highest level in almost six months, a sign that employers are still cutting their staffs.

The Labor Department says first-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000. Analysts had expected a drop.

Will we ever learn who these perpetually wrong analysts are? Are their names Christiana Romer and Jared Bernstein, by any chance?

That’s the highest total since the week of Feb. 20.

Initial claims have now risen in three of the last four weeks and are close to their high point for the year of 490,000, reached in late January.

The four-week average, which smooths [sic] volatility, soared by 14,250 to 473,500, also the highest since late February.

The total number of people receiving benefits dropped 118,000 to 4.45 million, the department said.

Needless to say, those economic mavens at Reuters were completely taken by surprise, as well:

Jobless claims unexpectedly rise in latest week

August 12, 2010

WASHINGTON (Reuters) – The number of people filing new claims for unemployment insurance unexpectedly rose in the latest week to its highest level in close to six months, a fresh signal of a weak jobs market.

The number of new claims for jobless benefits rose 2,000 to 484,000 in the week ended August 7, the second straight increase, Labor Department data showed on Thursday.

The four-week moving average, which economists prefer because it smoothes out weekly fluctuations, rose 14,250 to 473,500, also the highest level since the week ended February 20.

Economists polled by Reuters had expected claims in the latest week to fall to 465,000 from the previously reported 479,000.

The number of people still collecting unemployment benefits after an initial week of aid in the week ended July 31 fell 118,000 to 4.45 million, the lowest level since late June. Economists had expected 4.53 million. The four-week moving average of continuing claims fell 64,500 to 4.52 million, the lowest level since December 2008.

Because of people falling off the jobless benefits rolls.

This article was posted by Steve on Thursday, August 12th, 2010. Comments are currently closed.

13 Responses to “New Jobless Claims Highest Since February”

  1. Crapgame13 says:

    How many months are things going to be bad before they stop being “unexpected”

  2. Petronius says:

    Darn that George W. Bush and all those Wall Street fat cats.

    Guess we’ll just have to try another government stimulus.

    What comes after a trillion? A zillion? A jillion?

  3. proreason says:

    You have to hand it to Obamy.

    The man knows how to get what he wants.

  4. Reality Bytes says:

    “We’re turning a corner.” Not another one. I’m gettin’ dizzy.

  5. Rusty Shackleford says:

    I’m sure it will all smoothe out.

  6. DEZ says:

    Just a drive by to congratulate Steve on making it to the top 50 conservative blogs.

    http://weaselzippers.us/2010/08/11/report-top-50-u-s-conservative-blogs-as-of-july/

  7. Adam Moreira says:

    Normally, jobs would have fixed themselves by now. I don’t understand why it will not though.

    • Rusty Shackleford says:

      It will not because of the uncertainty in what the regime is planning next and what it will do to venture capital risk. This regime goes on the warpath and has demonstrated its hatred of business and the free market system. Who in their right mind would start/expand a business and expend venture capital if the government will step in and take it?

      Additionally, hiring suffers. Productivity in this nation has gone down. Government hiring has gone up. That means more regulation, more overseeing, more meddling. That is not good for free enterprise, which is already pretty heavily regulated and has adapted to that.

      Jobs “fix themselves” because of the inherent trend of business cycles, something the boy who sits in the president’s chair has said repeatedly that he “doesn’t believe in”. Therefore he believes government can control them and make them “fair”.

      Again, his socialist agenda is showing. By putting in place more hamstringing regulations and controls, he believes that this will end inequity but no sooner had the new credit card laws gone into effect, the banks and lenders had figured out ways around them. And he hates that. He hates that people make money. “At some point, I believe you’ve made enough money” and he hates that people can FAIL when he thinks that some uber-smart intellectual brain trust can figure how to end failure for all eternity. And his FIRST step in all that is to CONTROL it.

      But you can’t. Not in these United States. But you can, through incredibly ridiculous micro-management, cause it to lose a lot of ground and ultimately fail…like they want to do to all the healthcare insurance providers. And if nothing is done, it will.

      Jobs come back and hiring commences when companies (“Oh, those EVIL, RICH, MONEY-GRUBBING COMPANIES”) see an opportunity to take a risk and expand or re-hire furloughed workers. This means that the future, by their estimation, has to look promising. It does NOT.

      Therefore, businesses will hold onto their cash, stay at a fixed rate of production and wait it out.

      And the boy who sits in the president’s chair has already “called them out” on that because they aren’t being good little socialists and spending their money to hire back workers. But to hire back workers there has to be an increase in demand. Demand is DOWN…oh…soooooOOOOo down right now. And why? All fingers point to the blamer-in-chief and his socialist cabinet and congress.

      They did it. They are to blame.

      Taxes are set to explode, hyperinflation due to printing money will also come into play…and sooner or later, we’re going to be in much worse shape than we are now. It’s coming. Count on it.

    • heykev says:

      Thanks Rusty. Was about to head to bed…will have nightmares about the future now…once again

      Have you considered a career with Dale Carnegie?

    • Rusty Shackleford says:

      Sorry heykev,

      I may not win friends and influence people but I also am very afraid of what this regime is doing. As has been discussed, it’s patently all intentional.

      I do hope that it can recover but there are a lot of pro-activist people out there who are also in positions to make sure we go socialist. They are as dangerous now as always.

      They think prosperity is unfair (unless it’s theirs) and that failing in business is somehow the fault of the government, which is really an issue about control but my intention was to answer Adam’s question which appeared incredibly naive to me. He’s right, of course, given a normal economic downturn and businesses doing what they must within the law to re-organize, etc.

      But this cabal of socialists in power have usurped all that makes sense as well as what’s LEGAL and created a huge problem. I also fear, that since I work for a large airline, that the entire industry will get hammered somehow when these socialists learn we are poised to actually make a profit this year. All of the US carriers are.

      I’m pretty sure they won’t like that and will put forth “something” to punish us.

      Yes, I am gloomy….I am disappointed…Hell, I’m angry. Meddling know-nothings who get support from environmental whackos and the quack quack quack from the all-too-ignorant left-topians….

      It’s unbelievable.

      My apologies

      I am sorry if I have passed my own nightmares on to you.

    • proreason says:

      “Who in their right mind would start/expand a business and expend venture capital if the government will step in and take it? “

      23 words say it all

    • heykev says:

      Rusty,
      No need for apologies. I have the same nightmares as you.

      I just wish one day I would wake up and find that BHO really did take a vacation from destroying this country. Instead I find that his minions have found yet another way to ruin us even faster.

      A fronte praecipitium a tergo lupi

  8. eaglewingz08 says:

    At some point after two years, doesn’t one’s use of the word unexpected cast doubt on one’s ability, competence and intelligence?


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