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New Jobless Claims ‘Jump’ To 410,000

From a seemingly flummoxed Associated Press:

Unemployment benefits jump to 410,000

By Martin Crutsinger, AP Economics Writer
February 17, 2011

WASHINGTON – More people applied for unemployment benefits last week, one week after claims had fallen to the lowest level in nearly three years.

Actually, last week’s new unemployment claims number was revised up by 2,000, as usual.

The Labor Department says 410,000 people sought unemployment assistance last week, a jump of 25,000 from the previous week. The rise was much larger than economists had expected.

Applications are well below their peak of 651,000, reached in March 2009, when the economy was in the depths of the recession. Applications below 425,00 are viewed as a signal of modest job growth but they would need to dip consistently to 375,000 or below to indicate a significant and steady decline in the unemployment rate.

This is an unusually short entry in the weekly unemployment report saga from the AP’s Mr. Crutsinger. Perhaps he has been shamed into near silence.

Meanwhile, Reuters seems to be similarly discombobulated:

U.S. jobless claims rise 25,000 last week

Feb 17 (Reuters) – New U.S. claims for unemployment benefits rose more than expected last week, according to a government report on Thursday that still pointed at gradual labor 1835102827 [sic]

Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 410,000, the Labor Department said, partially reversing the prior weeks hefty decline.

Economists polled by Reuters had forecast claims rising to 400,000.

So even the economists polled by Reuters had expected the number of new claims to go up? Why is that? And how does that compute with their claims that the labor market it clearly brightening?

The previous weeks figure was revised slightly up to 385,000, from the previously reported 383,000

A Labor Department official said there was nothing unusual in the state-level data, adding that two states had been estimated.

Which is a handy thing to do, when you think about it.

The four-week moving average of unemployment claims — a better measure of underlying trends – rose 1,750 to 417,750 last week

So according to this "better measure" things are actually even worse.

Economists had expected so-called continuing claims to rise to 3.90 million from a previously reported 3.89 million.

Again, aren’t these the same economists that Reuters and the AP claim are saying that the economy is improving and that hiring is going to go up?

The number of people on emergency unemployment benefits dropped 127,386 to 3.63 million in the week ended Jan. 29, the latest week for which data is available. A total of 9.25 million peop 536870913 1818566775 [sic]

As we said, the writers at Reuters would also appear to been quite flummoxed by this bad news.

This article was posted by Steve on Thursday, February 17th, 2011. Comments are currently closed.

7 Responses to “New Jobless Claims ‘Jump’ To 410,000”

  1. warthogman says:

    In this economy, falling unemployment claims are not necessarily reflective of increasing employment. As unemployment benefits run out, the volume of weekly claims drops. Probably a better metric of the true state of unemployment/underemployment is food stamps, which are at an all time high…

  2. bill says:

    By now, everyone knows the Obama regime lies.

  3. untrainable says:

    In the next few months as unemployment actually keeps going up, the regime will divine a new formula for determining the unemployment rate. Something that doesn’t actually count anyone. Probably something based on the length of Obama’s shoestrings in inches divided by his IQ minus the number of cigarettes he smoked last Thursday afternoon between 2:00 and 5:00. Might as well, it’d reflect the same accuracy as the current methods. We’ll have full employment any minute now.

  4. TerryAnne says:

    Anyone else getting the impression that the author of this article every week is getting more and more jaded? At first, these things went on and on with fluff and unicorns pooping rainbows…then they started getting shorter but used macros to use the same words…now, this week, this thing just about covers the “point” and there’s that comment about the economists. I’m picturing him getting more and more pissed each week, being told to write the same thing, or having his article editied down to the same thing, over and over again and, through the repetition, he’s finally starting to see that something ain’t quite right, McGee. If this is happening…oh, to be a fly on the wall when he blows. LOL!

  5. richb says:

    Labor department officals have claimed that 6475638475 747563845

    Reuters also contacted a woman named Jenny, who said th 8675309

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