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New Jobless Claims Rise More Than Expected

From a presumably straight-faced Reuters:

Jobless claims rise more than expected

June 23, 2011

WASHINGTON (Reuters) – New claims for unemployment benefits rose more than expected last week, a government report showed on Thursday, suggesting little improvement in the labor market this month after employment stumbled in May.

Reuters needs to start asking us about our projections.

Initial claims for state unemployment benefits climbed 9,000 to a seasonally adjusted 429,000, the Labor Department said. The prior week’s figure was revised up to 420,000.

Which just goes to show what great prognosticators we are. Since we predicted as much. Of course it was a pretty safe prediction, since it is almost always revised up.

Economists polled by Reuters had forecast claims to edge up to 415,000 from a previously reported count of 414,000

Which is to say that the number was revised up 6,000 – which is a fairly large revision. (The revisions usually average around 3,000.)

The data is the latest in a series to underscore the weakness in the economy, which has persisted through the second quarter.

The Federal Reserve on Wednesday acknowledged the slowdown, but generally perceived it as temporary. Although it cut its growth forecasts and downgraded its view of the labor market, it gave no indication of further monetary support…

If the Fed downgraded their view of the labor market, it doesn’t sound like they consider it to be all that temporary. But have no fear, there will be "further monetary support." Just in time for the 2012 elections.

Initial claims have now been above the 400,000 mark for 11 weeks in a row. Analysts normally associate that level with a stable labor market.

The number of people still receiving benefits under regular state programs after an initial week of aid was little changed at 3.70 million in the week ended June 11.

And by "little changed" Reuters means the number went up. Even though it had been predicted it would go down:

Economists had expected so-called continuing claims to nudge down to 3.67 million from a previously reported 3.68 million.

The number of people on emergency unemployment benefits rose 5,728 to 3.30 million in the week ended June 4, the latest week for which data is available

Unfortunately, it looks like this ‘summer of recovery’ isn’t going to be any better than our last ‘summer of recovery.’

Prosperity must be around some other corner.

This article was posted by Steve Gilbert on Thursday, June 23rd, 2011. Comments are currently closed.

3 Responses to “New Jobless Claims Rise More Than Expected”

  1. Liberals Demise

    dingleBarry to Sheriff Joe:
    420,000 more little bumps in the road? BFD!! What time do we tee off?

  2. Right of the People

    Reuters must have this as boilerplate. They just trot out the same article, tweak the numbers and print it. Rises in unemployment numbers are always “unexpected”. DUH! Even a complete moron can see the trend here since the boy king took power.

    There is only one unemployment statistic I want to see. The rise in DC unemployment stats by two in late January 2013 when Barry the Bungler and Bite Me Biden have to file for unemployment.

  3. spudmom

    I would love to see a graph of the “announced” figures vs. the “revised” figures. I bet they are always revised upward, indicating not a rough estimate that gets more precise, but a deliberate attempt to fudge the numbers down to make the administration look better.




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