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Reuters: Jobless Claims Rise More Than Expected

From a once again blind-sided Reuters:

Jobless claims rise more than expected

January 30, 2014

WASHINGTON (Reuters) – The number of Americans filing new claims for unemployment benefits rose more than expected last week, but the underlying trend suggested the labor market continued to heal.

Again, as usual, Reuters gives us a snippet of bad (real) news. But then immediately tacks on some rosy (made-up) ‘news.’ By the way, it’s pretty tough to claim the labor market is healing when last weeks new claims number was also up.

And, in fact, last week’s number was quietly revised even higher:

Initial claims for state unemployment benefits increased 19,000 to a seasonally adjusted 348,000, the Labor Department said on Thursday. Claims for the prior week were revised to show 3,000 more applications received than previously reported.

Economists polled by Reuters had forecast first-time applications for jobless benefits rising to 330,000 in the week ended January 25…

So even the always sunny economists at Reuters don’t really believe the labor market is healing.

Job growth slowed sharply in December, but economists shrugged off the surprise meager increase in payrolls, pointing to freezing temperatures that hit sectors such as construction and transportation…

Once again, it wasn’t that cold in December. The real cold only hit after the beginning of the year.

Federal Reserve officials also appeared to dismiss the slowdown in payrolls, saying at the end of a two-day policy meeting on Wednesday that the labor market on balance showed further improvement…

"On balance" being what? Income rose at a slower pace than spending last month. Businesses placed fewer orders with US factories in December for machinery and other capital goods. Housing starts were down.

The claims report showed the number of people still receiving benefits under regular state programs after an initial week of aid fell 16,000 to 2.99 million in the week ended January 18.

The so-called continuing claims have been elevated in recent weeks and some economist say the cold weather could be preventing many recipients from going out to search for work and companies to delay hiring." …

Apparently, ‘cold weather’ is the latest ‘headwind.’  But isn’t this yet another argument for the benefits of global warming? It actually helps the economy!

This article was posted by Steve on Thursday, January 30th, 2014. Comments are currently closed.

2 Responses to “Reuters: Jobless Claims Rise More Than Expected”

  1. GetBackJack says:

    I can no longer comment on Rooter stories and remain a Christian ..

  2. Right of the People says:

    Cold weather never kept people from work. Try some more lies Reuters.

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