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Shocker: New Jobless Claims Up Sharply

From a gobsmacked Associated Press:

Applications for jobless aid rise sharply

By Christopher S. Rugaber, AP Economics Writer
November 4, 2010

WASHINGTON – The number of people seeking jobless benefits jumped sharply last week, after two straight weeks of declines.

The increase undermines hopes that unemployment claims, after falling four times in the previous five weeks, were on a sustained downward trend. That would signal layoffs were slowing and hiring was picking up. Instead, claims remain stuck at an elevated level.

Would it be too cynical to suggest that the previous weeks numbers had been tweaked in the run up to the elections?

The Labor Department said Thursday that initial claims for unemployment aid rose by 20,000 to a seasonally adjusted 457,000 for the week ending Oct. 30. Wall Street analysts polled by Thomson Reuters had expected a smaller rise

The rising sun must surprise these analysts every morning.

The unemployment claims report comes one day before the Labor Department is scheduled to release the jobs figures for October. Economists project that report will show that employers added a net total of 60,000 jobs last month, while the unemployment rate remained 9.6 percent for the third straight month

We suspect that these economists will once again be proved wildly overly optimistic.

Once again, it is perhaps interesting to note that the AP did not bother to inform its benighted readers that last weeks jobless numbers have, as usual, been revised upward.

A detail that Reuters once again managed to mention:

Jobless claims rise while unit labor costs dip

November 4, 2010

WASHINGTON (Reuters) – New U.S. claims for unemployment benefits rose more than expected last week while unit labor costs fell in the third quarter, underlining the persistent weakness in the jobs market…

Initial claims for state unemployment benefits increased 20,000 to a seasonally adjusted 457,000, the Labor Department said, reversing the prior week’s decline.

Analysts polled by Reuters had forecast claims rising to 443,000 from the previously reported 434,000. The government revised the prior week’s figure up to 437,000

Perhaps Reuters, being a British company, isn’t quite as invested in the Obama administration as the AP appears to be.

But even Reuters didn’t bother to note that the Department Of Labor also revised up its ‘4-week moving average.’

It will be interesting to see if now, with the midterms safely behind us, we start getting more accurate unemployment numbers. Or are the 2012 elections too close?

This article was posted by Steve on Thursday, November 4th, 2010. Comments are currently closed.

8 Responses to “Shocker: New Jobless Claims Up Sharply”

  1. bill says:

    Gallup, yes that Gallup, warned as much ‘the employment books were being cooked’ in their October report. They said by mid-November the corrections must be put out.

  2. proreason says:

    “Or are the 2012 elections too close?”

    I think the surprises will reverse themselves. We will see unemployment OVERSTATED in the first 3 quarters of 2011…..perfectly poised for a rebound in 2012.

    I also expect the Moron to guarantee an improvement in jobs and the economy at least before the summer of 2011. The Bush tax cuts will be extended in some form; the Republicans will be able to hold the line on spending; the fed is still flooding the world with printed montey; and the destruction the Moron will be able to wreck will be the stealth bureaucratic kind that will take years to reach fruition. The economy is destined to rebound a certain amount in the next 2 years.

    He was willing to bet the farm on his idiot prediction of “8% cap for unemployment”. He will be willing to bet it again (this time with a better basis) for 2012.

    The Republicans better get out in front and mega-broadcast what they think will happen and why.

  3. Astravogel says:

    It is so sad when our government lies to us, it’s constituents.
    Perhaps the recent election turn-over will cause them to pause
    and think again before issuing false information. I don’t look for
    it though. Accurate unemployment figures were conspicuously
    absent up to November, and if you believe 9.6% was correct,
    well, luck to you.

  4. Perdido says:

    It’s a huge deception. The fact is they quit using U-6, the actual unemployment number. Which is running nearly 20% now, btw. Why don’t Republicans insist on publicizing this little gem? Maybe they’re not really on our side. Maybe.

    • proreason says:

      Republicans…..Ruling Class Minor Leagues. A few (McCain, the Maine twins, Lindsey Graham, etc) occasionally get called up to the Bigs for a week or two to weigh in on Comprehensive Amnesty or Crap and Tax. But by and large, they hang around Washington collecting wealth stamps and hoping for that big break.

      At least, that was yesterday’s pattern. We’ll see how long that lasts.


  5. Perdido says:

    Maybe Ann Coulter will pop in and explain why the Republicans won’t mention U-6 Unemployment.

  6. P. Aaron says:

    The Obama legacy: Joblessness up sharply. Opportunity down sharply

  7. xsssx says:

    If you believe any stats that this administration, or any previous one for that matter, advertises, then you are living in la-la-land. First the mechanism for gathering the data is flawed beyond any hope of reflecting reality. Second the politics being played behind the scenes resembles the AGW data reporting scandal in it’s duplicitousness. And of course lastly, the media simply won’t report bad news for a leftist administration accurately, if at all.

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