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Unemployment Claims Rise – Unexpectedly

From a desperately trying to keep their sunny side up Associated Press:

More people sought unemployment benefits

By Christopher S. Rugaber, AP Economics Writer
August 18, 2011

WASHINGTON – The number of people applying for unemployment benefits rose back above 400,000 last week. Still, the four-week average, a more reliable gauge of the job market, fell to the lowest level since mid-April.

The AP always finds a way to accent the positive. That’s just the way they are.

The report suggests that the economy is creating jobs but not nearly enough to lower the high unemployment rate.

The economy is racist. It doesn’t want to see Mr. Obama get re-elected, or it would try harder to lower the high unemployment rate. Goodness knows the AP is trying.

But exactly how does an increase in new unemployment claims suggest that "the economy is creating jobs"?

Weekly applications rose 9,000 to a seasonally adjusted 408,000, the Labor Department said Thursday. That’s the highest level in four weeks. Applications have been above 400,000 for 18 of the past 19 weeks

The report on weekly unemployment applications does provide some positive signs for hiring in August. Applications are lower than they were in mid-July, when they totaled 422,000

Oh, now we understand. The AP found a week back in July where new claims were higher. So there must be jobs being created. Still, you have to give the AP credit. Even Pravda didn’t work this hard to support the Soviet regime.

Meanwhile, we have this from the ever surprised Reuters:

Jobless claims rise 9,000 last week

Thu Aug 18, 2011

WASHINGTON (Reuters) – New U.S. claims for unemployment benefits rose more than expected last week, according to a government report on Thursday that suggested hiring in August was steady but not robust.

We suspect that hiring during the Great Depression was also "steady."

Initial claims for state unemployment benefits increased 9,000 to a seasonally adjusted 408,000, the Labor Department said.

Economists polled by Reuters had forecast claims rising to 400,000. The prior week’s figure was revised up to 399,000 from the previously reported 395,000

Last week’s number was revised up? That is so unexpected, too.

By the way, note that the number was revised up to precisely 399,000. Which just happens to keep claims under the supposedly magical 400,000 level. Not that we would ever accuse the Obama Labor Department of manipulating the data.

This article was posted by Steve on Thursday, August 18th, 2011. Comments are currently closed.

One Response to “Unemployment Claims Rise – Unexpectedly”

  1. Tater Salad says:

    15 to 1 ratio. This is exactly what Barck Obama and his socialist adminstration wants!


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