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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on May 20, 2010, 05:59:36 AM
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New Claims Shoot Higher as Jobless Problem Persists
Published: Thursday, 20 May 2010 | 8:35 AM ET Text Size By: ReutersDiggBuzz FacebookTwitter More Share
www.cnbc.com
The number of U.S. workers filing new applications for unemployment insurance unexpectedly rose last week for the first time since early April, government data showed on Thursday, dealing a blow to the labor market recovery.
AP
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Initial claims for state unemployment benefits increased 25,000 to a seasonally adjusted 471,000 in the week ended May 15, the highest level since the week ended April 10, the Labor Department said.
Analysts polled by Reuters had expected claims to fall to 440,000 from the previously reported 444,000, which was revised marginally up to 446,000 in Thursday's report.
The four-week moving average of new claims, which is considered a better measure of underlying labor market trends, rose 3,000 to 453,500.
A Labor Department official said there was nothing unusual in the state level data. The claims data fell in the survey week for the government's closely watched employment report for May. That report will be released on June 4.
New applications for unemployment benefits had been grinding lower even though payrolls have now grown for four straight months. Analysts believe the elevated level of initial claims indicates the unemployment rate will remain high for a while and only come down gradually as small businesses are still struggling.
The jobless rate edged up to 9.9 percent in April from 9.7 percent in March.
The number of people still receiving benefits after an initial week of aid fell 40,000 to 4.63 million in the week ended May 8, the Labor Department said. The level was above market expectations for 4.60 million, but was the lowest since late March.
The insured unemployment rate, which measures the percentage of the insured labor force that is jobless, was unchanged at 3.6 percent in the week ended May 8. It was the fifth straight week that the rate was unchanged at that level.
Copyright 2010 Reuters. Click for restrictions.
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That damn snow fall last week must be to blame!
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I cant wait to see how 240 spins this one.
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Can anyone here explain this to me.It seems that EVERY week the jobless claims are up more then expected,but at the end of the month they say "jobless claims fell for the month".I dont understand how that can be.Are the weekly numbers different from the end of the month number,or is there some other formula for figuring it out?It seems odd that you have 4 weeks in a month that jobless numbers are up and at the end of the month,suddenly,they are down.
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Billy: its all spin and garbage from the Govt. Things are collapsing.
Think about this too, these numbers are FAR worse considering how many people have already lost their jobs.
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More truth for the gang.
(http://i2.cdn.turner.com/money/2010/05/20/markets/fear_markets/chart_ws_index_dow.03.png)
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Unexpectedly?
What a joke. Every economic indicator that drops is called "unexpected"...yeah, look at the data and the trends and you will find that it isn't unexpected by any means.
Keynesian Economics has failed once again. It seems we are losing productivity and asset value on every dollar that we spend. In the 80's every dollar of debt bought "us" around 17 dollars in assets. It was at around 9 dollars in the 90's, it was at -4 dollars in the 2000's and God himself only knows what it is at now.
Trillions of dollars completely wasted on a sector that provides ZERO productivity and ZERO physical goods. Just smoke and mirrors. Oh well, we didn't need the trillions anyways!
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Its only "unexpected" because the morons in the media and the idiots who bought into the promises of this Admn and the Stim Bill, etc thought Keynesian policies actually work, which they dont!
This is a disaster.
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Its only "unexpected" because the morons in the media and the idiots who bought into the promises of this Admn and the Stim Bill, etc thought Keynesian policies actually work, which they dont!
This is a disaster.
Keynesian policies work great! Look at Japan and any other country that practices them.
Wait...don't.
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The other thing is that people who are finding work are not getting jobs at the same or better salary level.
Many or most are taking jobs at lower levels of pay. So while they may be techincally employed for the stats, they are still poorer and worse off.
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The other thing is that people who are finding work are not getting jobs at the same or better salary level.
Many or most are taking jobs at lower levels of pay. So while they may be techincally employed for the stats, they are still poorer and worse off.
That's known as being underemployed. We know that numbers were fudged to get unemployment under 10%, because double-digit unemployment looks bad for Obama.
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We are so freaking screwed its not funny.
I'm not kidding, I really think we are heading for a massive collapse and civil unrest far sooner than you think.
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We are so freaking screwed its not funny.
I'm not kidding, I really think we are heading for a massive collapse and civil unrest far sooner than you think.
I'm personally wondering just what it's going to take for "civil unrest" to occur. I think this year we'll find out though. Just wait until the calls on the commercial loans start coming in later in the year, Deutsche Bank is predicting 50-60% faults on those.
Good times ahoy!
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I think it will start when these happen all at once:
1. UE runs out.
2. State and Local Govts layoff massively.
3. Market collapses.
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An already jittery stock market wasn’t helped by the latest reading on weekly jobless claims, which came in much worse than expected.
The Labor Department said Thursday that initial claims for unemployment benefits jumped by 25,000 to 471,000 for the week ended May 15. The results were not only in contrast to the decline of 4,000 that was estimated by economists, but were also a disappointment in light of recent gains made on the employment front.
The increase was the largest since the week ended February 13 when claims rose 40,000.
The prior week’s total was also revised modestly higher, to 446,000 from 444,000.
Meanwhile, the four-week moving average, which economists like because it can smooth out week-to-week gyrations, increased by 3,000 to 453,000.
The Labor Department said there were no special administrative factors affecting the claims report, but did note an increase in claims in Missouri and Tennessee in the aftermath of flooding in those states.
The largest increases in initial claims for the week ending May 8 were in California, Michigan, New Jersey, Georgia and Puerto Rico, while the largest decreases were in New York, Kentucky, Connecticut, Missouri and New Hampshire.
The data put added pressure on stocks, which were already being weighed down by weak European markets and the softening euro. Shortly after the open in New York, the Dow Jones Industrial Average was off 212 points at 10229.
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is there a LEGAL way we can get these asshole's out of office before their terms are up?
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There is no improvement in unemployment. The only two here who believe otherwise are Benny and 240.
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Didnt Biden say were going to see 500,000 new jobs a month starting June?
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Didnt Biden say were going to see 500,000 new jobs a month starting June?
Green Jobs! As far as the eye can see! ::)
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Dow now down almost 350.
This is going to get UUUGGGLLYYYY.
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There is no improvement in unemployment. The only two here who believe otherwise are Benny and 240.
And notice that those two idiots, along with strawIwishIhadabrainman, have completely ignored this thread. I was hoping they would make an attempt at spinning this in a positive light.
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240 and I have a bet about the Stim Bill that he is going to owe me a huge one on in about a month.
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i dont find this unexpected, I dont understand why they use that word, i expect many many jumps in jobless claims, as long as this ass clown is president
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I have been accused of all sorts of stuff on this board and am being proven correct daily on most of my assertions.
The left wing dolts on this board are so doped up they dont even know what side is up anymore.
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Bump for Benny and 240.
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I dont understand how any sane person with half of a 7th grade education buys into the spin of things and the out right lieing from this admin and the main stream media. I travel 12 months out of the year on the road. I see first hand businesses dropping like flies. Many awsome mom and pops diners that I ate at no more than 7 months ago are gone. Seems like everytime I pull into a town I have my hopes up to go to a place I remembered from before and its gone. And there are more vacant new and old buildings than I ever remember seeing with out of business signs. And tons more homless people out in the day time now. How can these idiots think jobs are comming?
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Its politics over reality.
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it will be greece soon
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BUMP FOR 240 AND BENNY
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I dont understand how any sane person with half of a 7th grade education buys into the spin of things and the out right lieing from this admin and the main stream media. I travel 12 months out of the year on the road. I see first hand businesses dropping like flies. Many awsome mom and pops diners that I ate at no more than 7 months ago are gone. Seems like everytime I pull into a town I have my hopes up to go to a place I remembered from before and its gone. And there are more vacant new and old buildings than I ever remember seeing with out of business signs. And tons more homless people out in the day time now. How can these idiots think jobs are comming?
ANSWER:
http://www.getbig.com/boards/index.php?topic=329467.0 (http://www.getbig.com/boards/index.php?topic=329467.0)
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lol
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We will witness the greatest amount on money printing the world has ever seen as central banks and governments around the world frantically try and restore some confidence in the markets and kick start their economies. A trillion here, a trillion there, bankrupt countires trying to bailout bankrupt countries, the whole thing is a farce. Countries around the world will fall one by one and will join the ranks of Iceland and Greece, etc...
The veil is lifting boys and everyday that goes by more and more people are seeing the big picture and they aint happy about what they are seeing. This whole thing will boil over sooner than later.
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True or false: more ppl are entering job search mode.
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People entering the job market don't make initial claims for benes that this stat is captuaring.
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I see.
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I dont understand how any sane person with half of a 7th grade education buys into the spin of things and the out right lieing from this admin and the main stream media. I travel 12 months out of the year on the road. I see first hand businesses dropping like flies. Many awsome mom and pops diners that I ate at no more than 7 months ago are gone. Seems like everytime I pull into a town I have my hopes up to go to a place I remembered from before and its gone. And there are more vacant new and old buildings than I ever remember seeing with out of business signs. And tons more homless people out in the day time now. How can these idiots think jobs are comming?
Well said. Here is what happened to a local city - a few miles from where I live:
"Royal Oak issued layoff notices to 57 full-time employees Tuesday, according to a news release from City Manager Donald Johnson. The layoffs include 17 firefighters, 21 police officers, the entire building department, some clerical employees and an assistant city attorney." We saw this coming too....
Once UE runs out you are going to see chaos.
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if you want to know the truth about jobs and the economy, turn the t.v. off and drive around your state for a day and observe, then you will see the unspun truth that even general electrics news outlets cant spin