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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Soul Crusher on August 05, 2010, 06:23:17 AM
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August 5, 2010, 8:41 AM ET.
Increase in Jobless Claims Weighs on Stock Futures
www.wsj.com
Stock futures moved lower and Treasury prices rose on an unexpected increase in weekly jobless claims. The dollar weakened slightly.
Initial unemployment claims climbed by 19,000 to 479,000 in the week ended July 31, the Labor Department said in its weekly report Thursday. The last time claims were this high was the week of April 10.
The increase defied the expectations of economists surveyed by Dow Jones Newswires, who had predicted filings would dip by 2,000 to 455,000. The four-week moving average, which aims to smooth volatility in the data, rose by 5,250 to 458,500. New claims for the previous week, ending July 24, were revised up, to 460,000 from the originally reported 457,000.
The number of continuing claims — those drawn by workers for more than one week in the week ended July 24 — decreased by 34,000 to 4,537,000 from the preceding week’s upwardly revised level of 4,571,000. Continuing claims are reported with a one-week lag.
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Notice the revisions?
Hey 240, Benny, KC, Mons, et al - can we finally agree that the Stim Bill is a massivbe failure?
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No its the summer of recovery anyway its George Bushs' fault according to Joe Biden the dumbest man in the history of the senate.
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For jobless claims still to be this high is awful.
I have said from day one, we need obama to fail miserably for the nation to succeed.
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For jobless claims still to be this high is awful.
I have said from day one, we need obama to fail miserably for the nation to succeed.
The problem is how you define failure.In Obamas mind this is great news and a huge success,just another step in the destruction of the country.
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Surprise Rise in Jobless Claims Casts Pall on Economy
Reuters
WASHINGTON
New claims for unemployment benefits unexpectedly rose last week, government data showed on Thursday, underscoring a weak labor market and the fragile economic recovery.
Initial claims for state unemployment benefits rose 19,000 to a seasonally adjusted 479,000 in the week ended July 31, the Labor Department said. That was the highest level in claims since early April.
Analysts polled by Reuters had forecast claims dipping to 455,000 from the previously reported 457,000 the prior week, which was revised modestly up to 460,000 in Thursday's report.
"The bottom line is that any recovery in employment is going to be very slow. It's likely that we're still at 9.5 percent unemployment or awfully close to it by the end of the year," said Scott Wren, senior equity strategist at Wells Fargo Advisors in St. Louis.
U.S. government debt prices rose and the stock index futures extended losses on the weak jobless claims data. The U.S. dollar fell against the yen.
The four-week average of new jobless claims, considered a better measure of underlying labor market trends as it irons out week-to-week volatility, rose 5,250 to 458,500.
A Labor Department official said there was nothing unusual in the data from the state.
The latest claims data has little bearing on the government's closely watched employment report for July, due on Friday, as it falls outside the survey period.
Nonfarm payrolls probably fell 65,000 last month after declining 125,000 in June as temporary workers hired to conduct the decennial census were let go, according to a Reuters survey.
Private-sector payrolls are seen rising a modest 90,000 and the unemployment rate is expected to climb to 9.6 percent from 9.5 percent in June.
After falling rapidly in 2009, jobless claims have stalled this year and are anchored above the 400,000 to 450,000 range that analysts say is normally associated with sustainable jobs growth.
The scarcity of jobs is putting a strain on the economy's fragile recovery from its longest and deepest downturn since the Great Depression. Growth slowed to a 2.4 percent annual rate in the second quarter after expanding at a 3.7 percent pace in the first three months of this year.
Other data on Thursday showed several U.S. retailers posted July sales below analysts' expectations in the latest sign that skittishness about high unemployment and the economy in general are causing consumers to cut spending.
So far seven of the 11 retailers that reported sales have missed analysts' forecasts, according to Thomson Reuters data.
In the week ended July 24, a total of 4.54 million people were still receiving benefits after an initial week of aid, down 34,000 from the prior week. Analysts polled by Reuters had forecast so-called continuing claims slipping to 4.54 million.
The number of people on emergency benefits increased 60,993 to 3.31 million in the week ended July 17.
(Reporting by Lucia Mutikani; Editing by Neil Stempleman)
Copyright 2010 Reuters News Service. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Copyright © 2010 ABC News Internet Ventures
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Must have been the snow last week. ::) ::)
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No,I just heard it was the heat.
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Seems the only people who did not expect this are the asshats in DC
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LOL. After NOBAMA came into the office the following occurred UNEXPECTEDLY:
1. Racial divide increased
2. Unemployment increased
3. Deficit increased
5. Securing borders actually DECREASED via FED suing AZ- WOW!
6. Troops in Afghanistan increased
7. Transparency DECREASED - worse than even BUSH!
8. Outsourcing still occurring - unexpectedly!
Bush was horrible, this guy is worse if you can believe it! Of course they are puppets so don't blame the messengers (nobama and bush)
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Bump.
What say you liberal douchebags? Has the stim worked?
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POFS-in-Chief getting roasted royally.
http://finance.yahoo.com/news/Surprise-rise-in-jobless-rb-3752948140.html?x=0&.v=4#mwpphu-container
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everytime there is bad news about something in America, you get out the pom poms and beome ecstatic....what kind of American are you???....all you care about is bashing Obama...
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everytime there is bad news about something in America, you get out the pom poms and beome ecstatic....what kind of American are you???....all you care about is bashing Obama...
I'm bashing the policies of the govt that are causing this mess and maling things far worse.
Maybe people will finally wake up and realize that keynsian econ is nonsense and does not work.
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everytime there is bad news about something in America, you get out the pom poms and beome ecstatic....what kind of American are you???....all you care about is bashing Obama...
LOL talk about pom poms and becoming ecstatic...LOL obama touting the stimulus as working, unemployment getting better, the economy turning around...
nobody is ecstatic about bad news we are just calling obama out on his bullshit...