Weekly jobless claims raise by 20,000 to 457,000

[Soul Crusher]

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending Oct. 30, the advance figure for seasonally adjusted initial claims was 457,000, an increase of 20,000 from the previous week's revised figure of 437,000. The 4-week moving average was 456,000, an increase of 2,000 from the previous week's revised average of 454,000.

The advance seasonally adjusted insured unemployment rate was 3.4 percent for the week ending Oct. 23, a decrease of 0.1 percentage point from the prior week's unrevised rate of 3.5 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Oct. 23 was 4,340,000, a decrease of 42,000 from the preceding week's revised level of 4,382,000. The 4-week moving average was 4,410,750, a decrease of 42,750 from the preceding week's revised average of 4,453,500.

Read more: http://www.dol.gov/opa/media/press/eta/ui/eta20101516.h...


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Recovery my ass. 

[GigantorX]

Not good at all, a "Recovery that is picking up steam" doesn't include losing 450k jobs per week for years. Plus, surprise surprise, the prior weeks were also revised upward for the millionth time.

http://www.zerohedge.com/article/jobless-claims-jump-miss-expectations-prior-revised-higher-umpteenth-time






Those charts are damning evidence that this Administrations/Fed policies,aims and goals are a total failure. There is no question. No recovery, no growth no nothing. The banks are doing great, the Fed and its inflation policy are doing and will do wonders for the stock market....but that's about it. Inflation benefits those that are closest to the mouth of the hose as they (banks, Fed, govt) can shear off the wealth and we, the people, get totally fucked with a lower standard of living, huge increases in food and fuel (which, funny enough, isn't counted in CPI....strange) and suffering.

All the low rates and such don't mean jack fuck if John Q. either doesn't have a job is has a job that has cut his pay and hours by an order of magnitude. But again, the Fed doesn't act in "our" best interests it acts for the banks and itself. There isn't anything federal about it.

[Soul Crusher]

What Gigantor just said.   

[BM OUT]

The good thing is our GDP is a roaring 2%

[Soul Crusher]

The fact that we still have 450k a week is unbelievably bad considering how many people have already been laid off.