View Full Version : Weekly Jobless Claims Jump to Nine-Month High

08-19-2010, 11:08 AM
I see the recovery is right on trajectory.

We're having a party!!!


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Soooooooooooo ahhhhhhhhhhhh. How do you jump from 12,000 initial claims to 500,000??? Did they initially run out of fingers and toes out there on capital hill????


WASHINGTON—The number of U.S. workers making new claims for jobless benefits unexpectedly rose last week to the highest level in nine months, a distressing sign for an already weak labor market.

Initial unemployment claims rose by 12,000 to 500,000 in the week ended Aug. 14, the Labor Department said in its weekly report Thursday. It was the highest level since Nov. 14, when claims stood at 509,000.

* More from the Real Time Economics blog

Economists surveyed by Dow Jones Newswires had predicted filings would decline by 4,000.

The four-week moving average, which aims to smooth volatility in the data, rose by 8,000 to 482,500. It was the highest level since December 2009. New claims for the previous week, ended Aug. 7, were revised up, to 488,000 from the originally reported 484,000.

The rise in claims is particularly troubling because analysts have been expecting an improvement for some time. They said recent data was likely distorted by seasonal adjustment factors tied to factory shutdowns by carmakers and the hiring and firing of temporary workers for the 2010 Census.

The level of new claims has fallen steadily from a high of 651,000 in March 2009 to a low of 439,000 in early February. Since then, it's been creeping back up and the latest rise to 500,000 is particularly worrying.

U.S. labor conditions already looked poor. The economy lost 131,000 jobs in July, and the unemployment rate stayed at a high 9.5%. After its policy-setting meeting last week, the Federal Reserve noted that the recovery in the jobs market had slowed. The central bank decided to prevent its balance shrink from shrinking to counter the slowdown in the economy.

In the Labor Department's claims report Thursday, the number of continuing claims—those drawn by workers for more than one week in the week ended Aug. 7—fell by 13,000 to 4,478,000 from the preceding week's revised level of 4,491,000. The previous estimate was 4,452,000. Continuing claims are reported with a one-week lag.

The unemployment rate for workers with unemployment insurance for the week ended Aug. 7 was 3.5%, unchanged from the prior week.

The report has a state-by-state breakdown of new claims for the week ended Aug. 7, when there was another troubling increase.

The largest increase in claims occurred in California, which saw a rise of 4,393 due to layoffs in the service industry. The largest decrease in claims took place in Wisconsin, which saw a fall of 1,873. No details were provided for Wisconsin.

Write to Luca Di Leo at luca.dileo@dowjones.com

08-19-2010, 11:14 AM
The unemployment situation is far worse in this country than the government is willing to admit. We continue to lose more jobs each month, yet somehow, the "unemployment rate" remains steady.

I guess all the people who were filling those jobs we lost just found new jobs the next day? But where did those jobs come from, if we are not adding jobs, but continue to lose them.

Someone is lying!


08-20-2010, 02:55 AM
The silence of the left is again deafening.

What ever happened to the max UE of 8% that we were promised ... and that the left suggested was racist to question the veracity of?

I remember the horrible past when we were in a depression ... according to the left ... with 5.5% UE and a $160B deficit. Today the O-cult believes we are in "RECOVERY SUMMER" because we have 9.5% UE with a $1,500B deficit and zero growth.


08-20-2010, 06:13 AM
And a 1.5% or there about growth rate.

The economic machine is really roaring!!

08-20-2010, 04:45 PM
The government has no business attempting to control the economy and all effort to do so will ALWAYS be counterproductive. The understanding of the pinheads in government is infinitesimal when compared to the three hundred millions minds working to solve their own problems.

It is such a shame that something so obvious as the proper role of government in a free society, i,e, protecting our freedom to run our own lives, needs to be reiterated again and again and that it falls on such deaf ears.

08-23-2010, 02:32 PM
I just heard they are projecting the unemployment rate will exceed 10% again by around New Years.

08-23-2010, 03:52 PM
They are keeping it pretty low key, but we may very well be looking at a double dip recession....although I'm sure the second one will still be GWs fault!


08-23-2010, 03:58 PM
I was looking for links on it but didnt find anything. Its probably in my wording.

08-23-2010, 04:09 PM
Like I said, the media isn't saying much on the subject.




08-23-2010, 04:15 PM
This is even better.


08-23-2010, 06:23 PM
Or worse!!!!!!!!!!


08-24-2010, 07:04 AM
The scary thing is that it looks like everything is coming into alignment.

08-24-2010, 09:03 AM
Just consider one area in the article. Unemployment. The prediction is that if we double dip, it could go over 10%. Now, last time I checked, we were hanging at around 9.5% right now. Seems to me we could very easily slip back above 10% even without another recession. There has been very little movement, even in the so-called recovery. Another economic crash seems more likely to push it above 12%.

I'm sure glad Obama passed the stimulus bill to keep unemployment below 8%!!!!!!!



08-24-2010, 09:44 AM
The present economy probably does solve much of the political situation over the next 2 years, starting in November. However, if the same lame pretent republicans get back in and we don't see meaningful change, repeal of the health care reform, etc. it will just be a slow down of the growth of government.

While the whole mess was not Bush's by any means (even that is playing shallow except for the very far left) he had his spending spree and problems. Withe the coming Iran/Israeli war and the oil situation I mentionsed yesterday, we will be in for tough times no matter who is in office.

Someone has to deal with the social programs including social security and particulairly the horrible school situation across the country. There is a large segment of the population that is not teachable, do not care and are limiting all other students of every color and income level. This is where we are failing most. The NEA unions are driving the entire system into the ground and we, as emplyers, cannot ccontinue to operate with the product we are getting out of the system. The schools are now prisons for the good kids and drug and violence havens for the gangs and without someone of courage stepping up, we are finished as a competitive country. The recent tax injustices are just pushing us to ruin more quickly. the real loss is our ability to produce self sufficient workers who can perform while the competition, other countries, are kicking our asses every day. Now we will have no good able workers and no incentive via taxes to stay and do business in this country. I see it in decisions my company makes globally every day! We just lost to Russia! A country that is little better than a Mafia and they beat us for a new operation that would have employed 8,500 Americans!

My hourly employees just suffered an increase of 34% in insurance premiums last month. BCBS says openly it is because of the Health Care Bill! Where are those savings and the statement, "Those of you with health care you like won't be effected!" Obama....

I beleive he just lost over 800 votes here. How many others are seeing this? Any of you see the impact on people making less than $250K? The silly thing is it impacts me less than my employee!!!! CBS now says the elimination of the "tax breaks for the rich" will even raise taxes $1,200 - $2,400 a year on those making as little as $90K! Is everyone that stupid? We are killing the purchasing power of the very people needed to drive this economy back up and everyone knows it.

HOw long can they blame someone else? /forums/images/%%GRAEMLIN_URL%%/smile.gif

08-24-2010, 09:58 AM
Now this is the type of recovery gayle can sing and dance to.


08-24-2010, 11:40 AM
As I have said before. The folks in Washington are the most singularly unqualified group of people ever to be running a nation.
Both the left and the right are composed predominantly of litigators. They argue for a living. They dont run businesses or meet a payroll at the end of the week. So what makes them think they can run something as large as the US government???

Our elected officials should be comprised of people from all walks of life.

08-26-2010, 11:05 AM
Jobless claims ring in around 470,000 this past week!!!

The summer of recovery really chugging along!!!!

08-26-2010, 05:30 PM
Almost 1,000,000 more jobless people in 2 weeks.
Where is the recovery????

08-26-2010, 05:33 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Sev</div><div class="ubbcode-body">
Where is the recovery???? </div></div>

Hopefully, we will find out when we get these idiots out of office!