[MikeWUSAF]

Unemployment is closer to 20%

[ScottinVA]

Of course it MUST be due to all those jobs saved due to the “stimulus.” /s

[shadeaud]

Recession is over, the big O has done it. He’s beyond wonderful, he’s almost magical. He’s done what no man has done before. He can probably leap tall buildings in a single bound. (somebody .........slap me)

[jersey117]

Whew! Thank goodness only 565,000 lost their jobs. I thought it was going to be 600,000. This is great news.

[pke]

[Ghost of Philip Marlowe]

MarkeWatch sucks.

They are so in-the-bag for economic recovery via Obammie the Commies socialist spending it is nauseating.

I skip over their absurd “spin” stories and go right to the comments, where I have unearthed mines full of good information.

Seriously, troll the comments on MW articles, FReepers, if you want to learn a lot about economics and finances.

Ignore the stories.

[MikeWUSAF]

The numbers, "plunged" according to the WSJ:

http://online.wsj.com/article/SB124714236685317839.html

Initial claims for jobless benefits plunged 52,000 to a seasonally adjusted 565,000 in the week ended July 4, the Labor Department said in a weekly report Thursday.

But...

On the surface, the latest figures would appear to suggest some welcome improvement in labor-market conditions at the start of July. Last week, the government reported a surprising re-acceleration in layoffs during June, with payrolls falling 467,000. That pushed the unemployment rate up to 9.5%, the highest level since 1983.

But a Labor Department analyst cautioned that weekly claims data can be volatile this time of year. Based on historical patterns, government statisticians expect big increases in jobless claims as automobile companies and other manufacturers temporarily idle plants, and adjust their seasonal adjustments accordingly. Later in the month, those seasonal adjustments will expect big declines in unadjusted claims.

However, this year, automobile layoffs that would have happened this week either already happened or didn't materialize yet, the analyst said.

And other aspects of the report continue to reflect dismal employment prospects for the unemployed. The tally of continuing claims, those drawn by workers collecting benefits for more than one week in the week ended June 27 soared 159,000 to 6,883,000.

[coconut47]

Thats because people are not applying for benefits anymore or because they have run out of benefits.

[Daisyjane69]

Do we know what the unemployment rate is now?

[Excuse_My_Bellicosity]

Insured unemployment rate rose from 5% to 5.1%.

They're just making this as rosy as they can. If GW Bush were president, they'd have all kinds of inflated projections and say that he was purposely driving up unemployment to make himself rich.

5%. Try telling that to people in California and Michigan.

[Star Traveler]

The title said — Initial jobless claims lowest since January

—

Ummmm..., yeah! At some point, you eventually arrive at the level of unemployment where you’ve kicked almost everyone out of work that you can... :-)

[Zakeet]

[TheCipher]

"The number of initial claims in the week ending July 4 fell 52,000 to 565,000 - the lowest level since January"

But how many state and county offices were closed on the 3rd for the 4th of July weekend - thus lowering the claims for that week.

[MikeWUSAF]

Audit: Stimulus creating summer jobs
http://news.cincinnati.com/article/20090709/NEWS0108/307090034/1055/NEWS/Audit++Stimulus+creating+jobs

[VTenigma]

Duh, there’s a slowing of layoffs because you can’t stay in buisness with no help. The second wave will be from massive buisness failures.

[redk]

Stuart Varney on Fox News actually telling it like it is. He says anybody saying these #’s are good is grasping at straws.

[GOPJ]

Does anyone think dems might, just might, be willing to cheat on the numbers? Not that they’re not always totally upstanding and honest...

[tobyhill]

The unemployment offices were closed on Friday July 3rd so I would bet that it had something to do with the slightly lower numbers.

[bill1952]

Seasonal cycles - the spin is nonsense:

... claims for state unemployment insurance fell 52,000 to a much lower-than-expected seasonally adjusted 565,000 in the week ended July 4 from 617,000 the prior week, the Labor Department said.
It was the lowest reading since January.
Analysts polled by Reuters had forecast claims to drop to 605,000 from a previously reported 614,000.

... in a sign of ongoing employment weakness, so-called continued claims of people still on jobless aid after an initial week of benefits rose by 159,000 to a record 6.883 million in the week ending June 27, the latest for which data is available.

http://news.yahoo.com/s/nm/20090709/bs_nm/us_usa_economy_jobless_1

[wastedyears]

ONLY 565,000 people lost jobs.

[Texas Fossil]

after seasonal adjustment

You mean, "after we tweaked the numbers."

--

You are correct that the unemployment figure is closer to 20%

[blueyon]

Hope you all know that the big change is when the still unemployed come off the numbers because their time has run out. Once they are off the books, the democrats will be saying, see it is getting better out there, not so may unemployed as before.........

Figures can lie, liars use figures = Democrats lie period!

[maica]

to read later

[ETL]

Comrade Obama failed to inform his mindless, idiot supporters that the “HOPE & CHANGE” was from the perspective of ENEMIES like Russia, Chavez, the Castro brothers, Iran, the ChiComs, etc, etc.

[Sooth2222]

Unemployment offices were closed last Friday, making it impossible to file claims.

[mmichaels1970]

number of initial claims in the week ending July 4 fell 52,000 to 565,000 - the lowest level since January

Hooray! Obama "saved" 52000 jobs! Stimulus is working!

[TexasNative2000]

Here are the first two paragraphs of AP's story on this data;

WASHINGTON – The number of newly laid-off workers filing initial claims for jobless benefits last week fell to lowest level since early January, largely due to changes in the timing of auto industry layoffs.

Continuing claims, meanwhile, unexpectedly jumped to a record-high. While layoffs are slowing, unemployed workers are having a difficult time finding new jobs. The unemployment rate rose to 9.5 percent last month and is expected to top 10 percent by the end of this year.

As others on this thread have said - if G W Bush were still president, which paragraph would be the lead?

[CharacterCounts]

When 100% of the country is out of work, the MSM will report it as initial unemployment claims fall to zero.

[NativeNewYorker]

Jobless claims ROSE. The “seasonal adjustment” lowered the headline number. It’s all there in the data.

[Cooter]

CHART OF THE DAY: We've Wiped Out All The New Jobs Of The 21st Century

[oust the louse]

hahaha...I read on a Yahoo/A.P story that the unemployed claims “plummeted” by 52,000 applicants. They sure know how to use their words...
Had it been the Bush Administration the wording would have been something like claims dropped a “measly”...

[Blood of Tyrants]

Fewer people lost their jobs because there are fewer people to lose jobs.

[b4its2late]

after seasonal adjustment

Yeah, right.....

[refreshed]

It just occurred to me that all of this economic disaster was not caused by any kind of crop failure, etc. It was caused by the government. Folks, we still have the manpower, natural resources, ingenuity, etc. that we had when the economy was good. This is not a natural wave of particularly bad luck in economics, it is contrived. I know I’m probably really behind on this, but it just strikes me as funny (in a globally destructive way) that it is all made up...but has very real consequences.

[Principled]

Doesn’t include those who are still unemployed BUT ran out of benefits.

[ichabod1]

YAY!

[griswold3]

It was a FOUR day Week, people! Of course the report is 20% lower than expected!

[EGPWS]

The number of initial claims in the week ending July 4 fell 52,000 to 565,000 - the lowest level since January

Well belows Obama's expectations.

Heads will roll for this lackadaisical unemployment report.

This just isn't in step with Obama's time line for socialism/fascism.

[Eric Blair 2084]

BREAKING NEWS....Robert Gibbs and the Iraqi Information Minister have both been fired by Team Obama as Press Secretaries. Meet the new White House Press Secretary.....Jim Mora.

"Layoffs!!! Layoffs??? Don't talk about layoffs. Layoffs??!!"

[dr_who]

The dumb f***s think that the mob knows what second derivatives are. These very same idiots who proclaim that a reduction in an increase is a “budget cut”.

[Kickass Conservative]

Meanwhile, Lord Obama is in Italy checking out the ass of a 16 year old girl from Brazil.

Imagine a picture of President Bush doing the same thing. Obama - Boys will be boys, Bush - An embarrassment as President.

[Carling]

In my state, if you leave town for more than 3 days, you can’t claim that week. Look for a huge jump this week.

[Post Toasties]

What’s that - about 4 million jobs lost since 0bama started ruling the USA? That’s a hell of a start for only six months - wonder if he is ever going to get above water again without a Republican Congress in 2010?