Jobless claims hit 8-month high, rises 43,000 to a seasonally adjusted 474,000!

Reuters ^ | 05/05/2011 | Lucia Mutikani

[SeekAndFind]

(Reuters) - The number of Americans filing for jobless benefits rose to an eight-month high last week and productivity growth slowed in the first quarter, clouding the outlook for an economy that is struggling to gain speed.

Initial claims for state unemployment benefits rose 43,000 to a seasonally adjusted 474,000, the highest since mid-August, the Labor Department said on Thursday.

Claims were pushed up by factors ranging from spring break layoffs to the introduction of an emergency benefits program.

Economists had expected claims to fall to 410,000.

A second report from the department showed nonfarm productivity increased at a 1.6 percent annual rate, braking from a 2.9 percent pace in the fourth quarter. The growth pace was above economists' expectations for 1 percent.

"I think we're in a situation where the markets and the Fed have been too optimistic," said Bob Andres, chief investment strategist and economist at Merion Wealth Partners in Berwyn, Pennsylvania.

"I don't think we're going to fall off a cliff but the road to real recovery and full unemployment is going to take a long time, and people ought to get back into that mode."

U.S. stock index futures extended losses after the jobless claims data, while government debt prices touched session highs the data. The dollar extended losses against the yen, but rose against the euro.

EMPLOYMENT GROWTH SEEN SLOWING

The claims data falls outside the survey period for the government's closely watched employment report for April, which will be released on Friday. Nonfarm payrolls increased 186,000 last month, according to a Reuters survey, after rising by 216,000 in March -- which was the most in 10 months.

[SeekAndFind]

Let me be the first to use our favorite word -- UNEXPECTEDLY.

Happy Cinco De Mayo.

[Rational Thought]

Read through the report....It is horrible.

Good luck to the Obama Media to try to spin this. Instead, how ‘bout Obama catching OBL?

[Sybeck1]

The “official” number will still come down. Got to get the boy wonder under 8%.

[screaminsunshine]

Tornado, Floods, Global Climate, Taxes too low, Health care not Socialized yet, Rich too greedy, Oil Co. profits too high, Racism, all the usual suspects.

[Mr. K]

So even with the “seasonal adjustment” magical fairy numbers they always manufacture they STILL could not put enough lipstick on this pig?

We are in deep $hit

[ConservaTexan]

I wondered why Øbama waited until Thursdsay to go to ground zero.

[jwparkerjr]

Let me hasten to point out, again, the economy has been like a car going downhill. In this case downhill from the high point that the nearly trillion dollars of non-existent money into circulation as a result of the “stimulus” bills. Downhill vehicles gain speed, but that goes away once the bottom of the hill is reached and we are about to reach the bottom of this particular hill.

[Mouton]

Yeah the OBL tribute to himself will be blasted across the news screens for the next few days. Little mention of the disaster on the economic front.

Also reported today was something like almost 50% of detroit schoolers cannot read.

Put these two together and the fact the US has slipped to almost a third world country is at hand.

Bush was smart to stay away today...BHO would have used him as a punching bag up there and having Bush on the stage with him would be a way for BHO to bring him back into the limelight to lay the economic faults again on Bush.

[Buckeye McFrog]

Osama who?

[Neoliberalnot]

No surprise to me. Talk to the 80% of college grads that can’t find jobs and don’t get counted as “unemployed” by the govtcrats. Well over 5 million are in this category.

Attacking the US economy is what terrorists do best—see takedown of World Trade Center and every action BO and his ratcrats have taken. Obubba has had no less of negative impact on the economy than OBL. Both hate this country.

[Kartographer]

OBAMAVILLE

Gett’n a head fake,
watchin' msn’s take;
All of their pundits oozing foul oil.
Clean’n my six gun on my front porch swing.
Felling my blood--
It’s beginnin' to boil.

Wasted away again in Obamaville,
Searchin' for a job so I can earn my salt.
Some people claim that Bush is to blame,
But I know it's Obama’s fault.

There’s no rhyme or reason,
They are all commitin’ treason
With nothing to show but a brand new tax or two.
But they are real beauties,
Despotic duties, how they got passed
I haven't a clue.

Wasted away again in Obamaville,
Searchin' for a job so I can earn my salt.
Some people claim that it’s Bush we should blame,
Now I think,-- hell with them it’s Obama’s fault.

I blew out my flip flop,
Stepped on a pop top;
Cut my heel, but I just cruise on back home.
Because no medical care will the doctors render
They say there’s little service I can tender
And there’s no need for me to hang on.

Wasted away again in Obamaville
Searchin' for a job so I can earn my salt.
Some people claim that Bush is to blame,
But I know, it's my own damn fault.
Yes, and some people claim that Bush is to blame,
And I know because of my vote it's my own damn fault damn fault.

[newzjunkey]

The “official” number will still come down.

They'll cook the books anyway necessary to see to that happen.

[Rational Thought]

Off topic...But the “unity” after 9/11 happened on it's own. The “unity” after catching OBL has been called for and promoted by Obama.

[Mouton]

That is not off topic, it is right on the money.

[wbill]

Good luck to the Obama Media to try to spin this

Yahoo Finance is spinning this as a "confluence of events, mostly caused by Spring Break in NYC schools".

As far as I'm concerned, that's up with 'the dog ate my job application' as far as excuses are concerned. How dumb do they thimk we are?

[Rational Thought]

I just went and read that. I’m still laughing!

[sjmjax]

Today's ration of "Hope & Change".

Enjoy!

[Nachum]

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Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/

[TheOldLady]

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[dk88]

“I don’t think we’re going to fall off a cliff but the road to real recovery and full unemployment is going to take a long time ...”

It’s not the fall that hurts Bob, it’s the landing.