Initial Jobless Claims Drop 29,000 to 409,000 (Week Ending May 14, 2011)

The Street ^ | 05/19/2011 | Shanthi Bharatwaj

[SeekAndFind]

The number of Americans filing unemployment claims for the first dropped more than expected last week, the Labor Department said early Thursday.

Initial jobless claims dropped by 29,000 to 409,000 on a seasonally adjusted basis in the week ended May 14, from an upwardly revised 438,000. Economists were expecting jobless claims to drop to 420,000 from the previous week's originally reported figure of 434,000, according to Briefing.com.

Continuing claims for the week ended May 7 dropped 81,000 to 3.71 million from the preceding week's revised level of 3.792 million. Economists were expecting continuing claims of 3.7 million.

The advance seasonally adjusted insured unemployment rate was 3.0 percent for the week ending May 7, unchanged from the prior week's unrevised rate of 3.0 percent.

The four-week moving average in initial jobless claims was 439,000, an increase of 1,250 from the previous week's revised average of 437,750. The four-week moving average in continuing claims was 3.728 million, an increase of 750 from the previous week's revised average of 3.727 million.

Jobless claims have been elevated in recent weeks, though economists have said the data is too erratic to draw conclusions about the health of the employment market. Economists hope to see claims closer to 400,000 and below over several weeks for signs that the jobs recovery is on track.

[Ronald_Magnus]

There’s nobody left to lay off.

[tiki]

“more than expected” I’m shocked!

Wouldn’t it be a welcome surprise if just 1 or 2 stories said, “Just as predicted...? Wouldn’t it make you feel like someone actually had a clue?

[wbill]

Economists hope to see claims closer to 400,000 and below over several weeks for signs that the jobs recovery is on track

JUST LAST WEEK, this number was 375,000.

Lies are bad, but these are stupid lies.

[Carley]

They think we’re too stupid to know the truth.

[Don Corleone]

Lets see...losing 400,000 jobs a week and gaining 300,000 jobs a month. How's that Hope and Change working out there voters?

[SeekAndFind]

RE: JUST LAST WEEK, this number was 375,000.

________________________________________________________________________________

Actually, the Initial jobless claims last week (Week ending May 8) was 434,000.

See here:

http://www.freerepublic.com/focus/f-news/2718811/posts

[andy58-in-nh]

Last week’s numbers were “upwardly revised” - again. The same as every week this year, for some odd reason. Anyone want to see the statistical probability of that result?

[SeekAndFind]

RE: ...losing 400,000 jobs a week and gaining 300,000 jobs a month.

________________________________________________________________________

I believe I asked someone regarding the approximate 300,000 a month number here in the FR forums.

I was told that the 300,000 job gains a month is the DIFFERENCE between hirings a layoffs a month. Which should mean that the hirings per week is HIGHER than the layoffs per week (the problem is the Labor Dept. gives us initial jobless claims every week but NEVER tell us the number of new hires per week ).

I am willing to be corrected of course if my understanding is incorrect.

[wbill]

Actually, the Initial jobless claims last week...

Yup.

But the "number that needs to be hit to demonstrate that we're on our way to recovery" or somesuch, was 375K last week.

Revised up from 300K not too long ago. And Within the last couple of years, it's been as low as 125K.

It's like the MSM blaming "unexpectedly high" job losses on the NYC Spring Break last week. Lies, all.

[nhwingut]

Jobless claims have been elevated in recent weeks, though economists have said the data is too erratic to draw conclusions about the health of the employment market.

LOL! Jobless claims don't go above 400,000 in the middle of a recovery, hence there is no recovery. You dimwits!

Note how the magic number is now 'below 400,000' for a healthy employment market. It used to be in the 325,000-350,000 range - especially during a recovery with unemployment so high. Maybe 350,000 at full employment.