New jobless claims unexpectedly rise

Reuters ^ | 06-09-2011 | Staff

[Red Badger]

The number of Americans filing new claims for unemployment benefits rose by 1,000 last week, according to a report on Thursday that could stoke fears the labor market recovery has stalled.

Initial claims for state jobless benefits increased to 427,000, the Labor Department said. A department official added the slim rise meant the level was "essentially unchanged."

But economists polled by Reuters had forecast claims dropping to 415,000 from a previously reported count of 422,00

[algernonpj]

A bunch of other numbers came out along with the weekly jobless claims. I’ve been wondering for a while if the admin cooks the jobless figs. Now I’m wondering about the accuracy of those other numbers as well.

Yes they are. The CPI version that is minus 'core inflation' (food and energy) is used by the FED to evaluate monetary policy. It is also the version often quoted by the media.

In addition the CPI is adjusted lowered using soft metrics such as owner's rent equivalence, quality adjustments, hedonics indices, geometric weighting, substitution effects, intervention analysis.

In turn the real GDP is created using the tamped down CPI. This, along with the fact that the GDP includes government spending, over states the GDP

[Jeff Chandler]

.

"You keep using that word. I do not think it means what you think it means. "

.

[JPG]

Nope. It was Casey when he managed the Mets.

[algernonpj]

Sorry proof read too fast. I think the heat is shorting out the synapses of my brain today.

Core inflation is the CPI minus food and energy.

Forgot to add:
Corruption of the CPI is important because it is used by the Federal Reserve to justify its money printing policies, to set the interest rate on inflation-adjusted bonds known as TIPS, and by the federal government to calculate cost-of-living adjustments (COLA) for the entitlement programs (e.g., Social Security). The more inflation is understated, the higher the inflation-adjusted rate of GDP growth that gets reported. In addition, the CPI influences interest rates, the stock market, and a host of salary and pension negotiations each year

[mort56]

There’s that word again but this time I expected it.

[Norm Lenhart]

Someone should collect every article with “Jobs fall unexpectedly” in the title, rent a truck and drive the sheer tonnage of it all to Rush. He could do a marathon week where he reads all the titles over the air... should take 3-4 days worth of shows to get through them all.

Seriously, who do they think they are fooling? They meed to be mocked relentlessly.

[Pollster1]

They must know that sensible Americans make fun of these headlines. They simply don't care though - the point is to give the weak-minded a reference frame before their liberal followers bother thinking. The only thing I don't understand is how the Jedi Mind Trick could work on liberals - since they should have complete immunity.

These aren't the bad economic reports that conservatives are warning about.

Stimulus, TARP, Bailout, and ObamaCare seem to be in order.

[mewzilla]

That's supposed to be the job of the fourth estate, the media.

I note that you didn't mention the opposition party.

I don't blame you.

We don't have one.

[Rodm]

Oh, yea!

Working two part-time jobs,
spending your last $20 for 5 gallons of gas,
the wife has to put back some groceries because prices are getting higher and higher.

[wbill]

Hiring was down, as businesses unexpectedly closed for Memorial Day.

Everything will be better next week, comrades. Enjoy your increased chocolate rations.

[mewzilla]

Well, CNBC was also doing a happy dance over the trade number. FWIW, if the trade number was accurate, couldn’t it have been the result of a cr@ppy economy? If so, I’d bloody well hold off on the happy dance.

[Red Badger]

They are part of the government...............

[Buckeye McFrog]

And the White House knows that come July 1 when Porkulus runs out there is going to be a tsumami of public-sector layoffs. No wonder Goolsby wanted out. They have to be soiling their underwear down there.

[Pollster1]

At what point are these analysts (who are always surprised) to be considered retarded?

I expect that if the analysts expected bad news, they would be unemployed analysts. Given their understanding of just how devastating Obamanomics is, they have no desire to pay that price to keep their integrity. It's a shame, but I suppose they are "just following orders".

[PSYCHO-FREEP]

[mewzilla]

They are part of the government ruling class...............

We have apparatchiks, not statesmen.

[Adder]

The number of Americans filing new claims for unemployment benefits rose by 1,000 last week, according to a report on Thursday that could stoke fears the labor market recovery has stalled.

Initial claims for state jobless benefits increased to 427,000, the Labor Department said. A department official added the slim rise meant the level was “essentially unchanged.”

But economists polled by Reuters had forecast claims dropping to 415,000 from a previously reported count of 422,00

HUH?

422....427 seems like a lot more than 1.

Maybe its just me

[Red Badger]

July 1...................

[PSYCHO-FREEP]

The problem lies with the general public. The are too ignorant and lethargic to understand the difference. They would not know the difference of a trade number from a watermelon.

[mewzilla]

The problem lies with the general public. The are too ignorant and lethargic to understand the difference. They would not know the difference of a trade number from a watermelon.

As opposed to all those eggheads who are bankrupting the planet?

No offense, but I put more faith in my fellow citizens, most of whom do a better job of making economic decisions than any of the thieves we've got on the public payroll.