Posted on 06/16/2011 10:15:56 AM PDT by SeekAndFind
(RTTNews) - New claims for unemployment insurance by U.S. workers dropped more than expected in the week ending June 11th, according to figures released Thursday by the Department of Labor.
On a seasonally adjusted basis, initial claims fell by 16,000 to 414,000, from the previous week's revised estimate of 430,000.
While the new claims levels were lower than the 420,000 most economists had predicted, they remain stubbornly above the 400,000 level that many economists believe is a benchmark of recovering employment.
Initial unemployment claims have remained above the 400,000 level for the past 10 weeks, according to Labor Department figures.
Additionally, the report showed that the previous week's figures were upwardly revised somewhat from the initially reported level of 427,000.
Peter Boockvar, equity strategist at Miller Tabak, said, "In terms of Initial Claims, the unfortunate trend continues of a still stubborn pace of firings that is only modestly being offset by hiring's."
The four-week moving average of new claims, a figure that removes some of the weekly volatility in the data, was unchanged from the previous week's revised average at 424,750.
The total number of people on the unemployment rolls, a figure known as continuing claims, dropped 21,000 to 3.675 million for the week ending June 4th.
The continuing claims number comes in somewhat lower than the 3.69 million predicted by most economists. However, the previous week's figures were revised up to 3.696 from the initially reported 3.676 million.
The four-week moving average of continuing claims dropped by 15,250 to 3.709 million from the previous week's revised average of 3.724 million.
Additionally, the report showed that the previous week’s figures were upwardly revised somewhat from the initially reported level of 427,000.
that’s the money quote, buried as usual.
a leftist friend just sent this to me
Robert Reich explaining the ‘truth’ about our economy in about 2 minutes
imho, it’s good to know what the others are seeing/saying/thinking
Ah, liberals - our intellectual “superiors”
Climate science - boing, wrong.
Economy - boing, wrong again.
Health care - boing, wrong thrice.
“Renewable” energy - boing, clatter, clunk....wrong wrong, wrong.
Foreign relations - boing, boing, boing....beyond clueless wrong.
Just what exactly are these clowns good at...besides doing a superb job of fooling the public into thinking they have above room temp IQ?
Oh, it’ll go down eventually. Sooner or later we’ll run out of new people to be unemployed in those numbers.
TRANSLATION: The 0bama regime really has no idea where the jobless figures are trending - UNEXPECTED - so they chose a number that might give their massa a little ratings boost.
Last week, they reported initial claims at 427,000 and a 4-week moving average of 426,000.
They have now revised those numbers so that last weeks intial claims were 430,000 and the 4-week moving average was only 424,000.
So the figures for one quarter of the time period went up, which caused the overall average to go down.
Huh?
It appears that the left is out to destroy the middle class, so whever tactics they employ will be sold to the sheeple as “helping” the middle class.
Thanks. Reich blames low tax receipts on the rich not paying enough taxes, ignoring the ever growing segment of 0bama’s core constituents who not only pay no taxes, but live off of the government teat.
Unless we are facing imminent threat from a foreign aggressor, Americans will vote in national elections on the basis of the state of the economy. Inflation is a major factor in this, but the most important issue is jobs. Unemployment is now chronically high.
We all now know that Obama is a socialist and his intent is to expand government at the expense of private enterprise. We also know that government never generates capital. It only consumes wealth; never creates it. We also know that the single greatest aspect of the economy affecting how people vote is employment. If I have have had my job eliminated, my hours cut back, have been furloughed from my job, I am more likely to vote against the incumbents.
Small and mid-sized businesses know that higher corporate taxes and government regulation, which Obama loves, destroys our free market system of prosperity. Small and mid-sized business owners know that the Obama administration must be defeated in 2012. Their contributing to the elections of those who run against Obama is not enough, however.
The best way for business to insure the defeat of Obama is for them to begin now to cut back their employment rolls even more - even if it means temporarily sacrificing their companies’ profitability. Putting people out of work temporarily in order to insure Obama’s defeat in 2012 will mean a healthier business climate in the years to come. Once we get government off the backs of business and the working middle class of this country, we will be on better footing to grow our economy once again.
It might sound like a draconian measure to lay people off in order to insure Obama’s defeat, but let’s face it Obama is out to destory our country and we are in dire straits. What’s needed, as in time of war, are drastic measures.
In the past, when our country was under a threat from external forces, men (and now women) have been called upon to leave their normal means of employment to join the armed forces to insure the security of our nation for our families and posterity.
Now our country is under a different kind of threat - a threat from within - a threat from our own government which has hijacked our Constitution and has concentrated power in the hands of a few elitists. The threat is no less real than when our enemies have been external to us.
So the call for all of us to make sacrifices in a time of war is no extreme measure but is patriotic. And just as in a time of war when families, communities, friends and churches pull together to get through the crisis, so this should be the same response to those who find themselves out of work. If we all pull together, in the end our collective security will be insured and that of our children as well. Obama must not be re-elected for the good of all.
That, and the number needed to show significant progress on unemployment is less than 300K, not 400K...they are playing with the length of the ruler.
“...ignoring the ever growing segment of 0bama’s core constituents who not only pay no taxes, but live off of the government teat.”
“...core constituents...”
how about ‘members of 0bama’s cabinet and inner circle...
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