Skip to comments.Jobless Claims Post Biggest Fall Since April
Posted on 07/05/2012 6:25:10 AM PDT by facedown
WASHINGTON (Reuters) - U.S. private employers stepped up hiring in June and the number of Americans filing new claims for jobless benefits last week fell by the most in two months, hopeful signs for the struggling labor market.
Employers outside government added 176,000 new workers to their payrolls last month, the ADP National Employment Report showed on Thursday, after increasing 136,000 in May.
(Excerpt) Read more at finance.yahoo.com ...
“The government will release its closely watched employment report for June on Friday. While ADP has a poor track record of predicting nonfarm payrolls, it was a welcome sign for the labor market.”
Media is polishing a turd - AGAIN!
In related news, the UE number for this week is 374,000, while last week numbers were ... drum roll ... revised up 2,000 to 388,000.
[Recall last week news items touting the 2,000 UE drop — which, after all the revised up manipulation was a grand total decrease of 1,000 — which this current revised up wipes out for a total net decline of 1,000. Confused? That is by design. That is the intent of all the weekly numeric manipulations.]
These articles also tout the increase in job creation by claiming the new figure is 176,000 [per MONTH].
While that sounds good, it equates to only 44,000 new jobs per WEEK, while new jobless claims are 374,000 for the WEEK. [Odds are that the 374,000 will be revised up next week.]
A total of 5.87 million claimed UE benefits during the week ending June 16.
More states lost eligibility for extended benefits. Now, only 4 states offer extended benefits.
Last week’s jobless claims headline number was revised UP 2K to 388K
This week’s headline number (to be revised next week) is 374K
Did it say ‘seasonally adjusted’?
It will be revised when summer temp jobs are eliminated.
BLS #’s come out tomorrow.
Wait for next week when that number is “revised”. Check back on next Thursday.
BLS#’s for June come out tomorrow
The economists surveyed by the AP foresee an unemployment rate of 8 percent on Election Day. That would be the highest rate any postwar president running for re-election has faced.
Monthly job gains will average 139,000 the rest of this year barely enough to keep up with population growth and prevent unemployment from worsening. In their forecast in April, the economists predicted average monthly job gains of 189,000.
The biggest threat to the U.S. economy is the tax increases and spending cuts that will take effect Jan. 1 unless Congress reaches an agreement. Many economists and the International Monetary Fund have warned that these measures would push the economy off a "fiscal cliff" and back into recession.
The survey results come before the government reports Friday on hiring during June. Fears about the economy escalated after U.S. employers added just 69,000 jobs in May, the fewest in a year and the third straight month of weak job growth
Isn’t this a private group? This isn’t the official report, is it?
Nice charts and graphs, too . . .
Tomorrow is THAT “official” report. The info about weekly jobless claims IS from the government.
Seems like other bad news is overriding this tremendous success story-—
U.S. stocks slid to session lows Thursday after the Institute for Supply Management reported a gauge of services activity for June that fell short of forecasts. Stocks had started broadly lower after a trio of central-bank actions to stimulate growth underlined the strains on the world’s economy, and the euro dropped.
So now the media has become so desperate that they are now touting summer hiring as a sign of good things to come?
Note that the term “seasonally-adjusted figures” (or anything like it) does not appear in the article.
The increase in jobs the Reuters is hyping, is the usual summer hiring that occurs every year: construction, landscaping, amusement park workers, vacation-related jobs, etc.
When September comes around, these jobs evaporate.
So with the private job market shrinking and more and more people running out of unemployment, I’m supposed to see this number and believe things are getting better? Oh thats right I’m the every day sheep that turns on the 6 O’clock local news and assumes everything is sunshine and rainbows.
Wow, who'da thunk that in June?!? Couldn't be that it's summer, could it? Couldn't be that those new jobs are merely part time and temporary just like every summer, huh? Same thing is going to happen around Thanksgiving and Christmas and the talking heads will be ever so excited spreading the news that the economic crisis has turned the corner.... until those temp jobs end after the holidays.
Note the phrase “seasonally adjusted”. Lots of room for fudging there....
That made me laugh. Nothing like comparison with such long term data as that.
And it’s such a bold, blaring headline, too. But, that’s why they call it propaganda.
I’m a gonna call yew mah turd blossom.
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