New Jobless Claims Rise in Latest Week

Reuters via ABC ^ | October 14, 2010 | Corbett B. Daly

[1rudeboy]

WASHINGTON (Reuters) - The number of people filing new claims for unemployment insurance rose to a higher-than-expected 462,000 in the latest week, the Labor Department said on Thursday, while the number of people still collecting jobless benefits fell to an almost two-year low.

First-time jobless claims rose 13,000 in the week ended October 9 from the prior week's upwardly revised 449,000 seasonally adjusted claims. The four-week average of first-time jobless benefits, which economists prefer because it smoothes out weekly fluctuations, rose 2,250 to 459,000.

Economists polled by Reuters had expected about initial 445,000 claims in the latest week.

[cranked]

LIE House spin machine: “unexpected”...”inherited”...”could have been worse”....”shovel-ready jobs”...”it’s all about jobs, jobs, jobs, and jobs”.... /s =.=

[screaminsunshine]

Wow. Buy Stock. The market should soar on this news the way it has been going.

[pieceofthepuzzle]

Can you imagine what the MSM would do with numbers like this if Bush were still president, or if any Republican were in the White House?

[Lazamataz]

Unexpectedly, I unexpectedly unexpected this unexpected article to unexpectedly unexpect unexpected facts unexpectedly. Unexpecting the fervently unexpectations of true unexepectedness, and unexpected cermoniously unexpectations all unexpected unexpectedly, unexpecting before the unexpected public of unexpected unexpectations in an unexpected way.

Unexpected.

[rockabyebaby]

ah yes, UNEXPECTEDLY, good Lord these people are idiots, they can’t seem to put two and two together.

[4yearlurker]

You forgot “seasonal” & “Economy I inherited.”

[sfimom]

Laz, that was unexpectedly eloquent.

[mmichaels1970]

”it’s all about jobs, jobs, jobs, and jobs”.

As Barack says it can all be summed up in one three letter word....JOBS!

[abb]

This is all news to me!!

[Hodar]

Ah has been surprized by this unexpected turn of events, each and every month, for the past 20 months. Maybe if we raise taxes ..... < /sarcasm>

[cranked]

The AnnointedIdiot has no clue to what “JOBS!” are.....his brand of socialism does not incorporate “jobs!,” only economic and social justice.... =.=

[ClearCase_guy]

Just wait til next year. We are likely to see a strong Republican presence in Congress, and the economy of 2011 is likely to be very bad.

I fully expect the media to cover the news of rising jobless claims as a disaster for Republicans -- an unexpected crisis stemming from the temper tantrum of the voters who put Republicans in charge of everything. Chickens will come home to roost while Republicans attend lavish parties, worst economy since Hoover (he was a Republican), looming decade of economic irrelevancy thanks to the Republicans, blacks and women hit hardest, blah,blah, Republican, blah.

[Gadsden1st]

I expected you to respond that way.

[nascarnation]

the FR unexpected drinking game, LOL

DRINK

tomato juice for me today

[Roccus]

I wish I could access a list of the weekly new claims AND their subsequent “revisions.” ICBW, but it seems that EVERY week the previous week’s numbers are revised UPWARD.

[IAmNotAnAnimal]

Laz, you’re a true FRiend, but if I’m expected to drink with every unexpected, I’ll be out just after your post, and it’s still early

[Carley]

Quite the accomplishment. We went from 780,000 jobs lost the last MONTH of the Bush administration to TWO MILLION jobs lost each month during the Obamao administration.

Way to go!

[Reagan69]

DOW will soar.

[skimbell]

"...to a higher-than-expected 462,000 in the latest week...

I believe that this then counts as an "unexpectedly expected expectation*".

*Government Talk

[GeronL]

Unexpected-O’s for breakfast, AGAIN!

[GeronL]

They get revised more than once. Last year in total was off by only 902,000 for instance, thats how far underreported the job losses were.

[skimbell]

What's really a pizzer is that in spite of the nearly two million unexpected first time jobless claims that have been filed during the past four weeks, the unemployment rate will hang in there at 9.5%.

Who'd a thunk it?

[mmichaels1970]

That was a "Biden Joke"...admittedly not well told...

BIDEN: John's last-minute economic plan does nothing to tackle the number-one job facing the middle class, and it happens to be, as Barack says, a three-letter word: jobs, j-o-b-s, jobs.

[Roccus]

Yup, but I’d be happy with just the weeklies.

[jersey117]

Obama: Stick with me... we’re not where we want to be yet!

Not even close idiot.

[cranked]

Biden, as par, is a day late and a dollar short....Pelosi was all over the “jobs” bit remember.....her famous four words were (cause she could not count and missed the ‘and’): “Jobs, jobs, jobs, and jobs!”

[henkster]

I haven’t even finished my coffee yet! It’s way to early to start drinking...

[griswold3]

unemployment insurance rose to a higher-than-expected 462,000 in the latest week

NOoooooooooooo!

[Toddsterpatriot]

We went from 780,000 jobs lost the last MONTH of the Bush administration to TWO MILLION jobs lost each month during the Obamao administration.

New jobless claims is not the same as net jobs lost.

[massmike]

"UNEXPECTED"

Everyone drink!

[andy58-in-nh]

I see they buried the real story again: last week's unemployment numbers (the ones used to goose the stock market into paroxysms of joy) were once again revised upward - this time from 445,000 to 449,000. That makes 24 out of the past 25 weeks that the previous week's jobless claim numbers have been revised upward instead of downward by the Department of Labor. Anyone want to calculate what the odds are assuming an equal chance of either outcome or of no change? Hint: there are a lot of zeroes involved.

[Talf]

more victims of 0bamadon

[Canedawg]

Oy.

[libertarian27]

I unexpectedly loved the unexpected inclusion of ‘ceremoniously’.

[Calif Conservative]

Your reply, however, was in line with expectations. ;)

[Personal Responsibility]

Unexpected!

[1rudeboy]

Tequila Suicide. [YouTube]
Professional drinker, closed room. Always drink responsibly.

[Personal Responsibility]

Unexpectedly, that was unexpectedly brilliant!

[SeekAndFind]

I have been looking at this weekly initial jobless claims numbers from 2008 and I notice a few things :

1) It has NOT dropped below 450,000 for the past 15 months.

2) The initial jobless claims are often REVISED a week later, and NEVER DOWNWARDS.

We will know that a small corner has been turned only if we see those numbers drop below 400,000 and any weekly revisions are DOWNWARDS but not until.

[JLAGRAYFOX]

Not good news for POTUS Obama and his Democrat Evil doers!!!Voters, destroy the entire Democrat Party on Election
Day, November 2, 2010. Obama continues on his dedicated mission to destroy the American economy and take America down!!!

[andy58-in-nh]

I just did a little math. The binomial probability of an unbiased jobless claims estimate being revised upward 24 out of 25 times is: 0.0000745058%

[wbill]

calculate what the odds are

I've noticed this too. Were the numbers not being jiggered, then they should - more or less - be revised upwards 1/2 the time, and downwards 1/2 the time. The fact that they're always revised upwards is evidence that they're being played with, IMHO.

[andy58-in-nh]

See my post #42.

[justlurking]

The market should soar on this news the way it has been going.

I think the market is going up every day we get closer to November 2 and the polls continue to show the Democrats are going to lose.

With the Republican wave building, the market is expecting at least less insanity in the federal government.

If the Republicans take control of the House, I think we'll see a rally in the market. If they take control of the Senate as well, the rally will be huge.

The lame-duck session is still a wild-card, though. If the Democrats try to cram in a bunch of job-killing legislation and the Republicans aren't able to hold the line (because the Maine twin RINOs or even turncoat Murkowski switches sides), then it could get scary for a while.

[Calif Conservative]

It was actually -350K, give or take, not -902K.

Nevertheless, your general point is correct.

Since early 2009, the job market has been considerably weaker than the President’s administration has been reporting.

[ex-Texan]

Please check out this report:

NAFTA Destroyed Employment and Shifted Production !

Blame our corrupt government who follow the NWO directives issued by the CFR. Insane policies of self-destruction and corporate bribery rule the world. Welcome to The New World Order

[GeronL]

902,000 as the number I saw in what I read, so I apologize.

[Flightdeck]

while the number of people still collecting jobless benefits fell to an almost two-year low.

Hey when your 99 weeks are up, they're up. Poor things...

[justlurking]

Just wait til next year. We are likely to see a strong Republican presence in Congress, and the economy of 2011 is likely to be very bad.

I'm hoping that the Republicans make some early decisive moves that gives consumers the confidence to spend, and businesses the confidence to invest.

I don't see a lot of hope for the housing industry, but I think there's a lot of pent-up demand elsewhere.