Posted on 08/18/2011 9:31:44 AM PDT by Signalman
The labor market continues struggling to gain any footing as more workers than expected filed applications for unemployment benefits last week.
First-time jobless claims increased by 9,000 to 408,000 in the week ended Aug. 13, the highest in a month, Labor Department reported Thursday.
The previous week's revised figure was 399,000 from an initially reported 395,000.
The four-week moving average, a better gauge for the labor market than the weekly figures, dropped to 402,500 last week, from 406,000, the lowest level since April 16.
Applications have been above 400,000 for 18 of the past 19 weeks and the economy isn't creating jobs at a fastest enough pace to lower the jobless rate.
Applications fell to 375,000 in February, stayed below 400,000 for two months, before hitting an eight-month high of 478,000 in April.
They have declined slowly since then but have remained persistently high as the economic expansion slowed through the spring and into the summer and have declined slowly since then.
The economy added only 117,000 jobs in July and the unemployment rate remained persistently high at 9.1 percent.
Those who’ve used up their 26 weeks of state benefits and are receiving federal emergency and extended benefits dropped by about 43,700 to 3.66 million in the week ended July 30.
The number of people continuing to receive jobless benefits was up by 7,000 to 3.7 million in the week ended Aug. 6, the report showed.
Thirty-four states and territories reported an increase in claims, while 18 reported a decline, data that runs a week behind the weekly claims.
Payrolls grew by 117,000 in July, bringing the average gain over the past three months to 111,000, according to Labor Department data. That was about half the 204,000 increase on average in the first four months of the year.
The lack of a pickup in hiring and an economy that’s growing “considerably slower” than expected prompted Fed policy makers to pledge for the first time to keep the benchmark interest rate at a record low at least through mid-2013.
“Indicators suggest a deterioration in overall labor market conditions in recent months,” the Federal Open Market Committee said in a statement on Aug. 9 after its meeting. “The unemployment rate will decline only gradually toward levels that the Committee judges to be consistent with its dual mandate” of maximum employment and price stability.
No, it’s not. :)
Unexpectedly.... DRINK!
“Unexpectedly!”
DRINK!!!!!!!
You beat me to it by 23 seconds :(
Rope and Chains we have been waiting for.
Unexpectedly?
Also first time home purchases have sunk to their lowest in four years.
Unexpectedly, I'm sure.
Just remember, Nancy P said if they didn’t pass the Stimulus back in January 2009, we’d be faced with job losses of 500,000 per month. Well, a couple tril and years later, and we’re still losing jobs at a rate that would have caused the Dems to pile on Bush so hard, it’d take a fork lift to get them off of him.
UNEXPECTEDLY
As unemployment benefits dry up and people give up on job their job searches the unemploment index U3 will continue to shrink towards that magic <8% rate just in time for Barack’s re-election campaign.........I tell ya it’s working folks, it’s working, just give it enough time!/s
As unemployment benefits dry up and people give up on job their job searches the unemploment index U3 will continue to shrink towards that magic <8% rate just in time for Barack’s re-election campaign.........I tell ya it’s working folks, it’s working, just give it enough time!/s
“unexpected”?
Horse pooh.
Lying weasels
HA!
Just more bad luck! If only I were willing to listen....
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