Posted on 07/08/2004 6:28:57 AM PDT by snarkytart
WASHINGTON (Reuters) - U.S. jobless claims staged an unexpectedly steep fall to the lowest level in nearly four years with 39,000 fewer workers applying for initial aid, the government said on Thursday, but seasonal adjustment factors skewed the report
First-time claims for state unemployment insurance benefits plunged to 310,000 in the week ended July 3, down from a revised 349,000 the prior week, the Labor Department (news - web sites) said.
It was the lowest level since 302,000 in the week ended October 8, 2000.
A department official said the seasonal adjustment method used to calculate the data had anticipated a surge in claims in the latest week for automakers' annual summer maintenance shutdowns. However, that rise did not occur in the week it was expected.
The official added that July tends to be a volatile month for claims overall.
Wall Street economists had forecast a fall to 345,000 from the originally reported 351,000 claims in the prior week.
The slide nudged the closely watched four-week moving average down to 336,000 from 346,250 the prior week, the department said. The average, which irons out weekly fluctuations in the more-volatile weekly figures, was well below the 420,000 recorded in the same period a year ago.
The report showed signs that those laid off are able to find new work. The number of people who remained on state rolls after collecting a week of benefits fell by 85,000 to 2.87 million in the week ended June 26, the latest week for which data are available.
LOL! I'm sure some rat economic wizz will figure out how to spin this as absolutely terrible news ...
That's not going to help the media story line that the recovery is stalling.
Not going to help the john/john ticket either. F'ing kerry is running on creating 2 million more jobs. The way it looks, there aren't enough workers to fill the jobs being created now. Guess he'll have to import more illegals.
No, Kerry has promised to create 10 Million jobs in his first term!
A reporter, asking a question you would think would never be asked asked Kerry if he failed to do so would he not run for reelection. He said no. His reason, if something like a NATIONAL DISASTER OR A WAR were to happen that would adversly effect the economy and could make the creation of that many jobs not possible.
And what century has he been living in?
Can you say DENIAL????
Only one little problem: if this election is indeed Bush's to lose, where is Karl Rove and why isn't he working his magic right now?
His reason, if something like a NATIONAL DISASTER OR A WAR were to happen that would adversly effect the economy and could make the creation of that many jobs not possible.
Is this guy for real? I may not be able to create jobs because of a potential war but George Bush is bad because he didn't create enough jobs after 9/11? What a fool.
And by the way, just what kind of natural disaster would so adversly effect the economy to this degree? Don't most natural disasters tend to add jobs (new construction, etc)? Maybe it would be one of those "wrath of God" natural disasters in response to electing this moron.
The media will either spin this as a negative or suppress it.
Anything brought out now will be brushed aside with the "thats old news" defense, which unfortunatly works.
Not "natural disaster", but NATIONAL disaster. Like 9/11 or larger terrorist attack.
Kerry responds: Yes, but they are jobs where you have to work. Under my plan, you can have a good paying job and you don't even have to do any work. Oh, wait, that's the job I do for Teraaaaaza, he he he.
Only fools and Democrats bet against this economy.
Pass it on.....
Nothing to see here....move along...ummm Bush Lied! Panties on Heads!...pay no attention those jobs created over there or the fastest economic growth in 20 years...Haliburton!
Also dashed by the Dems VP and convention buzz, so after that. August would be wasted. September then.
The title of this article has been changed. The change makes it factually inaccurate. New jobless claims are the lowest in four years. This is different from the jobless rate.
Agreed. Most people will not pay attention until 2 months before the election.
I am sure that this will be spread through out the media. Flush The Johns!.
Although the manufacturing sector is up, the housing sector is up, the durable goods sector is up, first time claims are down because people simply gave up on finding a job in this stagnant economy.
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