Rpt: Jobless Claims Rise in June to 627,000; Obama Holds Luau

Flopping Aces ^ | 06-26-09 | Scott Malensek

[Starman417]

I'm not saying the President doesn't deserve some recreation, but the standard I hold him to is, "What if Bush had done this?"

Similar to President Obama, President Bush took office with a recession leftover from his predecessor (though not as deep a recession). Six months into that recession, President Bush's tax cuts had almost ended it. Six months into President Obama's recession, his economic policies have statistically made things worse, and his efforts show absolutely ZERO hint of making things better (per uber-capitalists like Warren Buffet).

In light of all that, I think President Obama's Luau was not a very tasteful event. His troops are at war. In Iraq-just days before leaving the cities-the enemy is on an offensive. In Afghanistan, the surge of troops has not abated the Taliban offensive. In Pakistan, air strikes against Al Queda are threatening to topple our ally. Tens of millions of Americans are out of work, have BEEN out of work for months, and more are losing their homes (the last I saw only 1 home had been "saved" by his home retention program).

[Diana in Wisconsin]

I’m just adding this info linked from the article for emphasis. I loathe this poser.

U.S. Jobless Claims Power Higher
By Greg Robb
MarketWatch
Thursday, June 25, 2009

First-time filings for state unemployment benefits rose unexpectedly in the latest week to reclaim the highest level for this key economic benchmark since the middle of May, the Labor Department reported Thursday.

For the week ended June 20, initial claims rose 15,000 to 627,000. This is the highest level since the week ended May 16. Read full report.

After peaking in late March, the trend has been for an incremental decline in claims. This has been one of the principal “green shoots” of recovery.

This week’s rise came as an unexpected, however. Economists had been projecting that a further slight decline was in the cards.

Still, no economist said the sky was falling. Jobless claims are expected to continue to decline, but analysts said Thursday’s data serve as a reminder that progress would be uneven.

“We have yet to see a decisive move below 600,000 that would corroborate other economic data in suggesting that the recession is coming to an end,” said economists at RDQ Economics.

Claims data seem to be decoupled from the Labor Department’s key unemployment data in recent months, economists said.

This makes predicting the rate of job losses during June very difficult.

RDQ told clients that nonfarm payrolls for the month probably fell 400,000 and that the unemployment rate for June ticked up to 9.6%.

Meanwhile, the latest four-week moving average for initial claims fell 500 to stand at 617,250, the government’s data showed.

For the week ended June 13, initial claims were revised up to 612,000 from a previously reported 608,000.

A Labor Department official said that some states reported larger-than-expected claims related to the end of the school year. Many states allow support staff, including bus drivers and cafeteria workers, to file for unemployment during school breaks.

For the week ended June 13, continuing claims rose 29,000 to hit 6.74 million. Ongoing claims had fallen for the first time since January in the prior week.

The four-week average of continuing claims fell 3,250 to 6.76 million.

The U.S. insured unemployment rate, which represents the portion of all workers covered by unemployment insurance who are collecting benefits, stayed put at 5.0%.

In a separate report Thursday, the Commerce Department’s final revision showed that first-quarter gross domestic product fell at a 5.5% annual rate. This compares to a prior estimate that had pegged the contraction in the economy at 5.7%.

[odin2008]

It's called a Kenyan B-B-Q

[Truth29]

The luau was likely used to further pressure and smooze Congresscritters into voting for the cap and trade bill today. I heard at least one Congressman stating that he hoped that he would get a personal conversation about the bill with Obama during the luau.

I am sure that Dear Leader views dolling out trifles to favorites for their support is far more important than any little quibbles by his subjects.

[ladyjane]

Why does she wear those sleeveless dresses? Must be a sweat hog.

[wk4bush2004]

A luau, while thousands are massacred on the streets of Iran. Charming....

[KC_Conspirator]

Seriously, a fricking luau? The economy is going to shambles and he goes to NY on a date with his wife that costs taxpayers a quarter of million dollars? And golfing on Memorial Day? Hell, Bush gave up golfing after 911 because he thought it would be on bad taste.

[Daisyjane69]

I don’t even know what to say to this crap.

Warned by Chicago b/f it would be bad. Who knew it would be this bad?

What a rotten piece of bird sh*t this crowd is.

[MEGoody]

I heard about this rise in unemployment yesterday on the way in to the office. Then, last evening, I looked at the front page of the Kansas City Star, and there was a huge, above-the-fold headline that said something like "Good Employment News: Skilled Workers Needed."

I had to laugh. That certainly wouldn't have been the headline if Bush were still in office.

[Never on my watch]

Should be “Massacre in Iran; Obama holds Luau”

Obama noted the increase in job opportunities in Iran and commend their efforts to remove thousands of people from the unemployment roles. /s

[ladyvet]

Our tax dollars at work.

[Erik Latranyi]

That certainly wouldn't have been the headline if Bush were still in office.

That is all that needs to be said.