Posted on 07/09/2009 5:41:02 AM PDT by TSgt
WASHINGTON (MarketWatch) -- First-time claims for state unemployment benefits fell in the latest weekly data, after seasonal adjustment, while continuing claims hit a record high, the Labor Department reported Thursday. The number of initial claims in the week ending July 4 fell 52,000 to 565,000 - the lowest level since January - as the manufacturing layoffs, predominantly automotive, that had been expected have already occurred at some companies, according to the Labor Department, which added that some seasonally expected layoffs may come later or not at all. The four-week average of initial claims fell 10,000 to 606,000. For the week ending June 27, the number of Americans receiving state jobless benefits rose 159,000 to a record 6.88 million, more than double the level during the same period in the prior year. The four-week moving average of these continuing claims rose 12,000 to a record 6.77 million. The insured unemployment rate, which represents the portion of all workers covered by unemployment insurance who are collecting benefits, rose to 5.1% from 5%.
(Excerpt) Read more at marketwatch.com ...
Of course it MUST be due to all those jobs saved due to the “stimulus.” /s
Recession is over, the big O has done it. He’s beyond wonderful, he’s almost magical. He’s done what no man has done before. He can probably leap tall buildings in a single bound. (somebody .........slap me)
Whew! Thank goodness only 565,000 lost their jobs. I thought it was going to be 600,000. This is great news.
They are so in-the-bag for economic recovery via Obammie the Commies socialist spending it is nauseating.
I skip over their absurd “spin” stories and go right to the comments, where I have unearthed mines full of good information.
Seriously, troll the comments on MW articles, FReepers, if you want to learn a lot about economics and finances.
Ignore the stories.
Thats because people are not applying for benefits anymore or because they have run out of benefits.
Do we know what the unemployment rate is now?
They're just making this as rosy as they can. If GW Bush were president, they'd have all kinds of inflated projections and say that he was purposely driving up unemployment to make himself rich.
5%. Try telling that to people in California and Michigan.
The title said — Initial jobless claims lowest since January
—
Ummmm..., yeah! At some point, you eventually arrive at the level of unemployment where you’ve kicked almost everyone out of work that you can... :-)
Thats how they are spinning it. 40 thousnad less than they expected.
I figure they expect on the high side so they can say things are less stinky than projected.
You are spot on!
Some MarketWatch comments:
“Meanwhile, the latest sales reports of leading retailers look nasty indeed — massive declines across the board. With 70% of the U.S. GDP generated by (mindless, senseless) consumer borrowing and spending, those phoney “green shoots” and that “3rd Quarter pick-up” of the comatose economy remain a pipe dream.”
“Air France CEO said this morning that the situation is as bad as it’s ever been. No green shoots whatsoever. Cargo has dropped. Business class empty.”
“And what about expected layoffs from state and local governments that can no longer add to their employment roles because they have spent every nickel they had or could borrow (i.e. California and every other state and city in the country). Most of these entities (as well as school districts, etc.) have no yet started to really layoffs employees and in fact many have increased as part of the stimulus.”
“Just more bad news trying to be spun as positive.
So I should be happy that over half a million people did one of the following:
1. Got laid off
2. Got laid off and used up all their severance pay (for those lucky enough to get it)
3. Got laid off and tired of living off their savings with no money coming in
4. Finally got awarded unemployment benefits after fighting with the employer that claims the worker was fired for “lack of performance”.
Yea, these numbers a real party starter alright.”
I noticed that it was 2 degrees cooler this morning than it was at the same time yesterday...logically, I concluded that summer must be over.
Nevermind all the bad indicators, one data point that is not QUITE as catastrophic is all we need for HopenChange!
But how many state and county offices were closed on the 3rd for the 4th of July weekend - thus lowering the claims for that week.
Let’s see what happens in the next 4 weeks. The second fiscal quarter just ended June 30. As the bean counters tally the damage, layoffs may pick up pace again.
Duh, there’s a slowing of layoffs because you can’t stay in buisness with no help. The second wave will be from massive buisness failures.
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