Posted on 04/15/2010 10:55:31 AM PDT by mlocher
WASHINGTON (Reuters) - The number of U.S. workers filing new claims for jobless aid soared last week as the backlog from the Easter holiday was processed, adding to worries about the recovery, while U.S. industrial output rose less than expected in March.
Initial claims for state unemployment benefits rose 24,000 -- the largest increase in two months -- to a seasonally adjusted 484,000, the Labor Department said on Thursday. Markets had expected a dip to 440,000.
"Everything on the manufacturing side is clearly pointing to an acceleration," said Phil Orlando, chief equity market strategist at Federated Investors in New York.
"The consumer side, the retail sales data we saw yesterday was off the charts. So there is no reason for me to believe that the labor market has organically turned sour."
In separate data, U.S. industrial production rose 0.1 percent in March. Economists polled by Reuters had expected a gain of 0.7 percent.
Another report showed an expansion in New York state manufacturing to a six-month high. The New York Federal Reserve's "Empire State" general business conditions index rose to 31.86 in April, the highest since October and up from 22.86 in March. Economists polled by Reuters had expected a figure of 24.00.
(Excerpt) Read more at news.fidelity.com ...
Analysts had forecast so-called continuing claims little changed at 4.54 million.
This administration will figure out a way to rally these 4.6 million folks to socialism. Keep an eye on the MSM, the perils of these people and how businesses are evil because they are not hiring.
“backlog from the Easter holiday”..i see they are still blaming the Easter Bunny.
What recovery? The imaginary one the Obama adminstration created?
I agree, I think we have bottomed for now, but not much of an upswing.
no mention of companies cutting back to get under the obama care minimums. no mention of the counties, cities, school districts laying off due to low tax revenues.
layoffs are like pushing in the control rods that result in
slowing down the economy.
Well MarketWatch also blames the Eastern Bunny and also
this...”increase appeared to stem largely from the Easter holiday and other factors that distorted the data.”
That wicked Bush is still at it, is he?
First it was Thanksgiving, then it was Christmas. For a couple months winter storms were blamed for higher jobless claims and now we’re fingering Easter. I suppose the reason for May will be the good weather that caused people to delay filing. Sooner or later, don’t they all balance out?
I notices one MSM Pravda outlet reported “unexpected” news about this jump today.
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