New US weekly jobless claims make surprise jump ("..strengthening of the labor market is a myth..")

AFP on Yahoo ^ | 5/20/10 | AFP

[NormsRevenge]

WASHINGTON (AFP) – New US unemployment claims have risen for the first time in five weeks according to a report published Thursday, fueling concerns that a key cog of the US recovery is faltering.

The Labor Department said initial jobless claims totalled 471,000 in the week ending May 15, up 25,000 or 5.6 percent from the prior week's revised figure of 446,000.

The figure was higher than the average analyst forecast of a drop to 439,000 new claims.

"The move was completely opposite of expectations," said Jeffrey Rosen, an economist with Briefing.com.

The rise was a hammer blow to hopes that the US job market was finally on the mend.

"The strengthening of the labor market is a myth, or at least that is what the latest piece of data from the Department of Labor would suggest," Rosen said.

"Quite simply, firms really did increase the number of workers they laid-off during the week."

[LibLieSlayer]

DEPRESSION... the first step in recovery is to admit it.

LLS

[Pollster1]

Nice chart. It illustrates how “surprising” it is that after bouncing around between 450k and 500k per week, the newest number for weekly unemployment claims would come in at an “unexpected” 470k, dead center for the past 30 weeks of reports.

[Hoosier Catholic Momma]

This keeps up...we’ll be so smashed we won’t remember the Obama years. Hmmm, maybe not a bad thing :)

[rawhide]

So does this mean the unemployment rate will be going down as before? /s

[Zakeet]

The sad thing: Given the DOL's propensity to lie through statistical adjustments (seasonal adjustments), phony premises (the "birth-death model"), exclusion (given up, under employed) poor sampling techniques, etc. -- we really don't have any idea how bad the economy is.

It is safe to say, it's a lot worse than the SOB's let on. But how much worse is anyone's guess.

[Tax-chick]

I think it’s a plot by the alcoholic beverage industries ...

[Hoosier Catholic Momma]

Hey, at least we’ll keep THEM employed :)

[Tax-chick]

Make sure you’re drinking domestic product ;-).

[Hoosier Catholic Momma]

Doesn’t get more domestic than local Arkansas wineries! :P

[tcrlaf]

WOW!! How Unexpectedly Unexpected!!!!

NOT...

[hinckley buzzard]

"The strengthening of the labor market is a myth, or at least that is what the latest piece of data from the Department of Labor would suggest," Rosen said.

I guess last week's rise in unemployment wasn't enough to figure this out.

We live in a false front country right now. Believe nothing of interpretation or 'analysis' and little else. Believe no government releases, ever.

[Smokin' Joe]

When do the Census temps get the axe?