Posted on 06/24/2010 6:32:04 AM PDT by Mad Dawgg
WASHINGTON – Initial claims for jobless benefits fell by the largest amount in two months last week, but remain above levels consistent with healthy job growth.
Despite the drop of 19,000, claims are at about the same level they were at the beginning of the year. The stubbornly high level of requests for jobless aid is a sign hiring remains weak even as the economy recovers.
The Labor Department said Thursday that new claims dropped to a seasonally adjusted 457,000. That's slightly below economists' forecasts of 460,000, according to Thomson Reuters.
First-time requests for unemployment insurance have been stuck at about 450,000 since the beginning of this year. New claims dropped steadily last year after reaching a peak of 651,000 in March 2009. Claims need to fall closer to 425,000 to signal sustained job growth, many economists say.
The four-week average dipped by 1,500 to 462,750, the first drop in six weeks.
(Excerpt) Read more at news.yahoo.com ...
Does anyone else find this line totally ridiculous?
“Despite the drop of 19,000, claims are at about the same level they were at the beginning of the year. The stubbornly high level of requests for jobless aid is a sign hiring remains weak even as the economy recovers.”
Helluva spin job.
It sure is a funny looking Recovery.
Did anyone else notice you can't really tell if unemployment went up or down by reading this? Its like they went out of their way to not say.
Folks, lets keep in mind that these numbers don’t include those whose hours have been cut in half or worse, or those independent contractors (like me) who can’t collect unemployment, and are seeing about a day’s work per week. This economy is crashing big time, and they aren’t telling you.
It’s totally ludicrous............
Nearly half a million more people are out of work this week than last week, but the economy is getting better...............ri-i-i-i-ght..........
also doesn’t include the two ends of the pipeline:
a: persons that have ‘retired’ early and are now on SS
b: persons that have graduated from HS/College that have never
had a job.
“Jobless claims drop but remain at elevated levels”
By careful design and by the malicious intent of the democrats and Obama.
Nah...I truly believe our federal government. What could possibly be ridiculous about these numbers?
“Claims need to fall closer to 425,000 to signal sustained job growth, many economists say.”
BS! Just last year the “economist” were claiming it would have to drop below 250,000 claims to start seeing creation.
The usual Associated Press obvious lies and journalistic malpractice.
I blame Bush.
(By the way, unemployment was 4.5% under Bush)
"New claims" means that nearly half a million more people lost their jobs, and the key word is "adjusted" which basically means that they made it whatever they thought they could get away with for the best spin. There may be many more whow were "adjusted" out of the statistics.
And the rest of us who are lucky enough to still have a job, but have seen our salaries slashed while watching tuition jump 32% at the universities! The SJ Merc yesterday had an article that the public employee unions said “HELL NO!!” to a 10% pay cut. That really infuriates me as our entire company did that nearly a year ago and there is no sign that the cut will be restored. Even worse, our town and county approved every tax hike on the ballot a couple weeks ago.
Way past time to outlaw public unions...especially NEA...
Yep. The patients condition is deteriorating as he continues to recover.
This is another incredible spinning/lying/slippery wordsmithing by an Obozo Mediot with AP.
They’re limits ran out.
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