Jobless claims rise above expectations

Reuters ^ | Thu Jul 21, 2011 8:45am EDT | Reuters

[newzjunkey]

Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 418,000, the Labor Department said.

Economists polled by Reuters had forecast claims rising to 410,000. The prior week's figure was revised up to 408,000 from the previously reported 405,000.

[dhs12345]

How true. You have said it all.

The Democrats will fight vigorously with lies and deception. Lies that can easily countered with the facts. If people are willing to listen.

Their very existence depends on their ability to take from some and give to others. Once this is diminished, they themselves are diminished.

[bIlluminati]

Nope. That's most (but not all) of the people who lost jobs last week. Now there are about 350,000-400,000 people getting a job every week, so the net loss is about 43,000+3,000 (for last week's missed estimate).

Since the self-employed don't collect unemployment - not paying the unemployment tax on themselves - they don't show up when they lose their own job. And when the self-employed have lower income, or lose money - it happens - that also doesn't show up in initial claims - but it does show up in U.S. Treasury daily tax receipts. Follow those (up over last year) and you see the government is averaging a deficit of about $3.8 billion per day - not per working day. With about 100 million private jobs, that's a negative $38 per day, or $266 per week.

Now if every non-government worker had to write a check for $266 every week to the U.S. government, deficit spending would stop at the next election, when the current set of Congressthieves would be evicted.

[P-Marlowe]

That dog won’t hunt. Let them try.

Here you go!

[Soothesayer9]

Honestly I think that was going to happen regardless of who was Prez. I was in Cole’s bookstore yesterday and it was a ghost town. This was in another country. Maybe books in their present form are on their way out.

[Eleutheria5]

Exceeds expectations! Ten points for Slytherin.

[xzins]

The numbers say that the Bush era, with 5% unemployment, is really the break even point. It averaged in the neighborhood of 250-300 thousand job changers every week and the 5% number, plus or minus, stayed fairly steady.

400 thousand is also a relatively new number. In the past it was claimed to be at 350,000. My guess is that 350k will give you an unemployment rate around 7%, which is no where near full employment.

That’s why the UE rate is 9.2% and the real UE number is above 16%. The conventional wisdom is ignoring the reality of numbers when the economy was good.

[Terry Mross]

obama wants to raise taxes on people who aren’t working.