Jobless claims hit highest level in six weeks

The Hill ^ | 05/16/2013 | By Vicki Needham

[SeekAndFind]

First-time jobless claims jumped sharply last week a possible signal that businesses are laying off workers over concerns about the effects of across-the-board spending cuts and tax hikes.

The number of workers seeking unemployment benefits increased 32,000 to a seasonally adjusted 360,000, the highest level since the end of March, after hitting a five-year low the previous week, the Labor Department reported on Thursday.

But the four-week moving average, a figure that provides a better trajectory of where the labor market is headed, rose 1,250 to 339,250, a level that reflects steady hiring.

Economists say the market is in better shape when applications fall below 375,000.

Employers added 165,000 jobs in April, which was above expectations. But economists estimate that job creation could drop off over the next several months as $80 billion in sequestration finally kicks in an cuts into overall economic growth.

Early estimates from economists that job growth could drop to around 125,000 a month during the summer.

That trend could last into the fall before the pace of job growth picks up again, unless Republican lawmakers decide they are dead-set on another debt ceiling fight. Another battle over raising the nation's debt limit may come at a time when the economy could be set up to start firing on all cylinders again.

[SeekAndFind]

IT's FUN WITH JOB NUMBERS THURSDAY ONCE AGAIN !!

[BenLurkin]

[rusty schucklefurd]

re: “. . . But economists estimate that job creation could drop off over the next several months as $80 billion in sequestration finally kicks in an cuts into overall economic growth.”

Where is the DOUBLE BARF ALERT?

[cherokee1]

Alleged economists are as perenially as full of krap as always as long as they see a bright side to layoffs being three times as high as new hires. The labor market will not be “good” until those numbers reverse and that is a long way away. I’m pretty sure the guys who just got layed off are not feeling “bright sided” .

[mellow velo]

On the one hand, they're blaming the lack of job creation on sequestration, which the MSM says is the fault of the Republicans.

On the other hand, it is being reported that the deficit is dropping. Obama is getting credit for that, thanks in part to the same sequestration.

[Pining_4_TX]

Yes, could this “article” be any more biased? This stuff ticks me off. When are the morons going to learn that big government (socialism) leads to poverty and misery? Government cannot create wealth or jobs.