Posted on 08/06/2009 6:12:19 AM PDT by SeekAndFind
WASHINGTON -- The number of U.S. workers filing new claims for state jobless benefits fell last week, providing another glimmer of hope that the economy may be on the road to recovery.
Initial claims for jobless benefits fell by 38,000 to 550,000 on a seasonally adjusted basis in the week ended Aug. 1, the Labor Department said in its weekly report Thursday. The four-week average of new claims, which aims to smooth volatility in the data, fell by 4,750 to 555,250, the lowest level since Jan. 24.
The tally of continuing claims -- those drawn by workers for more than one week -- rose by 69,000 during the week ended July 25 to 6,310,000, the highest level since July 4.
Economists surveyed by Dow Jones had predicted an increase in initial claims of only 1,000.
Analysts with both J.P. Morgan Chase & Co. and Barclay's Capital had predicted recently that claims for the week ending August 1 would start to edge downward. Both noted that claims are way down from their peaks in the spring, signaling some positive economic signs.
"Claims are still at a very high level, but the fact you're seeing a downturn in claims is an encouraging sign," said Barclay's Capital economist Michelle Meyer in a Wednesday interview with Dow Jones.
Thursday's numbers represented a return to normalcy following a volatile period in July which included two weeks of steep declines followed by two weeks of rebounds in the figures. The declines occurred after the usual layoffs in the automobile and other manufacturing sectors, which are expected this time of year, never panned out.
On Thursday, an analyst with the Labor Department called the latest data on jobless claims "fairly uneventful."
(Excerpt) Read more at online.wsj.com ...
So how many of those people went back to work?
Jobless claims always drop during long recessions when eligibility for unemployment runs out and when people have been out of work so long they just give up looking for a job.
LOL, as the liberals always claimed whenever there was an improvement in unemployment claims, it is because so many people have simply given up looking. The continuing claims number dropped because the benefits for many ran out.
So this unemployment report’s massively bad numbers aren’t as bad as the previous report’s even more massively bad numbers, and that’s supposed to be encouraging?!
Talk about SPIN!!!
I believe this little phrase was popularized by Warren G. Harding -- a failed president with a reputation for running a very corrupt administration. Of course, he was a lightweight compared to Obama.
...????..so this holiday season,when traditionally more people lose their jobs is something to really look forward too?
I remember when unemployment was at 6% and the DJIA was at 14,000 — that was the worst economy since Hoover! We’re so much better off now ... [/s]
There’s fewer people to lay off!!!
Mark Twain wrote that he knew of a man who drowned while crossing a river that "averaged" only one inch deep.
This is going to be a seriously blue Christmas. The autoworkers laid off here in Michigan are going to start losing their unemployment in droves.
Will we hear the truth about Obama’s economy then?
So the economy is getting better because slightly fewer than expected people filed for unemployment benefits. I wonder if economists purposefully overstate the number of people they expect to file to give us the hope half of hope and change.
i have learned the economists predictions are usually 20% too high to 40% too low.
So, we have averaged 550,000 lost jobs per week all year, and the latest week was 555,250? No improvement should be claimed there because with all these lost jobs, the total number of employed keeps dropping, but the weekly lost job stays at 550,000 of a now smaller number of total people working. Actually, we are probably losing a bigger percentage of total jobs each week than earlier in the year.
The employment picture is getting a little worse each week, and we'll have proof if the total unemployment percentage increases once again.
NY is now offering a third round of unemployment benefits. After all, Mayor Bloomers wants to be re-elected.
NJ offers two rounds. One paid for by the state, the second by the feds.
“On Thursday, an analyst with the Labor Department called the latest data on jobless claims “fairly uneventful.””
This comment tells the whole story, these Labor Department analysts see the raw data before anyone else, before any adjustments, they know, and according to this analyst there is literally nothing changed and nothing new in this report, it ‘s still bad.
Which is precisely why things are actually getting worse!
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