Jobless claims fall by largest amount since July

Market Watch ^ | 02/11/2010 | MArket Watch

[The Magical Mischief Tour]

WASHINGTON (MarketWatch) - First-time claims for state unemployment benefits fell by the largest amount since July. The number of initial claims in the week ending Feb. 6 fell 43,000 to 440,000. This was a sharper drop than expected.

[LibLieSlayer]

That’s racist! /s

LLS

[calex59]

It’s called cooking the books, an old democrat tradition. We all know those figures are false.

[SoFloFreeper]

Amazing how snowfall will keep people inside!

[tobyhill]

“Claims are now at their lowest level since Jan 2.
Claims had spiked in January, reversing a downward trend.”

????

[jetson]

http://www.youtube.com/watch?v=TN9nskoS9PI

[TomGuy]

I still can’t figure out how we had a net loss of jobs over the last quarter but the unemployment figure fell from 10.1% to 9.7%.

In governmentspeak they only select the numbers that produce the desired results.

Those who have been unemployed long-term and no longer qualify for UE benefits are no longer counted. There are two numbers -- the UE number and the actual UE number. The latter takes into account those who are still unemployed but no longer getting state/FED benefits. The latter is also usually buried, when possible.

[COBOL2Java]

Administration: “Our situation is improving! We’re getting worse at a slower rate!”

[wbarmy]

President Bush knew how to stop a recession and did it after the greatest single attack on a financial system which had ever occurred.

As if this President could learn from history.

[COBOL2Java]

“Claims are now at their lowest level since Jan 2. Claims had spiked in January, reversing a downward trend.”

????

I think George Orwell would recognize that as "newspeak".

[Oldeconomybuyer]

Good thing Porkulus created or saved 5,893,501,893 jobs.

[rhombus]

to be revised at a later date

[Abathar]

I like to put things in perspective for the math challenged that can't understand what 440k of people losing their job last month really means.

[paulycy]

Excellent post.

BUMP

[blueyon]

Many are off the numbers now as their unemployment checks are up...God help them!!!! Imagine if you had no money coming in, how do you pay the mortgage, food, electric? What a mess to be in. My heart goes out to the unemployed. And please spare me the comments about being on the Government dull....before you open your mouth and insert your foot, think...think about how you would feel unemployed, using up your savings and then no unemployment check coming in..It is scary as h*ll!!!

[mysterio]

Job hunters have a different opinion of this “rebounding” economy.

[crescen7]

"...how we had a net loss of jobs over the last quarter but the unemployment figure fell from 10.1% to 9.7%"

The Bureau of Labor Stats uses its "Household Survey" data to establish the "unemployment rate". That survey estimates 2 variables: Number of people working, and number of people seeking work. If you aren't "seeking work" you don't show up as "unemployed". They then apply a series of "adjustments" using statistical algorithms to reach the stated rate.

Historically, these numbers have been reasonably well prepared and reliable. Recently though, the estimates have seemed increasingly subjective, with apparently counter intuitive results. For example, fewer jobs, higher population - yet lower unemployment.

For that reason, I believe its much better to simply rely on the "total jobs" data, which is much less subjective, as an indicator of economic health. This number is kept honest by an very broad and excellent employer survey done by ADP.

The ADP survey reflects actual payroll data from 500,000 major employers who employ 10's of millions of people. The ADP survey results can be seen at anytime at:

http://www.adpemploymentreport.com/

The results can even be downloaded in spreadsheet form, and I believe their methodology is transparent and available for review. I suggest all Government statements on jobs and hiring be compared with the ADP results.

[Big Horn]

I do not understand how the number of unemployed is up and the percentage is down>

[Man50D]

That could merely mean their unemployment benefits expired.

[unkus]

Who gives a rat’s arse if a few thousand more or less didn’t?

__________________________________

You’re right. Thousands of people in the workforce die each month and in most cases, they have to be replaced.

[unkus]

Expect more and more propaganda, and manufactured statistics leading up to the elections.
______________________

They can manufacture all the statistics they want.

Individuals in dire financial straits don’t care about “statistics” and are going to vote accordingly.

The Hope and Change thing is going to bite the Rats in the butt.