Posted on 06/17/2010 6:39:53 AM PDT by SeekAndFind
First-time applications for state unemployment benefits rose by 12,000 last week to a seasonally adjusted 472,000, the Labor Department reported Thursday, providing further evidence that U.S. labor markets remain very weak.
The previous week's initial claims were revised higher by 4,000 to 460,000 as more complete data were collected. Read the full release on the Labor Department's website.
The jobless claims report shows that the level of layoffs, while down from the peak a year ago, is too high to be consistent with robust job growth. The economy is creating jobs, but too few to bring the unemployment rate down meaningfully.
The four-week average of new claims was roughly unchanged at 463,500. The four-week average is considered a better gauge of labor-market conditions than the volatile weekly number, which can be influenced by non-economic factors such holidays, weather or strikes.
Meanwhile, the total number of people collecting unemployment benefits of any kind fell by 350,000 to 9.47 million in the week ending May 29 from 9.82 million. The number of people collecting federal benefits fell by 170,000 to 5.28 million. These figures are not seasonally adjusted.
The reduction in total claims could be related to the expiration of extended benefits for some recipients. The Senate is wrangling this week with a law that would renew the extended benefits.
The number of people who were collecting state benefits - which are typically available for 26 weeks - rose by 88,000 to 4.57 million in the week ending June 5 after plunging 234,000 the week before.
(Excerpt) Read more at marketwatch.com ...
“The jobless claims report shows that the level of layoffs, while down from the peak a year ago, is too high to be consistent with robust job growth.”
No sh*t!
Sorry about your daughter’s situation.
A friend of mine was laid off when the Information Desk at a Mall was closed down. All questions were referred to the regular business office henceforth.
She found a job quite quickly at a shoe store in same Mall. However, the assistant mgr seems had an issue with her presence from the getgo and made her life miserable to the point of turning the mgr (who had hired her) against her.
So, she quit.
Oops...too late, she found out that no way could she file for having lost her Info Desk job because she had gone to work again right away.
And, she has no legal grounds for a claim against the Shoe Store...just internal politics and she came out on the losing end.
She isn’t counted in these figures either. She’s just viewed as someone who voluntarily left the workforce...
Their mantra of “Bush’s fault. Inherited mess, yada-yada-yada ...” is wearing thinner by the day.................even the Left’s cheerleader in the MSM, Olbamaman, is getting it...........
I'd love to know what the "season" was............
And I guess new graduates are not counted in the unemployment figures, because you have to be at a job first before you can file for unemployment benefits and be counted.
That’s 2 million newly unemployed, living at home with Mom and Dad. Welcome to Obamanation.
What’ll happen in the next month or two when seasonal workers start getting laid-off after the intended summer rally fizzles out?
Am I the only one who has noticed that this happens every single month? At the beginning of each month, when the jobs report is released, the numbers look rosy. A few weeks later, there is always an unexpected increase and a revision of those numbers. The number crunchers should be summoned by Congress to explain these routine discrepencies. WTF!
The unemployment figure is misleading as an indicator of economic growth. It fails to account for all of the many Americans which took wage and benefit cuts to keep their jobs.
nice graph bump...
As much as I feel bad for every person who is unemployed ........I must confess that every time these numbers come out I hope for more and more unemployment !!
I want the economy & the unemployment rate to get worse not better ........I want EVERYONE TO SCREAM FAILURE AT THE ARROGANT IDIOT IN CHARGE !!!!!!!
I HATE HIM & I WANT HIM TO RESIGN IN DISGRACE !!!!!!
The only jobs he created are the ones working for the
*Dog and Pony Show*
Could someone please explain the math here? If the “first time” unemployment claims are still running at 450-475 thousand each week, does that mean that the employers filled more than 2 million jobs last month in order to get the May unemployment report to yield a 400,000 net increase in jobs? Is that possible?
One of those 'benefits' was that the Federal government (i.e. our kids and grandkids) would pick up the tab for 65% of COBRA payments for those who lost their jobs. Beginning on June 1, that benefit no longer exists for newly unemployed (although those who lost their jobs before that will still get the subsidy). So these newly unemployed are really screwed.
Unforeseen I am sure.
Massmike, photo of The Messiah reminds me of the Silly Walk from one of the Monty Python skits.
RE: Unforeseen I am sure.
Is Unforseen the new Unexpected ?
Depends on what the mods delete, I suppose.
Nah! Couldn't be! /sacr
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