Jobless claims rise 12,000 to 472,000

Marketwatch ^ | 06/17/2010 | Rex Nutting

[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.

[ExTxMarine]

“It fails to account for all of the many Americans which took wage and benefit cuts to keep their jobs.”

Ding! Ding! Ding! We have a winner!

The system today does not compare half of the data which should be considered.

I work in the construction industry and it has taken a huge hit here in Texas (where we are still slowly building) - I can’t even start to imagine what has happened in those states where ALL building growth has stopped! Almost every company asked employees to take pay cuts, benefit cuts, layoffs, use your vacation time to supplement the little work we could find, etc...

This has been a VERY bad economic ride and it is NOT getting much better!

[PatriotGirl827]

bookmark for later

[SeattleBruce]

“In 2006, US unemployment was at 4.6%. The media called it a “jobless recovery” and helped propel the Democrats to victory in the fall elections. They gained congressional control and started implementing their policies. And here we are.”

That’s just so unfair.../massive sarc

[SeattleBruce]

“Census workers laid off..................”

And many more millions to come in the months to come. Summer of Recovery alright - if you’re into Orwell.

[SeattleBruce]

“They’ll just make the Census an annual event...problem solved!”

Or even monthly - yeah, sure, that’s the ticket!

[Red Badger]

THIS AIN’T THE SUMMER OF LOVE
Artist(Band):Blue Oyster Cult

Feeling easy on the outside
But not so funny on the inside
Feel the sound, pray for rain
For this is the night we ride

This ain’t the garden of eden
There ain’t no angels above
And things ain’t like what they used to be
And this ain’t the summer of love

Lock all your doors from the outside
The key will dangle by the inside
You may begin to understand
That this is the night we ride

This ain’t the garden of eden
There ain’t no angels above
And things ain’t like what they used to be
And this ain’t the summer of love

On the night we ride...this ain’t the summer of love.

This ain’t the garden of eden
There ain’t no angels above
And things ain’t like what they used to be
And this ain’t the summer of love
This ain’t the summer, this ain’t, this ain’t
This ain’t the summer of love

[SeattleBruce]

“In California, extended unemployment benefits are no longer available. In addition, the 65% cost reduction in COBRA premiums is no longer being offered.”

How cruel and heartless.../sarc

We’re spending ourselves into oblivion - and it aint helpin’ the bigger picture. In Europe, Japan and here our debt based fiat money system, controlled by the big bankers is driving the developed world over a cliff.

Time to agitate for non-debt backed money (issued by an accountable government, and controlled by state banks modeled after the State Bank of North Dakota.)

We do not have to be held hostage by the banking elite.

[SeattleBruce]

http://economicedge.blogspot.com/2010/03/most-important-chart-of-century.html

[ichabod1]

We need a war.

[Niuhuru]

Just that many more people who won’t be voting Democratic. Times like this I am glad Obama won since the press can’t scapegoat the Republicans and conservatives.