New Jobless Claims Rise in Latest Week

Reuters via ABC ^ | October 14, 2010 | Corbett B. Daly

[1rudeboy]

WASHINGTON (Reuters) - The number of people filing new claims for unemployment insurance rose to a higher-than-expected 462,000 in the latest week, the Labor Department said on Thursday, while the number of people still collecting jobless benefits fell to an almost two-year low.

First-time jobless claims rose 13,000 in the week ended October 9 from the prior week's upwardly revised 449,000 seasonally adjusted claims. The four-week average of first-time jobless benefits, which economists prefer because it smoothes out weekly fluctuations, rose 2,250 to 459,000.

Economists polled by Reuters had expected about initial 445,000 claims in the latest week.

[GeronL]

Unexpected-O’s for breakfast, AGAIN!

[GeronL]

They get revised more than once. Last year in total was off by only 902,000 for instance, thats how far underreported the job losses were.

[skimbell]

What's really a pizzer is that in spite of the nearly two million unexpected first time jobless claims that have been filed during the past four weeks, the unemployment rate will hang in there at 9.5%.

Who'd a thunk it?

[mmichaels1970]

That was a "Biden Joke"...admittedly not well told...

BIDEN: John's last-minute economic plan does nothing to tackle the number-one job facing the middle class, and it happens to be, as Barack says, a three-letter word: jobs, j-o-b-s, jobs.

[Roccus]

Yup, but I’d be happy with just the weeklies.

[jersey117]

Obama: Stick with me... we’re not where we want to be yet!

Not even close idiot.

[cranked]

Biden, as par, is a day late and a dollar short....Pelosi was all over the “jobs” bit remember.....her famous four words were (cause she could not count and missed the ‘and’): “Jobs, jobs, jobs, and jobs!”

[henkster]

I haven’t even finished my coffee yet! It’s way to early to start drinking...

[griswold3]

unemployment insurance rose to a higher-than-expected 462,000 in the latest week

NOoooooooooooo!

[Toddsterpatriot]

We went from 780,000 jobs lost the last MONTH of the Bush administration to TWO MILLION jobs lost each month during the Obamao administration.

New jobless claims is not the same as net jobs lost.

[massmike]

"UNEXPECTED"

Everyone drink!

[andy58-in-nh]

I see they buried the real story again: last week's unemployment numbers (the ones used to goose the stock market into paroxysms of joy) were once again revised upward - this time from 445,000 to 449,000. That makes 24 out of the past 25 weeks that the previous week's jobless claim numbers have been revised upward instead of downward by the Department of Labor. Anyone want to calculate what the odds are assuming an equal chance of either outcome or of no change? Hint: there are a lot of zeroes involved.

[Talf]

more victims of 0bamadon

[Canedawg]

Oy.

[libertarian27]

I unexpectedly loved the unexpected inclusion of ‘ceremoniously’.

[Calif Conservative]

Your reply, however, was in line with expectations. ;)

[Personal Responsibility]

Unexpected!

[1rudeboy]

Tequila Suicide. [YouTube]
Professional drinker, closed room. Always drink responsibly.

[Personal Responsibility]

Unexpectedly, that was unexpectedly brilliant!

[SeekAndFind]

I have been looking at this weekly initial jobless claims numbers from 2008 and I notice a few things :

1) It has NOT dropped below 450,000 for the past 15 months.

2) The initial jobless claims are often REVISED a week later, and NEVER DOWNWARDS.

We will know that a small corner has been turned only if we see those numbers drop below 400,000 and any weekly revisions are DOWNWARDS but not until.