Jobless Claims Up( rose to 366,000 in latest week)

Jobless claims rose to 366,000 in latest week; http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=3814236

Jobless Claims Up, Close to Expectations
Thu November 13, 2003 08:36 AM ET

WASHINGTON (Reuters) - The number of Americans seeking initial jobless aid grew last week, the government said on Thursday, but the figure still suggested some labor market improvement.

First-time claims for unemployment benefits rose 13,000 to 366,000 in the week ended Nov. 8 from a revised 353,000 the prior week, the Labor Department said.

The figure was close to expectations on Wall Street, where economists had looked for claims to rise to 360,000 from the 348,000 previously reported for the Nov. 1 week. <snip>

The latest report, however, showed a rise in the total number of unemployed workers who continued to draw benefits after filing an initial claim. That figure rose by 49,000 to 3.53 million in the week ended Nov. 1, the latest week for which figures are available.
<snip>

Where is the roaring economy?

AND REMEMBER, I DO BELIEVE BUSH OFFICIALLY TOOK OWNERSHIP IF IT RECENTLY.

after the "GREAT" economic news last week the Repubs and Bush officially said we were in Bush's economy.....let the games begin!

hmmm....so much can change in just a week.

They can call it whatever they want, but they won't fool the people without jobs, food or housing.

Merchants will believe their own balance sheets over the Chimp's spin.

Now all we need is ia draft to get those last few hard-core unemployed off the street...

Hmm, didn't they sing that same song in 1932?

but but....the economy is improving! It's off the table dammit! OFF THE TABLE!

http://quote.bloomberg.com/apps/news?pid=10000006&sid=aZ_Unay.b6NY&refer=home

Mighty biased reporting from Bloomberg I dare say.

The number of people continuing to collect state jobless benefits rose to 3.527 million in the week that ended Nov. 1 from 3.478 million a week earlier. In June, continuing claims peaked at 3.78 million.

During the shouting last week about more jobs, etc., a weak voice in the crowd said, "sometimes the numbers change after the numbers are refigured." Sure enough.

. . and the only "peaceful" reaction I can take at this time is when I go shopping, if it be "Made in the USA", or "imported from the USA", I don't buy it

Weird,

- I used to "prefer" American goods rather than "Made in China" - or "Made in Japan", - etc., etc.

I am sure I am not alone in my private "boycott" of Amerikkkan goods, even though I DO realize it probably doesn't directly affect the BFEE,

but if the SHEEPLES realize that their country is being boycotted because they allow their Administration to be the "Bully of the World"

- maaybe, just MAYBE, - the sheeples will take their country back?

One can hope, no ?

(sigh)

You want some shirts. You go to the mall. You see a Gap. You don't go there. You buy at another store, a locally owned one.

There, wasn't it simple? And yet such a single act will be labeled as aiding the terra-ists.

It's YOUR money. YOU spend it as you see fit. Freepers can bite my shiny metal a$$.

Oh, and by the way, pickles make hamburgers taste bad. And Coca-Cola is bad for your teeth.

They cook the numbers week in and week out.... don't expect the numbers to turn against bush during the election year....it just won't happen...they will lie ..like they have demonstrated

the last few weeks these so-called "good" economic numbers have been coming out. I mean they have been caught in lies cooking numbers before! I don't beleieve anything that comes out of this so-called government we now have in Washington, DC. It's all a pack of lies. The problem is that the media knows it's a damn lie but they run with it to promote their GOD, George Bush!

"There were three states that reported a decrease in claims
of more than 1,000 in the week ended Nov. 1, the latest period
or which data are available. They were:
California -12,812"

Now, y'all don't suppose that had anything to do with the wildfires, do ya?

Business will be off. Very telling this time of year.

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just how is the "economy back on track"? The only track I see it on, once you get through the fuzzy math, is chimpass*'s continual downward spiral track.....

why should he care? we will pay his sorry ass in a retirmenet check for the rest of his sorry life. Sickening!

CSX who recently announced layoffs of 1,000 people has just announced they're buying one million dollars worth of Superbowl tickets.

Link: http://ap.tbo.com/ap/breaking/MGAQOBFNYMD.html

That's just ugly.

This guy thinks it hard to "understand" the "tough choices". Boy is he wrong. I completely understand:

snip>
The company would use the tickets to entertain Fortune 500 clients and to reward employees, Hollingsworth said. He said that the company "had some tough choices to make this week."

"I can understand those that might have difficult time reconciling these two different decisions," he said. "However we have to make decisions based on the long-term future of the company and make decisions fairly and thoughtfully."

Uh huh. Analysts expected 360,000 claims, and 366,000 came in. That's "close," I suppose. It also means another 6,000 jobless persons.

I wonder if Chimpy is going to hurt himself rushing to get in front of the cameras about this like he did last week when a positive number finally came in? Probably not. I understand he's going for the Nintendo Championship of the Whole Wide World this weekend at Camp David (or wherever he's taking his umpteenth vacation this month).

Don't expect anyone except us "nitpickers" to pay attention to this news....

Now attributed to "Wall Street" rather than econ folks.

So you lower expectations, decrease the increase in claims by increasing (revise) the prior week by 5000, and a 11,000 above expectation result becomes a result within 1000 of expectations.

And the US media bends over and reprints the Rove spin.

The EU financial folk I exchanged a few emails with this morning are laughing at our US Media - but our media is well past feeling shame.

...but the figure still suggested some labor market improvement.

:wtf:

Oh, I see...

While first-time filings climbed, a four-week moving average of initial claims - which smoothes weekly volatility to provide a better view of labor-market trends - dropped by 6,000 to 375,250. That marked its lowest level since early March 2001, the month the economy tumbled into recession.

But...

The latest report, however, showed a rise in the total number of unemployed workers who continued to draw benefits after filing an initial claim. That figure rose by 49,000 to 3.53 million in the week ended Nov. 1, the latest week for which figures are available.

Now it all makes perfect sense to me. After all, up is down, black is white, etc.

Why he lies when he does not need to is interesting.

371000 would not be out of the park bad - and indeed is better than the 385000 that was each week for the month before last week.

But he has to make it better by revising up the 348,000 - a number that gave him great PR - to a higher 353,000, so as to have a smaller growth in unemployment claims.

Bush is pure slime - yet the media keep pushing the honest straight shooter - don't the media realize that Bush is not as good an actor as B movie star Reagan - and is therefore unlikely to pull off the con - leaving a lot of egg on the face of media credibilty?

But I guess you decide to be a media whore - how deep in the gutter you go for the GOP is not really a concern.

Does this mean that 366,000 people have applied for unemployment benefit in the last week alone? That around 350,000 people have been losing their jobs each and every week for the last few years?

If I remember right, the "good news" from last week was that the econonomy added around 125,000 jobs in the month of October. But if 350,000 people became unemployed each week, does that mean that there was really a loss of something like 1,275,000 jobs last month? That seems way too high of a number to me, so what am I missing? And what's good about this?

I'm probably completely mis-interpreting these numbers, since I've had only one economics class and it dealt only with agriculture.

Could anyone help me out, please? :eyes:

366,000 people applied for unemployment for the first time last week, but it doesn't say anything about how many people started a new job last week. (Not "new" jobs "created", just people filling the existing spots from peolpe who were fired last week/month/year).

So (while the numbers do not correlate directly, and are based on different data sources), you can assume that the 125,000 "new" jobs in October were over and above those people going back to work existing jobs. So roughly 1.5 Million people lost jobs that month and 1.6 Million got new ones. A net "plus", but nothing to write home about.
The indication from the article is that total people receiving benefits went up by about 50,000 last week. I take this to mean that 366,000 people lost their jobs and 316,000 other people found new ones.

This is just the normal churning of the economy. Tens of thousands of people leave employement every day and roughly equal numbers of people find new ones.

I knew that I was missing something, but didn't know what.

Not everyone that stops receiving unemployment benefits get a new job, however. Sometimes the benefits just run out. Do they keep track of these numbers?

Thank you for your help!

IMHO, Sept. and Oct. saw a higher than usual natural attrition rate based on people going back to school and increases in education spending. So, more teachers and more students meant less layoffs. Businesses didn't have to lay off as many people because they went back to school.

As we move further along in the Fall, the layoffs will start to pick up again. Bottom line, this economy is still in a recession regardless of what some corporate-whore-teleprompter-reader tells you. When you see real job creation and an UE rate under 4%, then you will see a growing economy.

http://www.sunspot.net/news/local/bal-te.md.school13nov13,0,3734524.story?coll=bal-local-headlines

1,000 layoffs at city schools
Facing $52 million deficit, board will slash payroll and restructure system; Teachers will be last to be cut; New CEO looks at halving headquarters personnel



By Tanika White and Liz Bowie
Sun Staff
Originally published November 13, 2003

Vowing "sweeping radical change" to deal with a budget emergency,

Baltimore school leaders will lay off up to 1,000 employees - the largest reduction in more than 20 years.

...more...

Does this relate to the big jump in GDP for the last quarter? It this unemployment figure BECAUSE of the GDP jump or IN SPITE of the GDP jump. Or are they not related at all?

Please help the economically illiterate.

Everything is related somehow, but there's often no visible cause and effect.

The GDP spike came from exports, probably building materials to Iraq, and consumer spending from their tax-bribe checks. It was a spike, and no real indicator of actual growth.

The conventional wisdom was that inventories were pared down to extremely low levels, so we'd be hiring people to make things and bring inventories back up.

But, who woulda guessed, suddenly Chinese imports spiked-- filling a lot of those spent inventories.

And, domestic manufacturing, what there is of it, is getting far more productive with fewer employees.

So, we get some job creation, and some economic activity, which we'll always have, but no real progress.

Things are just muddling along in a slow decline, as far as I can see.

Any good news is a result of excessive debt and smoke, with a few mirrors hanging around.

You hear all the numbers and terms thrown at you but one is not sure what to make of all of it or how to interperet it.
Thanks Guy!

they keep throwing a trumped up number out for some indicator or another and the media whores grab it and scream how jolly things are! Ain't Murica great?

They have a vested interest in stretching any and all feel good news about the economy.

that all of bush's corporate cronies have the ability to manipulate much of the data. This is what I predict is going to happen for the election. Why not throw a few million at new jobs-the breaks from bush will more than make up for it. We've seen over and over how these goons aren't content with trying to change(improve) on reality but instead demand we accept their view of reality. I fully expect the economic indicators to improve especially right before the election so it looks like there is a turn around. But watch out after the election. (yes, my tinfoil hat is in place).

http://www.msnbc.com/news/993064.asp?0cv=BA00

While first-time filings climbed, a four-week moving average of initial claims - which smooths weekly volatility to provide a better view of labor-market trends - dropped by 6,000 to 375,250. That marked its lowest level since early March 2001, the month the economy tumbled into recession.
Initial claims have now held below the 400,000 level that economists view as a divide between a deteriorating and improving jobs market for six straight weeks.

That's all. Yes, it's bad news because it certainly ain't good news, no matter how the whores spin it.

3,064,871 not seasonally adjusted in 03
3,137,165 not seasonally adjusted in 02

a drop in the unemployed recieving benefits of 72,294 in a year - a year that saw a half million become discouraged after falling off the recieving benefits roll because they maxed out - a half million that is no longer counted.

One hell of a record