Weekly jobless claims hit nine-month high (500K)

Source: MSNBC

Unexpected climb is yet another setback for already frail recovery

New U.S. claims for unemployment benefits unexpectedly climbed to a nine-month high last week, government data showed on Thursday, yet another setback to the frail economic recovery.

Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 500,000 in the week ended August 14, the highest since mid-November, the Labor Department said.

Analysts polled by Reuters had forecast claims slipping to 476,000 from the previously reported 484,000 the prior week, which was revised up to 488,000 in Thursday's report.

A Labor Department official said there was nothing unusual in the state level data. The data covered the survey week for the government's closely watched employment report for August, scheduled for release early next month.

The four-week average of new jobless claims, considered a better measure of underlying labor market trends as it irons out week-to-week volatility, rose 8,000 to 482,500, the highest since early December.

Read more: http://www.msnbc.msn.com/id/38768775/ns/business-eye_on_the_economy/

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How many times is this going to be "unexpected" before we start facing reality?

:banghead:

:eyes:

join the ranks of the UN-surprized unemployed.

otherwise, it's not at all unexpected. The economy is sh*t, and everyone outside the Beltway and Wall St. knows it.

Automobile sales have recovered from that weird 7 million units/year slump.

that doesn't mean it doesn't exist.

Our company has a long list of customers in varied industries. Our customers are doing well and forecasting increased business. That means that the US economy is experiencing some degree of growth.

There was GDP growth starting about 1933 but there was 6 more years of Depression that followed (while the GDP continued to show growth).

Yeah there can be growth during a depression, it doesn't mean the depression is over.

They are growing and buying.

Unemployment is a different matter. Anybody who says we are in a depression is ignorant.

We have been seeing a mass consolidation of industry at all levels.

SOME companies are showing growth, but not due to growth in an INDUSTRY, it is from consolidation of the INDUSTRY (ie, players going out of business), thus allowing the remaining players to increase their business.

My business is having its best year ever.. but that is because many of my competitors have gone out of business or no longer have access to the credit they need to purchase inventory. My profit MARGINS are way down, but I have been able to more than make up for it in quantity, but only because there are less players in the game and I am lucky enough to still have access to credit, which I had to fight tooth and nail for when they tried to reduce it.

There just are no jobs ...

The economy is garbage, and that is WHY there are no jobs.

Somebody in Washington had better start getting a clue. Fast. Congress, The Administration, The Smithsonian! Somebody. Anybody.

Where are the jobs? They've had almost two years. They took care of the bankers. They took care of the auto executives. They've taken care of the oil industry, health care industry, and big business.

But they've failed to take care of the American people. Those big corporations aren't hiring. They're sitting on tons of cash, making decent profits, but they aren't hiring. Somebody needs an ass kicking, and a hard one.

Obama, we need jobs. Figure it out. Make it happen.

Billions in loans? Managed bankruptcy and nationalization?

nope

$15 - $35 billion a year by some estimates.

What industry couldn't make a profit under those terms? :shrug:

Corporate welfare is still alive and feeding.

And oil corporations are one of the biggest feeders.

"Where are the jobs? They've had almost two years. They took care of the bankers. They took care of the auto executives. They've taken care of the oil industry, health care industry, and big business.

But they've failed to take care of the American people. Those big corporations aren't hiring. They're sitting on tons of cash, making decent profits, but they aren't hiring. Somebody needs an ass kicking, and a hard one.

Obama, we need jobs. Figure it out. Make it happen."

:eyes:

At any rate, even OPEC has stated that worldwide oil subsidies could reach $500 billion annually.

How many jobs could Obama create if he took several billion oil subsidy dollars and put them into a job program that actually creates jobs here at home?

DLCers need to be purged from Congress and this administration. Give those well paying jobs to progressives.

Every freaking month some idiot writes that the rise in unemployment was "unexpected". Are they that stupid or do they think that we are????

:mad:

:-(


Meantime real people are suffering. They are not just some numbers on a graph.

x(

August 19, 2010

Applications for unemployment benefits in the U.S. unexpectedly increased last week to the highest level since November, showing companies are stepping up the pace of firings as the economy slows.

Initial jobless claims rose by 12,000 to 500,000 in the week ended Aug. 14, Labor Department figures showed today in Washington. Claims exceeded all estimates of economists surveyed by Bloomberg News and compared with the median forecast of 478,000. The number of people receiving unemployment insurance fell, while those getting extended benefits increased.

A cooling economy may be discouraging employers from adding staff and prompting some to step up dismissals, raising the risk consumer spending will weaken more. The Federal Reserve said last week that the recovery would probably be “more modest” than anticipated, reflecting in part a jobless rate that’s restraining incomes.

“We’re seeing a renewed pickup in layoffs,” said Stephen Stanley, chief economist at Pierpont Securities LLC in Stamford, Connecticut. “If firms aren’t hiring it’s probably because they’re not producing. Demand will slow in the third quarter.”

http://www.bloomberg.com/news/2010-08-19/jobless-claims-in-u-s-rose-to-500-000-highest-since-november.html

The bad news just keep rolling.........

:-(

by November.. there are going to be 4 million more 99-ers....

I despair to think about it.

:(

:scared: :nuke: :shrug:

My town paper was reporting a rash of cat burglars.

:-(

trying to keep above water, others will become homeless and move into a shelter.

:(

The last wave of temporary 2010 Census workers will be returning to the league of unemployed Americans very soon.

When I called the Census office yesterday, I was told they were working on unemployment benefit paperwork as we spoke.

Won't be as many as before but I'm sure we'll have an some kind of effect on those numbers.

While Rome burns everyone is on vacation, at the rate they are going, come November a lot of incumbents are going to get a permanent vacation.

;(

I haven't gotten food stamps out of pride and have been using our savings to keep us going. I had my second spine surgery over a year ago and it made me worse.

The savings is gone and I'll be one of the 41 million on food stamps come next week. My wife is actually looking forward to it. We've been scraping by for months eating very little and haven't even been able to keep milk in the refrigerator for the kids.


I was approved for Social Security Disability but Congress changed their law and after you get approved for SSDI you have to wait 5 months before you can start seeing benefits.

That piece of paper saying approved for Social Security Disability didn't help us right away. It's sad we have to wait 5 months.

Will they blame the Democrats since they are in power, or will they be savvy enough to realize that the Republicans bear much of the blame for obstructing a second stimulus bill and other legislative measures that would help?