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Obama Wars
See other Obama Wars Articles

Title: Surprise Rise in Jobless Claims Stokes Recovery Worries
Source: ABC News
URL Source: http://abcnews.go.com/Business/wireStory?id=11062255
Published: Jul 1, 2010
Author: ABC News/Reuters
Post Date: 2010-07-01 10:22:57 by Badeye
Keywords: None
Views: 2761
Comments: 7

Surprise Rise in Jobless Claims Stokes Recovery Worries

July 1, 2010

WASHINGTON (Reuters) - New claims for state unemployment aid unexpectedly rose last week, heightening fears the U.S. economic recovery is stalling.

Initial claims for state unemployment benefits increased 13,000 to a seasonally adjusted 472,000, the Labor Department said on Thursday.

Analysts polled by Reuters had expected claims to slip to 452,000 from the previously reported 457,000, which was revised slightly up to 459,000 in Thursday's report.

While layoffs have slowed sharply from early last year, businesses remain skeptical of the strength of the recovery and are holding back on hiring, keeping claims for unemployment benefits at uncomfortably lofty levels.

High unemployment is a sore point for President Barack Obama, whose approval ratings have plummeted.

The economy's failure to create sufficient employment to absorb the more than 8 million Americans who lost their jobs during the recession could hurt the Democratic Party in the November mid-term elections.

"It's looking more and more like the job market is treading water. Layoffs are down from 2009, but hiring hasn't really picked up and this is disappointing," said Stephen Bronars, a senior economist at Welch Consulting in Washington.

"There is a lot of uncertainty on the hiring side that's causing things to remain sluggish. In order for the recovery to give people confidence it needs to cut across different sectors of the economy."

U.S. stock index futures extended losses on the data, while Treasury debt prices added to gains. The U.S. dollar fell versus the yen.

The claims data has no implications for the June employment report due on Friday as it falls outside the survey period.

Nonfarm payrolls likely fell 110,000 last month, the first decline this year, as the bulk of May's 411,000 temporary census jobs ended, according to a Reuters survey. Employment increased 431,000 in May.

However, there is a risk payrolls could show a steeper decline after an independent report on Wednesday showed private employers added only 13,000 jobs last month.

Separately, the number of planned layoffs at U.S. companies rose slightly last month, but the level remained close to a four-year low, global outplacement consultancy Challenger, Gray & Christmas said.

Employers announced 39,358 planned job cuts in June, up 1.4 percent from 38,810 in May. Announced layoffs touched a four-year low in April at 38,326.

In the Labor Department report, the four-week moving average of new jobless claims, considered a better measure of underlying labor market trends, rose 3,250 to 466,500 -- the highest level since early March.

"What we are seeing here is a sideways move in the labor markets. I don't think we are seeing renewed deterioration. We are getting regular reminders that we are not ready for any significant job creation," said Kevin Flanagan, chief fixed income strategist at Morgan Stanley Smith Barney in Purchase, New York.

The number of people still receiving benefits after an initial week of aid increased 43,000 to 4.62 million in the week ended June 19, the Labor Department said. The level was above market expectations for 4.54 million.

The insured unemployment rate, which measures the percentage of the insured labor force that is jobless, was unchanged for a third week at 3.6 percent in the week ended June 19. (Reporting by Lucia Mutikani; Additional reporting by John Parry in New York; Editing by Andrea Ricci)

Copyright 2010 Reuters News Service. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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#1. To: All (#0)

As predicted.

Obama's first all-by-his-lonesome budget, btw, calls for a $1.17 trillion deficit.

Badeye  posted on  2010-07-01   10:23:15 ET  Reply   Trace   Private Reply  


#2. To: Badeye (#0)

When does this stop being a surprise?

Naturally, they believe they are far superior by virtue of having made it to an elevated point in the gilded cage, closer to the feed, water and sex. Because they believe it, and the media echoes their belief, hovering and quoting them, discussing their every brain fart, we tend to believe it too.

Nothing shakes our belief, not even staring directly into the face of a congenital liar and nitwit like Sarah Palin, or a careening set of brainless balls like Donald Trump or a retarded jackal like George W. Bush. Americans are unable to explain why such people "rise to the top" in our country.

We just accept that they do, and assume that America's process of natural selection -- survival of the wealthiest -- is at work. These people are rich; therefore, they should run the country. God said so.

mcgowanjm  posted on  2010-07-01   10:39:55 ET  Reply   Trace   Private Reply  


#3. To: All (#2)

Surprise!!!

They dominate its discourse entirely, and they have been almost completely successful to date in securing all the elements of their legislative, regulatory and jurisprudential agenda, at least to this point (how far they ultimately intend to go isn't clear the US as Honduras, perhaps? but it's unlikely to be pretty). Perhaps the only major exception to that rule was their 2005 failure to privatize the vast pool of public money sitting in the Social Security coffers, which they lust over lasciviously, like teenage boys inhaling online porn by the bucketful.

mcgowanjm  posted on  2010-07-01   10:40:57 ET  Reply   Trace   Private Reply  


#4. To: All (#3)

And you Definitely can't state often enough how the Greatest Concentration of Wealth in World History is happening on our watch:

As of 2004, the richest one percent of Americans possessed sixty percent of all wealth in the country, while the bottom forty percent accounted for a whopping two-tenths of a percent. Between 1979 and 2004, after-tax income for the top one percent of Americans rose by 176 percent, while for those in the bottom 20 percent that figure rose only six percent. And those figures are for six years ago, during what by current standards was flush times for working people. Now jobs are disappearing, with the inevitable effect of driving wages down further, not to mention all the obvious effects on prosperity, security, health, mental health and sheer longevity.

mcgowanjm  posted on  2010-07-01   10:42:58 ET  Reply   Trace   Private Reply  


#5. To: All (#4)

With the Top 10% taking 83 cents of every $ made.

mcgowanjm  posted on  2010-07-01   10:43:45 ET  Reply   Trace   Private Reply  


#6. To: All (#5) (Edited)

Meanwhile, just the approach to regulation alone has produced three monstrous attacks on American society as a direct result. First the recession-starting-to-become-a-depression and all its devastation, then the recent mining disaster, and now BP's WMD attack on the Gulf Coast states.

What all of these have in common is a government regulatory apparatus that over time transitioned from a public service mission into deference to those supposed to be regulated, and then from deference for the corporate sphere into constituting a straight-out satellite office of the corporations themselves, literally having business supposed "regulatees' fill out their own monitoring forms in pencil, to be inked in later by the planted shills in government.

Hundreds of thousands of Americans have been wiped out by these actions and the public is paying for its own thrashing through bail-out funds.

I'm sorry, but in what sense is this not treason?

mcgowanjm  posted on  2010-07-01   10:45:13 ET  Reply   Trace   Private Reply  


#7. To: All (#6)

But what's really bizarre to the point of being becoming a fully hallucinogenic experience that really should come under the supervision of the Controlled Substances Act is the effect that this has had on politics. Could there ever be a moment when right-wing "economics' have been so thoroughly and manifestly repudiated? Could there ever be more overt examples of corporate greed gone nuclear? Could the repercussions of these policy decisions ever more clearly have wrecked the lives of economically insecure ordinary Americans?

And not a word. a squeek of this on your tv.

Hell, they don't even mention the geyser in the GoM anymore.

So here it is, top of the ninth round, and Gaia is on the ropes with cuts over both eyes, and no referee on the mat. Homo sapiens are moving in for the killer punch. It's been an ugly fight. But the truth is that there will be no winner. Certainly not man, considering that his triumph results in the specter of human self-extinction, dieback or die-off, or at least by massive die-back.

According to the Non Linear Power Laws, after the Dragon King, human pop should take a 10% cut within at least a year.

And we haven't even seen the Stabilization Part(taking 72 million off per year to simply stabilze).

mcgowanjm  posted on  2010-07-01   10:57:16 ET  Reply   Trace   Private Reply  


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