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Title: Weekly Jobless Claims Post Surprise Jump, Hit 500,000 (More proof stimulus a failure)
Source:
CNBC
URL Source: http://www.cnbc.com/id/38768328
Published: Aug 19, 2010
Author: NA
Post Date: 2010-08-19 09:25:45 by Nebuchadnezzar
Keywords: None
Views: 81734
Comments: 138
Weekly Jobless Claims Post Surprise Jump, Hit 500,000 Published: Thursday, 19 Aug 2010 | 9:05 AM ET Text Size By: Reuters New U.S. claims for unemployment benefits unexpectedly climbed to a nine-month high last week, 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 on Thursday. 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. "There are some technical factors out there and the seasonal factors seem to be pushing it up a little bit. But given the trend of claims it looks like the economy ran into a wall in August," said Chris Rupkey, chief financial economist at Bank of Tokyo-MitsubishI UFJ in New York. U.S. stock index futures turned negative after the report, while Treasury debt prices pared losses. The dollar fell against the yen. A 9.5 percent unemployment rate and weak housing market are hobbling the economy's recovery from its most brutal recession since the Great Depression. The economy's poor health has handed President Barack Obama a tough challenge and put at risk the Democratic Party's majorities in the U.S. House of Representatives and Senate in November's mid-term elections. Obama's approval ratings have tumbled to the mid- to lower 40 percent range and Congress' ratings are hovering at about 20 percent. 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. Claims for unemployment benefits have been stuck at lofty levels for much of this year, which many economists say points to unemployment staying uncomfortably high for some time. Claims have not come close to the 400,000 level that most analysts generally view as the dividing line between payrolls growth and contraction. Payrolls grew in the first five months of this year, partly due to hiring for the decennial census, and have declined in both June and July. The economy grew at a 2.4 percent annualized rate in the second quarter, much slower than the 3.7 percent pace in the first three months of the year. However, recent trade and business inventory data have indicated a much more sluggish pace. According to a preliminary Reuters survey, the government could lower the second-quarter growth estimate to a rate of about 1.4 percent when it publishes its first revision next Friday. The number of people still receiving jobless benefits after an initial week of aid fell 13,000 to 4.48 million in the week ended Aug. 7 from an upwardly revised 4.49 million the prior week. Analysts polled by Reuters had forecast so-called continuing claims rising to 4.50 million from a previously reported 4.45 million. "The drop in continued claims is an encouraging sign," said Robert Dye, senior economist at PNC Financial Services in Pittsburgh. "When you take the life signs on the labor market, it's not all bad news, but it's not where we would like," he added. The insured unemployment rate, which measures the percentage of the insured labor force that is jobless, was unchanged at 3.5 percent during that period. The number of people on emergency benefits increased 260,105 to 4.75 million in the week ended July 31.
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#1. To: Nebuchadnezzar (#0)
So tell me again how canceling the unspent stimulus money and cutting spending will create jobs?
So tell me again how by passing Obama's stimulus we'll keep UE below 8%.
Being a Democratic shill means you check your humanity at the door.
It didn't, and it was stupid of the Obama administration to make that claim. However, the stimulus has provided over 2 million jobs. So is your argument that unemployment isn't high enough and should be higher?
Sorry, government jobs, especially census jobs, (burger-flipper essentially) don't count. The ones which count are jobs in the private sector. Not the phony make-work jobs.
Being a Democratic shill means you check your humanity at the door.
List them
It didn't, and it was stupid of the Obama administration to make that claim. So you admit Obama is stupid. He doesn't understand basic economics and all he ended up doing was heaping more and more debt on our children and grand-children. That is criminal in the extreme.
Being a Democratic shill means you check your humanity at the door.
I admit he should have listened to folks like Romer and Krugman instead of thinking that he could win GOP support for the stimulus bill by including nearly $300 billion in tax cuts. But I also accept that the stimulus has provided over 2 million jobs. Your plan is to eliminate those jobs, so all I can conclude is that your complaint is that unemployment isn't high enough.
Government jobs don't count. You keep saying that 2M number. Let me repeat, government jobs don't count in the ECONOMY. We're debating the ECONOMY. The economy SUCKS ASS. All you care about is throwing big numbers around, failing to reveal that many of those "jobs" were census jobs and other make-work jobs. The American public is furious not at guys like me, but at guys like you who keep blowing smoke up there ass saying how great things are. You're so delusional you have no idea of what is coming your way in November.
Being a Democratic shill means you check your humanity at the door.
A friend of mine got a full time job this week through a temp agency. He had been out of work for over a year.
"Lets [sic] rent a room." ~ Jethro Tull to Rotara
Glad he got work. But while temp jobs are better than nothing, they're not much better. We need a government which puts the American worker (not union thug worker) first and that means saying not to corporations and the fucking free-traders.
Being a Democratic shill means you check your humanity at the door.
End unemployment benefits and force lazy, spoiled Americans back to work.
End unemployment benefits and force lazy, spoiled Americans back to work. As long as we keep seeing the words 'unexpected', 'surprise'in these jobs titles, the economy is still contracting while the gov't is throwing credit at the TBTF, who are then using this same 'credit' to frontrun the debt markets, driving interest rates to zero and doubling a debt with each % reduction that the US has ZERO intention of ever paying off. While, back at the ranch, reality will make sure that EVERY last cent IS paid off. IF that means eliminating the human race. Your leaders are clueless, except in making sure that $ keep entering their bank accounts.
When they discovered that the depths of the recession were greater than originally estimated, they should have gone right to work extending, on an open ended basis, the aspects of the stim that had the greatest success in generating economic activity.
LOL Why sure. We'll all be "nigger" rich. Can't you see this asshole Kenyan is absolutely scaring the shit out of employers?
All I can see is you being an asshole...again. Do you realize how big of a fucking joke people think you are? Even people who may agree with you politically? You used to be mildly amusing. Now your anger comes through in every post and you come off like a dick. You have a family...do you really want them to see you this way...?
Who here who agrees with him pray tell finds him to be a "fucking joke"?
Being a Democratic shill means you check your humanity at the door.
Survey says: FAIL. This was the fourth stimulus in the last few years????? Each one a failure and all you can do/say is "Let's make the next one bigger!!!". There comes a time when you have to step back, analyze your comments and then say,"We were wrong, it failed." All you can offer us War is more debt for programs which keep FAILING. You don't care that you're heaping debt upon debt on our children and their children. It's called "generational theft" and it's wrong.
Being a Democratic shill means you check your humanity at the door.
Huh?
Your own chart showed that the stimulus worked. What do you suggest be done, Nebby? Cut taxes? Taxes were cut in the stim. De-regulate? De-regulation and lack of oversight is how we got here. What is your solution? I say maintain the targeted tax cuts and credits.
Why do you keep insisting that the jobs created/saved by the stimulus are all "government jobs"? They aren't. I've posted many charts. I'll ask you again, which chart. If you can't post it, shut the fuck up.
Being a Democratic shill means you check your humanity at the door.
Bitch about Obama even LOUDER appears to be the only alternative these clowns have.
The last jobs report for july showed a drop in government employment and a gain in private sector employment. Do you not see this as a positive trend?
Of course government spending raises GDP. DUH! Did you ever see the formula for how GDP is calculated???? If you spent enough via the USG you could have 10% quarterly GDP growth. Is that what you're advocating?
Being a Democratic shill means you check your humanity at the door.
This is our third "jobless recovery" from recession in a row. It looks like a growing economy doesn't necessarily mean job creation any more. The first jobless recovery occurred before Clinton signed NAFTA into law.
Do you not see this as a positive trend? If I remember, some 70,000 private sector jobs were created. You need a minimum of 150,000 PS jobs to be created to account for all the new people entering the work-force. No, your paltry 70,000 isn't even half the number needed to stay at zero growth. 500,000 lost their jobs just last week. That comes to 2,000,000 a month. Just admit it, stimulus after stimulus after stimulus has failed.
Being a Democratic shill means you check your humanity at the door.
No, wrong. The entire point of the stimulus was to get people back to work and keep UE below 8%. It has failed. Obama promised that UE would remain below 8% IF WE PASSED THE STIMULUS. You always want to forget that part. Why are you afraid to discuss this? Secondly, don't insult me. I treat you with respect, you treat me with respect. Got that? If you can't speak respectfully to me, don't bother speaking to me at all because I just won't see it. Got that?
Being a Democratic shill means you check your humanity at the door.
One month is a trend???? Give me 5 or 6 months and then we'll talk.
Being a Democratic shill means you check your humanity at the door.
So what's your alternative? What can you tell us to convince us that the GOP can do better given that the last month they were in power we lost 700k jobs and last month we gained 41k jobs.
Give me 5 or 6 months and then we'll talk. We've added private sector jobs just about every month this year, meanwhile the last month of the Bush administration saw a loss of 700,000 private sector jobs. So why do you want to go back to 700,000 jobs lost?
What's your alternative?
This is only a surprise to the myopic morons who are isolated from the real world in the D.C. beltway, state capitals, or ivy league universities. To the rest of us, it has been obvious all along that there isn't any recovery. I saw a tiny bit of increased economy activity staring in April. It died by July. Mark my words, next year will be much worse than even 2009. We won't come out of this until the federal government and state governments put their fiscal affairs in order by cutting spending. They should start by eliminating the lavish retirement plans for government bureaucrats. Put them all on 401Ks, where they have to save their own money, like the rest of us. How many of you think that the politicians will do that voluntarily?
Our company is having the best year since 2007, but we aren't hiring even though we could. Why? We can't get a line of credit so we don't want to put ourselves in a situation where if there is a fall-off, we would have to again lay people off. However, if the rest of this year goes as well as the first seven months, we probably will add staff in November or December.
If you truly believe that cutting spending will improve the economy, you need to look at Greece, Ireland, and the Baltics, as well as the U.S. around 1937. Cutting spending will cut the legs out from the economy, increasing unemployment, increasing the deficit, and reducing tax revenues even further. That's what has happened in every country that has tried austerity during a recession.
So where would we be without the stimulus? If you can't answer that, you can't claim it failed.
So why do you want to go back to 700,000 jobs lost? It is better to lose 700K a month without stealing from the future generations than lose 2,000,000 a month and stealing from the future generations with failed stimuli.
Being a Democratic shill means you check your humanity at the door.
The definition of success was given by President Obama himself. Pass the stimulus and we'll keep unemployment below 8%. EPIC FAIL.
Being a Democratic shill means you check your humanity at the door.
Greece's "hard-times" are temporary. They are working the dead-wood from the system. In the US, we just keep piling up the dead wood, thus making the eventual fall even worse. All you care about is improving the economy for November 2010 and 2012. You could give a rat-shit about the future of generations who'll have to pay for your failed stimuli. EPIC FAIL.
Being a Democratic shill means you check your humanity at the door.
Comments (41 - 138) not displayed.
Top • Page Up • Full Thread • Page Down • Bottom/LatestNew U.S. claims for unemployment benefits unexpectedly climbed to a nine-month high last week, yet another setback to the frail economic recovery.
And the Conservative plan to create jobs is......?????
#2. To: go65 (#1)
So tell me again how canceling the unspent stimulus money and cutting spending will create jobs?
#3. To: Nebuchadnezzar (#2)
So tell me again how by passing Obama's stimulus we'll keep UE below 8%.
And the Conservative plan to create jobs is......?????
#4. To: go65 (#3)
However, the stimulus has provided over 2 million jobs. So is your argument that unemployment isn't high enough and should be higher?
#5. To: go65 (#3)
the stimulus has provided over 2 million jobs.
#6. To: go65 (#3)
So tell me again how by passing Obama's stimulus we'll keep UE below 8%.
#7. To: Nebuchadnezzar (#6)
So you admit Obama is stupid. He doesn't understand basic economics and all he ended up doing was heaping more and more debt on our children and grand-children.
And the Conservative plan to create jobs is......?????
#8. To: go65 (#7)
But I also accept that the stimulus has provided over 2 million jobs.
#9. To: Nebuchadnezzar (#0)
#10. To: Fred Mertz (#9)
A friend of mine got a full time job this week through a temp agency. He had been out of work for over a year.
#11. To: go65 (#3)
And the Conservative plan to create jobs is......?????
#12. To: lucysmom, Fred Mertz, go65, nebuchadneezer (#11)
And the Conservative plan to create jobs is......?????
#13. To: go65 (#7)
I admit he should have listened to folks like Romer and Krugman instead of thinking that he could win GOP support for the stimulus bill by including nearly $300 billion in tax cuts.
#14. To: war (#13)
When they discovered that the depths of the recession were greater than originally estimated, they should have gone right to work extending, on an open ended basis, the aspects of the stim that had the greatest success in generating economic activity.
#15. To: no gnu taxes (#14)
(Edited)
#16. To: war (#15)
Can't you see this asshole Kenyan is absolutely scaring the shit out of employers?
#17. To: war (#15)
Do you realize how big of a fucking joke people think you are? Even people who may agree with you politically?
#18. To: war (#13)
When they discovered that the depths of the recession were greater than originally estimated, they should have gone right to work extending, on an open ended basis, the aspects of the stim that had the greatest success in generating economic activity.
#19. To: Nebuchadnezzar (#18)
This was the fourth stimulus in the last few years?????
#20. To: Nebuchadnezzar (#18)
All you can offer us War is more debt for programs which keep FAILING.
#21. To: Nebuchadnezzar (#8)
Government jobs don't count. You keep saying that 2M number. Let me repeat, government jobs don't count in the ECONOMY.
NABE: 83 percent say stimulus raised GDP. A February survey of 203 members of the National Association for Business Economics (NABE) found that "[e]ighty-three percent believe that GDP is currently higher than it would have been without the 2009 stimulus package (ARRA)."
And the Conservative plan to create jobs is......?????
#22. To: war (#20)
our own chart showed that the stimulus worked.
#23. To: war, nebuchadnezzar, no gnu taxes (#20)
What do you suggest be done, Nebby? Cut taxes? Taxes were cut in the stim. De-regulate? De-regulation and lack of oversight is how we got here.
And the Conservative plan to create jobs is......?????
#24. To: Nebuchadnezzar (#8)
All you care about is throwing big numbers around, failing to reveal that many of those "jobs" were census jobs and other make-work jobs.
And the Conservative plan to create jobs is......?????
#25. To: go65 (#21)
NABE: 83 percent say stimulus raised GDP
#26. To: Nebuchadnezzar (#22)
#27. To: mcgowanjm (#12)
As long as we keep seeing the words 'unexpected', 'surprise'in these jobs titles, the economy is still contracting...
#28. To: go65 (#24)
The last jobs report for july showed a drop in government employment and a gain in private sector employment.
#29. To: war (#26)
This one, moron...
#30. To: go65 (#24)
Do you not see this as a positive trend?
#31. To: Nebuchadnezzar (#29)
Got that? If you can't speak respectfully to me, don't bother speaking to me at all because I just won't see it.
And the Conservative plan to create jobs is......?????
#32. To: Nebuchadnezzar (#30)
One month is a trend????
And the Conservative plan to create jobs is......?????
#33. To: Nebuchadnezzar (#28)
Just admit it, stimulus after stimulus after stimulus has failed.
And the Conservative plan to create jobs is......?????
#34. To: Nebuchadnezzar (#0)
(Edited)
#35. To: jwpegler (#34)
To the rest of us, it has been obvious all along that there isn't any recovery. I saw a tiny bit of increased economy activity staring in April. It died by July.
And the Conservative plan to create jobs is......?????
#36. To: jwpegler (#34)
Mark my words, next year will be much worse than even 2009. We won't come out of this until the federal governments and state governments put their fiscal affairs in order by cutting spending
And the Conservative plan to create jobs is......?????
#37. To: Nebuchadnezzar (#28)
Just admit it, stimulus after stimulus after stimulus has failed.
#38. To: go65 (#32)
We've added private sector jobs just about every month this year, meanwhile the last month of the Bush administration saw a loss of 700,000 private sector jobs.
#39. To: lucysmom (#37)
So where would we be without the stimulus? If you can't answer that, you can't claim it failed.
#40. To: go65 (#36)
If you truly believe that cutting spending will improve the economy, you need to look at Greece, Ireland, and the Baltics, as well as the U.S. around 1937.
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