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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: 81786
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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Begin Trace Mode for Comment # 38.

#1. To: Nebuchadnezzar (#0)

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

So tell me again how canceling the unspent stimulus money and cutting spending will create jobs?

go65  posted on  2010-08-19   9:32:08 ET  Reply   Untrace   Trace   Private Reply  


#2. To: go65 (#1)

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%.

Nebuchadnezzar  posted on  2010-08-19   9:34:11 ET  Reply   Untrace   Trace   Private Reply  


#3. To: Nebuchadnezzar (#2)

So tell me again how by passing Obama's stimulus we'll keep UE below 8%.

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?

go65  posted on  2010-08-19   9:36:51 ET  Reply   Untrace   Trace   Private Reply  


#6. To: go65 (#3)

So tell me again how by passing Obama's stimulus we'll keep UE below 8%.

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.

Nebuchadnezzar  posted on  2010-08-19   9:40:02 ET  Reply   Untrace   Trace   Private Reply  


#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.

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.

go65  posted on  2010-08-19   9:42:53 ET  Reply   Untrace   Trace   Private Reply  


#8. To: go65 (#7)

But I also accept that the stimulus has provided over 2 million jobs.

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.

Nebuchadnezzar  posted on  2010-08-19   9:46:31 ET  Reply   Untrace   Trace   Private Reply  


#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.

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?

go65  posted on  2010-08-19   10:46:32 ET  Reply   Untrace   Trace   Private Reply  


#30. To: go65 (#24)

Do you not see this as a positive trend?

One month is a trend????

Give me 5 or 6 months and then we'll talk.

Nebuchadnezzar  posted on  2010-08-19   10:57:32 ET  Reply   Untrace   Trace   Private Reply  


#32. To: Nebuchadnezzar (#30)

One month is a trend????

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?

go65  posted on  2010-08-19   10:59:02 ET  Reply   Untrace   Trace   Private Reply  


#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.

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.

Nebuchadnezzar  posted on  2010-08-19   11:24:25 ET  Reply   Untrace   Trace   Private Reply  


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