Jobless Claims in U.S. Rose 10,000 Last Week

[Freddie Stubbs]

Source: Bloomberg

More Americans than forecast filed claims for unemployment benefits last week, reflecting the volatility of applications during the annual auto-plant retooling period.

Applications for jobless benefits increased 10,000 in the week ended July 16 to 418,000, Labor Department figures showed today. Economists forecast 410,000 claims, according to the median estimate in a Bloomberg News survey. The data included about 1,750 additional job cuts due to the Minnesota government shutdown, the agency said.

Employers have been reluctant to hire more workers over the past two months on concern the recovery was slowing, and over stalled negotiations to extend the federal debt ceiling and reduce the budget deficit. Federal Reserve Chairman Ben S. Bernanke last week said the recovery was “still fragile,” with recent data showing “continuing weakness” in the labor market.

“There is still a lot of uncertainty with businesses about the recovery,” Sean Incremona, a senior economist at 4Cast Inc. in New York, said before the report. “It still looks like there isn’t much progress on the hiring side.”

Read more: http://www.bloomberg.com/news/2011-07-21/first-time-jobless-claims-in-u-s-increase-more-than-estimated-to-418-000.html

[Name removed]

1. Deleted message

Sub-thread removed by moderator. Click here to review the message board rules.

[CleanGreenFuture]

2. "More Americans than forecast filed claims" ... What? No "unexpected" now?

I guess Bloomberg finally figured out how absurd it is that every single economics report since Sept 2008 has been characterized as "unexpected".

I can hear it now: "Find another way to say 'unexpected' without actually saying 'unexpected'!

[WatsonT]

4. If something is always unexpected in the exact same way maybe it's time to change our expectations

[LiberalEsto]

3. Next: Borders & Cisco jobless nt

[Beacool]

10. Borders is almost 11,000.

How about Cisco?

[LiberalEsto]

14. I think it's 6500 nt

[Beacool]

15. Darn, so many!!!

Where are all these people going to find a new job?

;(

[plumbob]

12. After that, in August, 100,000 Texas teachers receive their final

paychecks. That should create quite a bump.

[Beacool]

13. Oh, boy.........

It's never ending!!!!

x(

[stockholmer]

5. +1 K&R, and still at zero (lots of head-in-the-sand denialist unrecs out there)

:thumbsdown: for the shills

[Hotler]

6. k&r I have no hope. I see no future. n/t

[mahatmakanejeeves]

7. From the source, the DOL Employment and Training Administration

Unemployment Insurance Weekly Claims Report (07/21/2011)

EMPLOYMENT AND TRAINING ADMINISTRATION

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

Special Factor: Minnesota has indicated that approximately 1,750 of their reported initial claims are a result of state employees filing due to the state government shutdown.

SEASONALLY ADJUSTED DATA

In the week ending July 16, the advance figure for seasonally adjusted initial claims was 418,000, an increase of 10,000 from the previous week's revised figure of 408,000. The 4-week moving average was 421,250, a decrease of 2,750 from the previous week's revised average of 424,000.

The advance seasonally adjusted insured unemployment rate was 2.9 percent for the week ending July 9, a 0.1 percentage point decrease from the prior week's unrevised rate of 3.0 percent.

The advance number for seasonally adjusted insured unemployment during the week ending July 9 was 3,698,000, a decrease of 50,000 from the preceding week's revised level of 3,748,000. The 4-week moving average was 3,720,500, a decrease of 4,000 from the preceding week's revised average of 3,724,500.

[OhioChick]

8. And only to worsen n/t

[Beacool]

9. What, they gave up on the word "unexpected"?

It seems that every month the increase was something they hadn't predicted. Even now they were off by 8,000 people.

To them it's just a number. In reality, it's another individual who will have to start the very hard slog of trying to find a new job. Even if they're lucky to find one soon, it will probably be at a lesser wage than they were earning in their previous position. This will impact on their families too.

Just sickening.......

:(

[The Green Manalishi]

11. Quick! More tax cuts for billionaires!!

That'll solve the problem

(Great Flying Spaghetti Monster, I hope I don't need a /sarc tag)