Bush boasting about 138,000 jobs, but forgot the 315,000 newly jobless

[Up2Late]

...from last week.

Funny how that happens. :mad:

<http://www.businessweek.com/ap/financialnews/D8H8BMHO0.htm?campaign_id=apn_home_down&chan=db>

Jobless claims rise by most in 6 weeks

By MARTIN CRUTSINGER
AP Economics Writer

APR. 27 8:37 A.M. ET The number of Americans filing new claims for unemployment benefits rose to the highest level since early March, the government reported Thursday.

The Labor Department said that 315,000 newly laid off workers applied for jobless benefits last week, an increase of 11,000 from the previous week. The claims total was the highest since 319,000 laid off workers applied for benefits the week ending March 11.

Private economists had been forecasting a much smaller rise of around 2,000 applications last week. Even with the bigger increase, claims remained at a level indicating a relatively strong labor market.

The four-week moving average of claims, which smooths out weekly volatility, edged up slightly to 308,500 last week, compared to 305,750 the previous week. It was the highest level in three weeks.

(more at link)

<http://www.businessweek.com/ap/financialnews/D8H8BMHO0.htm?campaign_id=apn_home_down&chan=db>

<http://today.reuters.com/investing/financeArticle.aspx?type=economicNews&storyID=2006-05-05T174754Z_01_N05325679_RTRIDST_0_ECONOMY-WRAPUP-3.XML>

WRAPUP 3-U.S. jobs growth weaker than forecast, wages up

Fri May 5, 2006 1:48 PM ET

(Adds comments by President Bush, paragraphs 6-7, updates market reaction, 5)

By Glenn Somerville

WASHINGTON, May 5 (Reuters) - U.S. employers added 138,000 jobs in April, far fewer than had been expected, while annual wages rose at the strongest rate in more than 4-1/2 years, a Labor Department report on Friday showed.

Wall Street analysts had expected 200,000 jobs would be added last month. Not only was the actual figure below forecast but the government also said 36,000 fewer jobs were created in the February-March period than previously thought.

It revised March job growth down to 200,000 from 211,000 originally estimated and February down to 200,000 from 225,000.

The unemployment rate was unchanged from March at 4.7 percent.

(more at link)

[babylonsister]

1. I always wonder, when hearing their fuzzy math about the economy,

how people who have been laid off by this booming economy, or folks who have lost their homes because they can no longer file for bankruptcy, must feel. And we know there are many.

[Up2Late]

3. Exactly, and most have forgotten that most of those jobs NOT created...

...back when the economy was still losing jobs or just about breaking even, have still not been replaced.

He goes around bragging about 5 1/2 Million new jobs since he became pResident, well that might sound impressive, unless you "do the numbers."

Just to keep up with the growing U.S. Workforce, that needs about 300,000 new jobs every month, just to break even, in 5-1/2 years (66 months), that means their should be 19.8 Million new jobs in 5-1/2 years just to break even.

That means Bush is still 14.3 Million in the hole! That doesn't even take into account all those lay-offs from 2001-2003.

I guess math is only for liberals. :banghead:

[Breeze54]

2. That only leaves 7.1 MILLION looking for work!!

Unemployment (Household Survey Data)

http://www.bls.gov/news.release/empsit.nr0.htm

THE EMPLOYMENT SITUATION: APRIL 2006

Nonfarm employment increased by 138,000 in April, and the unemployment
rate was unchanged at 4.7 percent, the Bureau of Labor Statistics of the
U.S. Department of Labor reported today. Industries with notable job gains
over the month included financial activities, health care, and manufacturing.
Average hourly earnings rose by 9 cents in April.

The number of unemployed persons (7.1 million) was essentially unchanged in April,
and the unemployment rate held at 4.7 percent.
The jobless rates for the major worker groups-
-adult men (4.2 percent), adult women (4.3 per-cent), teenagers (14.6 percent),
whites (4.1 percent), blacks (9.4 percent), and Hispanics (5.4 percent)-
-showed little or no change over the month.
The unemployment rate for Asians was 3.6 percent, not seasonally adjusted.
(See tables A-1, A-2, and A-3.)

Persons Not in the Labor Force (Household Survey Data)

About 1.3 million persons (not seasonally adjusted) were marginally
attached to the labor force in April, down from 1.5 million a year earlier.
These individuals wanted and were available for work and had looked for a job
sometime in the prior 12 months.
They were not counted as unemployed because they had not searched for work
in the 4 weeks preceding the survey.
Among the marginally attached, there were 381,000 discouraged workers in April,
about the same as a year earlier.
Discouraged workers were not currently looking for work specifically because
they believed no jobs were available for them.
The other 928,000 marginally attached had not searched for work for reasons such
as school attendance or family responsibilities.
(See table A-13.)

:grr: :grr: :grr: :grr:

[July]

4. So, 138,000 new jobs in the MONTH of April; 315,000 newly jobless

last WEEK.

Nice spin, chimp.

[Up2Late]

6. But wait! What's this? Weekly Jobless Claims Jump By 5,000 (to 322,000)

Weekly Jobless Claims Jump By 5,000 (to 322,000)

FOX News - May 4, 2006
(Reuters)

WASHINGTON — New claims for U.S. jobless aid unexpectedly rose by 5,000 last week, Labor Department data showed on Thursday, but remained at levels suggesting moderate jobs growth.

First-time claims for state unemployment insurance benefits advanced to 322,000 in the week ended April 29, the highest week of initial claims since a matching level in the week of November 19, and compared with an upwardly revised 317,000 the prior week.

Wall Street analysts polled by Reuters had expected new claims to fall to 310,000 last week from an initially reported 315,000 the previous week.

A Labor Department analyst said there were no special factors influencing last week's report. However, he noted that the timing of the Easter school spring break in different jurisdictions had brought some volatility to April data.

(more at link)

<http://www.foxnews.com/story/0,2933,194213,00.html>

I don't like to link to Fox"news", this is the same (un-edited) article at Reuters:

<http://today.reuters.com/news/newsArticle.aspx?type=businessNews&storyID=2006-05-04T123253Z_01_N03434230_RTRUKOC_0_US-ECONOMY-JOBLESS.xml>

Funny how he didn't talk much about this report either. :shrug:

[0007]

5. Flukie numbers but the economy is good accordingly to

a right wing shill, Nariman Behravesh, on the Jim Lehrer News Hours.
These people never cease to amaze me with their terminology.

[RUMPLEMINTZ]

7. Actually 315,000 is considered

pretty low. The general consensus on weekly jobless claims is that any number over 400,000 indicates an economy that is losing jobs while any number under 400,000 indicates an economy that is gaining jobs. Don't get me wrong, that's not to say any of the jobs are any good.

[Up2Late]

8. Not that it matters much, I just noticed they revised the 315,000 up to...

...317,000 in this weeks report. And this week it rose again to 322,000 (see post above for links).

[Up2Late]

9. kick n/t

:kick: