The Obama Recovery: Weekly Claims Drop Points to Better Climate for Jobs

[jefferson_dem]

Weekly Claims Drop Points to Better Climate for Jobs
Reuters | 24 Sep 2009 | 08:35 AM ET

The number of U.S. workers filing new claims for jobless benefits unexpectedly fell 21,000 last week, government data showed on Thursday, and a less volatile unemployment claims gauge dipped to an eight-month low.

Initial claims for state unemployment insurance declined to a seasonally adjusted 530,000 in the week ending Sept. 19 from a revised 551,000 in the previous week. Analysts polled by Reuters were expecting claims to rise to 550,000 from a previously reported 545,000.

The four-week moving average of new claims dipped to 553,500, the lowest since 547,000 in the week ending January 24.

The week's decline was affected by seasonal factors, a Labor Department analyst said. Seasonal adjustments anticipate a rise in claims in the week after the Labor Day federal holiday, and an unadjusted increase in claims fell short of the expected increase, the official said.

Continued claims of workers still on jobless aid after an initial week of benefits fell by a bigger-than-expected 123,000 to 6.138 million in the week ending Sept. 12. Analysts were expecting claims to dip to 6.19 million.

http://www.cnbc.com/id/32999861/print/1/displaymode/1098/

[Kingofalldems]

1. Republicans are not liking this news

Why do they hate America?

[LiberalFighter]

2. Here is a research report by the CBPP

More ->Correcting Five Myths About the Stimulus Bill

Some critics of the economic recovery law (or “stimulus” bill) that President Obama and Congress enacted early this year continue to mischaracterize how it was supposed to work and what it was supposed to do. For instance, some critics complain that, because unemployment has risen in recent months, the law is not working. Others claim that states are improperly using the money to close budget shortfalls or finance short-term projects.

These and a number of other criticisms are off base. The law — officially the American Recovery and Reinvestment Act (ARRA) — is working as intended and, without it, the economy and the job prospects for many Americans would be worse. The $787 billion in new spending and tax cuts was supposed to slow the economy’s downward spiral and then help it recover over time from what will be the nation’s deepest recession in decades, if not since the Great Depression of the 1930s. The law was designed to save and create more than 3.5 million jobs over the next two years, according to the Obama Administration, and to help states close their budget shortfalls so they could avoid even greater spending cuts and larger tax increases than they are already enacting to meet their balanced budget requirements.

Here are key points to keep in mind about the recovery law:

1: Recent increases in unemployment do not mean the law is not working.

2: The Administration and Congress expected the stimulus money to be spent gradually over the next two to three years, and what’s been spent to date is stimulating the economy and helping millions of Americans.

3: The nation faces a very serious long-term budget problem, but the recovery law will exacerbate that problem only a very small amount.

4: The law was specifically designed to help states close their budget shortfalls.

5: States are properly using stimulus funds for short-term projects.

[iconocrastic]

9. 530,000 new jobless in a week is a recovery?

[Kdillard]

3. Wow how can anyone unrec this? Anyway good news.

[scheming daemons]

4. Freeper trolls, "let it fail" far leftists, former PUMAs.... lots of people would unrec this

All the people who have a vested interest in:

A) President Obama failing

B) The American Economy collapsing

[Cha]

10. I think you have it covered ...FAIL

PUSHERS. And, we're freakin' surrounded.

[Kingofalldems]

5. Kick and rec for the disruptor.

[uponit7771]

6. Continued claims is the BIG NUMBER here not weekly claims which still stink. We'll have to look at

...U6 to see if they're getting smaller too cause if claims can't be filed and U6 gets bigger than people just aren't claiming and going into the under employed or stop looking category.

123k is a decent number and most of the stimulus hasn't worked it's way through communities yet....

Looks good

[DrToast]

8. Continued claims aren't useful

There's no way to measure the significance of continuing claims because people stop collecting unemployment benefits.

Initial claims is much more reliable and they always fall before continuing claims.

[vaberella]

7. K*R. ^_^ n/t