Jobless claims jump unexpectedly to 7-year high

[Horse with no Name]

http://news.yahoo.com/s/ap/20081113/ap_on_bi_go_ec_fi/jobless_claims
>>>snip
WASHINGTON – The number of newly laid-off individuals seeking unemployment benefits has jumped to a level not seen since just after the Sept. 11, 2001, terrorist attacks.

The Labor Department on Thursday reported that jobless claims last week increased by 32,000 to a seasonally adjusted 516,000. That nearly matched the 517,000 claims reported seven years ago, and is the second-highest total since 1992.

The total also was much higher than analysts expected. Wall Street economists surveyed by Thomson Reuters expected claims to increase only slightly to 484,000. Initial claims from two weeks ago were revised upward Thursday by 3,000 to 484,000.

The increase puts jobless claims at levels similar to the recession of the early 1990s. The four-week average of claims, which smooths out fluctuations, increased to 491,000, the highest in more than 17 years.

[HereSince1628]

1. How can this be unexpected? How?

[Horse with no Name]

2. Well I am not really sure

I saw it coming when buscho started playing with the unemployment numbers and how they counted (to be more accurate--didn't count)the people out of work.

[Donnachaidh]

3. too bad they don't post the REAL figures.

IF they included the folks who have fallen OFF the unemployment lists. or those poor bastards who were working two or three jobs, that have lost the one that gave them health benefits, etc. The TRUE figues would be having people crapping their pants. Because the TRUE figures have been in the double digits for MONTHS.

[OKNancy]

4. ..or new college grads working in the stock room

at Target!

[Hubert Flottz]

5. They can tell the truth now that the election is over.

[Horse with no Name]

6. But it isn't the unvarnished truth

That's my objection.
They are STILL providing cover for the Squatter-in-Chief.

[Hubert Flottz]

8. The government drops people from the "unemployed" list as soon

as their unemployment compensation claim is exhausted. So the numbers are always a lot larger than what the government reports. They started doing that to cover Reagan's ass back in the 80s.

[Patriought]

7. Ah, this ain't nuthin'!

Give it a little time....Pretty soon we'll be seeing headlines that talk about jobless claims being at a 30 year high!!

[FreeStateDemocrat]

9. The stock market is up, oh happy day for Wall Street.