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'Just a bad trend' - 500,000 jobless claims
CNNMoney ^ | 8/19/2010 | Julianne Pepitone

Posted on 08/19/2010 8:44:02 AM PDT by Signalman

NEW YORK (CNNMoney.com) -- A government report Thursday brought bad news for workers and the economy: The number of unemployed Americans seeking a financial lifeline has reached its highest level in nine months.

Last week, the number of first-time filers for unemployment insurance rose for the third time in a row, to 500,000, according to a Labor Department report released Thursday.

There were 488,000 claims filed the previous week.

"This 500,000 level is very difficult, on both a psychological and semi-technical level," said Tim Quinlan, an economist at Wells Fargo.

Initial claims had been hovering in the mid- to upper-400,000s since November.

"You can sometimes dismiss a big number and say , 'Oh, it's just one week,'" Quinlan added. "But with the four-week moving average continuing higher, you can see this is just a bad trend."

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy
KEYWORDS: jobless; jobs; obamanomics; recovery; summer

1 posted on 08/19/2010 8:44:04 AM PDT by Signalman
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To: Signalman

Meanwhile....Obama began his 6th vacation this year today!


2 posted on 08/19/2010 8:47:15 AM PDT by NMEwithin
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To: Signalman

President Obama, First Family Kick Off Vacation on Martha’s Vineyard

White House Says President Will “Recharge His Batteries”

ABC News


3 posted on 08/19/2010 8:47:33 AM PDT by roses of sharon (I can do all things through Him who strengthens me. Philippians 4:13)
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To: Signalman

Obowma is a bad trend!.....


4 posted on 08/19/2010 8:51:22 AM PDT by AngelesCrestHighway
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To: roses of sharon

5 posted on 08/19/2010 8:52:13 AM PDT by WOBBLY BOB (drain the swamp! ( then napalm it and pave it over ))
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To: roses of sharon

First Lady Michelle Obama, on a Spanish shopping spree, purchases ‘new batteries’. and a dartboard with Oprah’s face painted on it.


6 posted on 08/19/2010 8:55:31 AM PDT by UCANSEE2 (The Last Boy Scout)
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To: Signalman

7 posted on 08/19/2010 9:24:35 AM PDT by bt579 (Is government doing us more harm than good? Pruning the power begins with the Presidency)
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To: Signalman

Plunge Protection Team has a long day ahead of them...


8 posted on 08/19/2010 10:37:12 AM PDT by an amused spectator (Watching the MSM with Obama is like watching Joslyn James with Tiger Woods)
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To: roses of sharon
White House Says President Will “Recharge His Batteries”

You can't blame him...really. He has golf, and hoops and talking to the wife during her trips around the world. I'm just not going to find fault with a guy or a family that needs to unwind.

9 posted on 08/19/2010 11:05:36 AM PDT by stevem
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