Skip to comments.New US weekly jobless claims make surprise jump ("..strengthening of the labor market is a myth..")
Posted on 05/20/2010 9:14:23 AM PDT by NormsRevenge
WASHINGTON (AFP) New US unemployment claims have risen for the first time in five weeks according to a report published Thursday, fueling concerns that a key cog of the US recovery is faltering.
The Labor Department said initial jobless claims totalled 471,000 in the week ending May 15, up 25,000 or 5.6 percent from the prior week's revised figure of 446,000.
The figure was higher than the average analyst forecast of a drop to 439,000 new claims.
"The move was completely opposite of expectations," said Jeffrey Rosen, an economist with Briefing.com.
The rise was a hammer blow to hopes that the US job market was finally on the mend.
"The strengthening of the labor market is a myth, or at least that is what the latest piece of data from the Department of Labor would suggest," Rosen said.
"Quite simply, firms really did increase the number of workers they laid-off during the week."
(Excerpt) Read more at news.yahoo.com ...
Who th’ hell is surprised??
US President Barack Obama (R) orders buffalo wings at Duff's Famous Wings in Buffalo, New York. The US economy is "heading in the right direction," President Barack Obama said Thursday after official data showed new claims for unemployment benefits fell for the fourth week in a row. (AFP/Jim Watson)
How many times do these “experts” need to be surprised before they’re not experts any more?
laser-focused .. Priority #1.. Jobs!
U.S. Vice President Joe Biden and House Speaker Nancy Pelosi chat before Mexican President Felipe Calderon arrives to address a joint meeting of Congress at the U.S. Capitol in Washington May 20, 2010. REUTERS/Kevin Lamarque (UNITED STATES - Tags: POLITICS)
Are Dems giving the private sector incentive to absorb these workers?
Nope. Expect jobless claims to increase.
On a first glance I thought it said, "Rosen, an economist with BARFING.com"...
This entire article must be a terrible mistake because
according to this MSM rag, only a month ago ...
“unexpected” my arse. How the hell can jobs be restored when just about everything you buy is not made in the USA. Green jobs, stimulus and tax cuts are illusions. We have to make more of what we import to restore jobs and retain dollars. The jobs economy is a bipartisan failure in Washington. No wonder the country is rebelling against the do-nothing PAC financed leaders.
For Oboymo the right direction is down the tubes.
Obama didn’t get enough Wagu beef last night?! /s
I think Michelle MyBelle had better get a leash on Obama’s eating habits before she lectures the rest of us. She could also work on that smoking habit. LEAVE US ALONE!
Honestly...what F’n planet do these horses patooties live on? Unexpected my #SS!! Any objective thinker, knowing elementary economics, and with two functioning neuronal synapses, should be able to do this equation.
Definite proof that an Ivy League “Education”, as with most other things liberal, is anything but.
Won’t get any better anytime soon. The market is about to be flooded with undergrads and high school students looking for summer work and graduates looking for full time work.
Will the graduates count as unemployed since they haven’t been working?
- (Courtesy of Darryl Dawkins, aka "Chocolate Thunder")
I wonder, regarding that chart, what happened after December. There was a good trend up to that point.
Surprise! Surprise! Surprise!
DEPRESSION... the first step in recovery is to admit it.
Nice chart. It illustrates how “surprising” it is that after bouncing around between 450k and 500k per week, the newest number for weekly unemployment claims would come in at an “unexpected” 470k, dead center for the past 30 weeks of reports.
This keeps up...we’ll be so smashed we won’t remember the Obama years. Hmmm, maybe not a bad thing :)
So does this mean the unemployment rate will be going down as before? /s
It is safe to say, it's a lot worse than the SOB's let on. But how much worse is anyone's guess.
I think it’s a plot by the alcoholic beverage industries ...
Hey, at least we’ll keep THEM employed :)
Make sure you’re drinking domestic product ;-).
Doesn’t get more domestic than local Arkansas wineries! :P
WOW!! How Unexpectedly Unexpected!!!!
I guess last week's rise in unemployment wasn't enough to figure this out.
We live in a false front country right now. Believe nothing of interpretation or 'analysis' and little else. Believe no government releases, ever.
When do the Census temps get the axe?
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