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New US weekly jobless claims make surprise jump ("..strengthening of the labor market is a myth..")
AFP on Yahoo ^ | 5/20/10 | AFP

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 ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Government; Politics/Elections
KEYWORDS: joblessclaims; jobs; jump; surprise

1 posted on 05/20/2010 9:14:23 AM PDT by NormsRevenge
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To: NormsRevenge

Unexpected!

*drink*


2 posted on 05/20/2010 9:15:09 AM PDT by Tax-chick ("Amateurish," agreed Janet Napolitano, the White House amateurishness czar.)
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To: NormsRevenge

Who th’ hell is surprised??


3 posted on 05/20/2010 9:15:49 AM PDT by Spok (Free Range Republican)
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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)


4 posted on 05/20/2010 9:17:09 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Chuck DeVore - CA Senator. Believe.)
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To: NormsRevenge

How many times do these “experts” need to be surprised before they’re not experts any more?


5 posted on 05/20/2010 9:17:47 AM PDT by Blogatron (The king is a fink. Go ahead, call me a racist.)
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laser-focused .. Priority #1.. Jobs!


6 posted on 05/20/2010 9:17:52 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Chuck DeVore - CA Senator. Believe.)
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Don't look at me. I voted for McCain too.

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)


7 posted on 05/20/2010 9:21:13 AM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Chuck DeVore - CA Senator. Believe.)
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To: NormsRevenge
And what's going to happen now that the stimulus is wearing off and States are laying off workers?

Are Dems giving the private sector incentive to absorb these workers?

Nope. Expect jobless claims to increase.

8 posted on 05/20/2010 9:23:43 AM PDT by Siena Dreaming
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To: NormsRevenge
"The move was completely opposite of expectations," said Jeffrey Rosen, an economist with Briefing.com.

On a first glance I thought it said, "Rosen, an economist with BARFING.com"...

9 posted on 05/20/2010 9:24:43 AM PDT by GOPJ (Americans..speak of capitalism's glories(rather)than of socialism's greatness. Elena Kagan (thesis))
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To: NormsRevenge

This entire article must be a terrible mistake because
according to this MSM rag, only a month ago ...

10 posted on 05/20/2010 9:25:01 AM PDT by Zakeet (The Big Wee Wee -- rapidly moving America from WTF to SNAFU to FUBAR)
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To: NormsRevenge

“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.


11 posted on 05/20/2010 9:29:58 AM PDT by ex-snook ("You will know they are Christians by their love.")
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To: Zakeet

For Oboymo the right direction is down the tubes.


12 posted on 05/20/2010 9:30:47 AM PDT by screaminsunshine
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To: NormsRevenge

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!


13 posted on 05/20/2010 9:34:13 AM PDT by kcvl
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To: NormsRevenge

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.


14 posted on 05/20/2010 9:34:41 AM PDT by mo
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To: NormsRevenge

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?


15 posted on 05/20/2010 9:42:04 AM PDT by CriticalJ (Suppose you were an idiot. And suppose you were a member of Congress.. But then I repeat myself. MT)
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To: Zakeet
So we've got new claims to under 500K? This is good news how? There is so far to go before we are even near healthy territory:


16 posted on 05/20/2010 9:44:13 AM PDT by AFPhys ((Praying for our troops, our citizens, that the Bible and Freedom become basis of the US law again))
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To: Tax-chick

Unexpected ...

Drink ...

(hic)


17 posted on 05/20/2010 9:44:53 AM PDT by AFPhys ((Praying for our troops, our citizens, that the Bible and Freedom become basis of the US law again))
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To: mo
Honestly...what F’n planet do these horses patooties live on?

Lovetron?
- (Courtesy of Darryl Dawkins, aka "Chocolate Thunder")

18 posted on 05/20/2010 9:45:40 AM PDT by Senator_Blutarski
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To: AFPhys

I wonder, regarding that chart, what happened after December. There was a good trend up to that point.


19 posted on 05/20/2010 9:45:56 AM PDT by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: NormsRevenge
How's that Gomer Pyle joke go...

Surprise! Surprise! Surprise!

20 posted on 05/20/2010 9:46:59 AM PDT by TexasCajun
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To: NormsRevenge

DEPRESSION... the first step in recovery is to admit it.

LLS


21 posted on 05/20/2010 9:48:48 AM PDT by LibLieSlayer ( WOLVERINES!)
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To: AFPhys

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.


22 posted on 05/20/2010 9:49:43 AM PDT by Pollster1 (Natural born citizen of the USA, with the birth certificate to prove it)
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To: AFPhys

This keeps up...we’ll be so smashed we won’t remember the Obama years. Hmmm, maybe not a bad thing :)


23 posted on 05/20/2010 9:49:44 AM PDT by Hoosier Catholic Momma (Arkansas resident of Hoosier upbringing--Yankee with a southern twang)
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To: NormsRevenge

So does this mean the unemployment rate will be going down as before? /s


24 posted on 05/20/2010 9:51:12 AM PDT by rawhide
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To: AFPhys
The sad thing: Given the DOL's propensity to lie through statistical adjustments (seasonal adjustments), phony premises (the "birth-death model"), exclusion (given up, under employed) poor sampling techniques, etc. -- we really don't have any idea how bad the economy is.

It is safe to say, it's a lot worse than the SOB's let on. But how much worse is anyone's guess.

25 posted on 05/20/2010 9:57:59 AM PDT by Zakeet (The Big Wee Wee -- rapidly moving America from WTF to SNAFU to FUBAR)
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To: Hoosier Catholic Momma

I think it’s a plot by the alcoholic beverage industries ...


26 posted on 05/20/2010 10:15:48 AM PDT by Tax-chick ("Amateurish," agreed Janet Napolitano, the White House amateurishness czar.)
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To: Tax-chick

Hey, at least we’ll keep THEM employed :)


27 posted on 05/20/2010 10:16:35 AM PDT by Hoosier Catholic Momma (Arkansas resident of Hoosier upbringing--Yankee with a southern twang)
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To: Hoosier Catholic Momma

Make sure you’re drinking domestic product ;-).


28 posted on 05/20/2010 10:17:59 AM PDT by Tax-chick ("Amateurish," agreed Janet Napolitano, the White House amateurishness czar.)
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To: Tax-chick

Doesn’t get more domestic than local Arkansas wineries! :P


29 posted on 05/20/2010 10:20:42 AM PDT by Hoosier Catholic Momma (Arkansas resident of Hoosier upbringing--Yankee with a southern twang)
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To: NormsRevenge

WOW!! How Unexpectedly Unexpected!!!!

NOT...


30 posted on 05/20/2010 10:43:16 AM PDT by tcrlaf (Obama White House=Tammany Hall on the National Mall)
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To: NormsRevenge
"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.

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.

31 posted on 05/20/2010 12:56:15 PM PDT by hinckley buzzard
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To: NormsRevenge

When do the Census temps get the axe?


32 posted on 05/20/2010 1:00:19 PM PDT by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing.)
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