Skip to comments.New Jobless Claims Drop Third Time in Four Weeks, Remain High
Posted on 07/29/2010 6:21:12 AM PDT by frogjerk
WASHINGTON -- New jobless claims fell last week for the third time in four weeks but remain elevated. The Labor Department says first-time claims for unemployment insurance dropped by 11,000 to a seasonally adjusted 457,000. Analysts surveyed by Thomson Reuters had expected a smaller drop. Claims have fluctuated this month due to temporary seasonal factors. General Motors and other manufacturers skipped their traditional summer shutdowns, which led to fewer layoffs and unemployment claims. But the impact of that distortion has largely faded from the data, a Labor Department analyst said. The four-week average of claims, which smooths fluctuations, dropped to 452,500, the lowest level since May. Economists say jobless claims need to fall to at least 425,000 to signal sustained job growth.
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BS. It is amazing to see how skewed this number has become. Not too long ago this number was in the low 300K range under Bush.
AP the bitches lap dog.
The four-week average is now at the lowest level since about eight weeks ago?? Yippee! [/s]
They are really grasping for some good news, aren’t they?
Just think how many more millions gave up even looking for a job, and let’s not forget, how many are being paid out of BP money and kept off the unemployment claims that way...
As always just more Obama deception.
These miniscule weekly peaks and vallys are irrelevant to a line that has been trending downward for over a year. The story, to me, is we have approximately half a million new jobless claims a week.
And the Census Dept conducts the telephone survery...
I would like to see the nuts and bolts on this one. With these people in charge, who knows what this REALLY means/is.
it really is amazing. “They” expected 459k and got 457k and report it is unexpectedly good news, falling more than expected. Obviously these folks have no concept about variability and standard deviations. Of course, the previous week was revised up from 464k to 468k and the four week was skewed by a one-time fluke number of 429k. I have never seen any economist indicate that 425K is the magic number signaling job growth. It is much lower than that on a sustained basis.
You are so right. How can you trust any numbers from a government which claims that the unemployment rate when down over a period that saw 50,000 NET jobs lost.
Crack out some champagne for Recovery Summer !!
Thats because young people are moving home to live off the folks.