Skip to comments.Jobless claims in U.S. rise to 417,000
Posted on 08/25/2011 6:06:43 AM PDT by Free Vulcan
New applications for U.S. unemployment compensation rose 5,000 to 417,000 , the Labor Department said Thursday. Initial claims from two weeks ago were revised up to 412,000 from an original reading of 408,000...
The average of new claims over the past four weeks, meanwhile, increased by 4,000 to 407,500...In addition, the Labor Department said the number of Americans who continue to receive state unemployment checks fell by 80,000 to 3.64 million in the week ended Aug 13. Continuing claims are reported with a one-week lag.
(Excerpt) Read more at marketwatch.com ...
Continuing claims dropped 80K, most likely from people dropping out of the workforce.
they voluntarily left their employment, how can they get benefits? Doesn’t the union take care of that during a strike?
quote “ Initial claims from two weeks ago were revised up to 412,000 from an original reading of 408,000”
I'm doubting this arguement. Now my knowledge of UI and strikers is dated (early 70's) but IIRC, at that time only NY and RI allowed UI to be paid to strikers and in NY it was only after being out for 7 weeks.
Good question. The article mentions the Verizon workers helping spike this, but, I’m with you. How does that work?
Sad. Watch Obama try another STIMULUS to pay his fat cat friends off.
All states prohibit you from receiving benefits if you are part of a work stoppage. During a strike, states typically make you ineligible to receive benefits until the work stoppage ends or until your unemployment no longer stems from a labor dispute. If you are a member of a union but your class or grade of employee does not actively participate in the strike, you would remain eligible for unemployment benefits in most states if you subsequently lose your job.
Most states leave you eligible to receive unemployment benefits during a labor dispute if the employer has initiated a lockout, although some states do not make this allowance. A few states allow you to be eligible for benefits if you are part of a strike that hinges on your employer’s failure to abide by provisions of a collective bargaining agreement, or state and federal labor laws relating to wages, hours, collective bargaining rights and health and safety issues in the workplace.
A “lock-out” allows people to file for benefits but since they weren’t locked out but left voluntarily so “no soup for you”.. I left my job six years ago, maybe I should file just for kicks and see what happens.
I’m guessing that CWA is sending all their money to the new commie “superpac” set-up by Obama’s buddies to hasten the downfall of capitalism.
The articles says they may not get paid, even though they file. Since claims and not payments are reported, even bogus filings are counted in the statistic. So, a bunch of workers striking and claiming benefits would skew the numbers.
As a side note, the S&P futures just exploded the equivalent of 100+ points on the Dow in less than a minute on huge volume, right about 8:10 CST. I see nothing on the wires yet.
Is this the initial jobless claims lie or is this a “revised” and slightly more truthful lie?
Zero will be blaming the Virginia earthquake as well as Irene for the poor jobless numbers for the month of August.
My friends wife just got laid off Tuesday, so you can add one more to the total.
“Initial claims from two weeks ago were revised up to 412,000 from an original reading of 408,000”
And that very nicely explains why we have so much instability and volatility in the World markets; not just here in the US. Nobody can rely on any of the statistics that come out, because we are constantly seeing these revisions weeks later that prove nothing the Government says is believable.
I didn’t think strikers could apply for UE...........................
The "average" appears to be wrong. If today is 417 and that was up from last week, and a previous week was revised up to 412, but last week and all of the last 16 weeks or so has been above 400,000, then I think the average is using the unrevised numbers instead of the corrected numbers. Therefore, the average of 12 and 17 alone is 7+ all by itself and all of the other weeks were ABOVE 400,000.
I agree. Any downward number in unemployment checks is due to running out of benefits and dropping out of the numbers.
It's a cushy way to count numbers. You get to pretend that real unemployed people don't count as unemployed. You get to claim that unemployment is falling when it is in fact, in real numbers, at depression-level highs.
Is this the initial jobless claims lie or is this a revised and slightly more truthful lie?
It's both. 417,000 claims this week, and a revision of last week from 408,000 up to 412,000.
Of course, it's all completely unexpected. Time to take a shot.
and Spokeshave signed on last week
There likely is not a nefarious reason for the upward revisions — although I can’t rule that out.
The real reason for the upward revisions is more ominous for the overall economy.
Economists — vetted as being relatively non-partisan — have told me that a pattern of upward OR downward revisions suggests a direction of momentum.
For example, during the mid years of the GWB administration, the typical pattern was to have upward revisions in the payroll numbers, and downward revisions in the jobless claims.
Why? the economy and the job markets were tending to grow during those — seem like so long ago — years of 2003 through 2007.
So the direction of the revisions suggested — although were no guarantee — a direction of the future economy.
Similarly, the pattern of upward revisions for the jobless claims is a hint that the direction for employment is toward EROSION — NOT healing.
It also may be that this means the jobless claims never got below 400K for a lengthening streak of weeks and months.
WSJ said the weekly numbers have been below 400K only once since April. But it wasn’t clear if that included the final figures after the usual upward revisions.
LOL, Perry the Platypus will save us!
Bammy always accused Republicans of driving the economy into the ditch but Americans are now realizing that there’s nobody at the wheel.
the obama economy.
And obama is doing what? Partying and golfing, golfing, golfing, golfing-— nat a care in the world. He does not need a job, he is set for life.
You can apply, but getting it is another thing.
Was that the week they crowed about being under 400k? Then they revised up to 408K. And now its 412k
Summer of Recovery II
I’m not sure that a 1% revision is a conspiracy.
However, the revision is always up. Umm, why is that?
That’s OK. Most economist (who the MSM consult) say that jobless claims under 700,000 signify a stable job market. (sarcasm, in case it wasn’t obvious).
Just read this:
U.S. workers are usually denied jobless benefits when they go on strike. After all, they walked off the job.
Except in New York. The state is the only one in the U.S. that in some cases allows striking workers to receive unemployment benefits, according to a union official.
Apparently thousands of workers at Verizon Communications are trying to take advantage of the rare law. During a two-week strike that ended Tuesday, about 21,000 union members filed applications for unemployment compensation, according to the U.S. Labor Department.
Revised, unexpected, why does anyone put any stock in these numbers? How many times do they have to play this song and dance before everyone realizes it’s all BS?
Nothing but green shoots do I see.
402 revised + 399 revised +412 revised + 417/4=407500, so article is right but 3 of the weeks have been revised so far. With respect to another comment, earthquake didn’t cause first time claims but it will impact next week’s number. Who was dumb enough to go to unemployment office while or after earth quake not to mention that government employees were long gone to take first time claims
Mrs. Prince of Space
Even with debt downgrades virtually outlawed, everyone knows that we’re headed for default. The fun part of the collapse of globalism is near. That’s when the improvised levee against the inevitable bond collapse will give way, and a huge chunk of worthless employees from every level of government will be laid off. Then they’ll have to stay home with their global/service business family members to rule and ruin the roosts.
The only way that the bipartisan rats of corporate government can put it off a little longer, is to hyperinflate, dumping more of the private sector middle class into poverty and further angering their own nation against them. It will be either that, or try to live with their hens pecking them to death in their debt-regime-funded Mcmansions.
Fellow peasants, stock up on popcorn while further preparing. It’s going to be quite a show. And don’t forget to keep something gathering a little interest or increasing value in countries that export the most precious commodities other than food (e.g., oil), because those parts of east Asia are still increasing production after over four years of propaganda saying that they couldn’t.
And remember, those pensions aren’t going to keep coming for long (see bond collapse).
Whether its the late twenties or 2005, booming bad investments, seems like theyd thrive. You must save to invest, dont use the printing press, or a bust will surely follow, an economy depressed.
Your so-called stimulus will make things even worse, its just more of the same, more incentives perversed. And that credit crunch aint a liquidity trap, just a broke banking system, Im done, thats a wrap.
-Fear and Boom and Bust. My man Hayek sure had it right.
I really wish economists would start using the actual unemployment numbers, not simply excluding those who have given up and the underemployed. According to most recent numbers 14.6 million people are officially jobless, 5.9 million have stopped looking but say they want a job, and 8.5 million are underemployed (working part time but would like to work full time). This adds up to 29 million un/underemployeds, double what the economists claim in unemployment statistics. And the unemployment percentages are drastically worse than depicted.
According to 2009 numbers people under the age of 20 make up 27.3% of the population and those over 65 make up 12.8% which leaves 60% of people between ages 20-65. Although there are people 18-20 and over 65 who can work, there is also a comparable number of people age 20-65 who can’t work because of disabilities. So ultimately I think the 60% rate is appropriate. If you apply 60% to the US population of 312,042,000, you find that there are about 187,225,200 who would be able to work. Now if you take the amount of un/underemployeds (29,000,000) and divide it by this sum (187,225,200) you end up with 0.1548936788423780559454603333312. In other words, actual unemployment is about 15.49%, 170% of the 9.1% reported numbers for July.
In other words, unemployment in Obama’s America is actually essentially 15.5%....
Obama blames George W. Bush, hard working Americans, and just bad luck
Obama blames the internet
Obama Blames Arab Spring and Japan’s Earthquake
Obama Blames Messy Democracy
Obama Blames Politics
Obama Blames ‘Wrangling’
Obama Blames ATMs
Obama Blames Congress Republicans
Obama Blames Washington
Obama blames Bush, Europe
Obama Blames Tea Party and God
Obama Blames “Network of Misinformation”
Obama Blames ‘Splintered’ News Media
Obama blames speculators
Obama Blames Israel
Obama Blames America
Obama Blames Lazy Oil Companies
Obama blames our economy on luck
Obama Blames US High Schools
Obama Blames US ‘Democracy’
Obama Blames the Brass
Obama blames political wrangling
Obama Blames Insufficient Stimulus
Obama now blames poor
Obama Blames Dumb Children
Obama Blames Intelligence
Obama Blames “Twitters” Gaffe On Speechwriter
Obama blames bad weather
Obama blames convenience
Obama blames growing demand in India
...not quite sure how you could miss Republicans in Congress. And solar flares.