Posted on 01/19/2012 7:24:37 AM PST by facedown
WASHINGTON (AP) -- The number of people seeking unemployment benefits plummeted last week to 352,000, the fewest since April 2008. The decline added to evidence that the job market is strengthening.
Applications fell 50,000, the biggest drop in the seasonally adjusted figure in more than six years, the Labor Department said Thursday. The four-week average, which smooths out fluctuations, dropped to 379,000. That's the second-lowest such figure in more than three years.
(Excerpt) Read more at finance.yahoo.com ...
The WSJ has this money quote:
“A Labor Department official, however, said “volatility is fairly common this time of year,” and noted that several states had their data estimated due to the Martin Luther King holiday.”
The AP article left out that bit.
Yes, I know, I am preaching to the choir. Just thought I would put it in simple terms in case some liberal is having some Obamagasm when reading these numbers.
I'm a nobody, but having owned 3 very small businesses, even I know the difference as I stated above.
Another explanation is the unemployment benefits of those 50,000 ran out.
With over 300,000 new claims each week it is a wonder there is anyone working in this country anymore.
I bet next week's numbers are really going to be down because of laid off Obama voters getting over their holiday flu.
Isn't it time the MSM started including the new Food Stamp application totals? I'd also like to see the weekly number of emergency rooms visits by foreign born people unable to pay for routine care.
"Another" explanation that happens to be completely incorrect.
Consider the source. Yahoo is in the tank for Obama.
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Analyst Blog
Yahoo Co-Founder Yang Resigns
Yahoo! Inc. (YHOO) announced the resignation of its co-founder Jerry Yang from its board of directors as well as other positions within the company. Yang will no longer be on the boards of Yahoo Japanor Alibaba Group Holding Ltd.
The 43 year old Jerry Yang, who served the company for more than 17 years, resigned at a time when the company is struggling to compete with Google Inc. (GOOG) and Facebook Inc. for online users and advertising dollars. The company’s announcement comes on the heels of the recent appointment of Scott Thompson as the new chief executive officer after a rigorous search of 4 months.
A few months back, Daniel Loeb, a principal shareholder (5.2% stake in Yahoo through the Third Point LLC fund), had called for the resignation of Mr. Yang and several other members of the board. In 2008, Yang had turned down Microsoft’s bid when the company was valued at around $47.5 billion by the software giant.
Currently, the company’s valuation is languishing at nearly half of Microsoft’s offer value, which is an obvious reason for the shareholders to question the higher decision making authorities. Soon after the company’s co-founder announced his departure from its board, Yahoo’s stock spiked 3% to $15.90 in after-hours trading.
Ever since the company fired its CEO Carol Bartz in September 2011, Yahoo! disclosed its plan of forming a strategic review committee, to look into the aspects of either selling the company wholly or partly. Yahoo received two separate partial investment proposals from Silver Lake Partners and TPG Capital, but the poor pricing made the shareholders unhappy. AT&T Inc. (T), News Corp. (NWS) and Verizon Communications Inc. (VZ) were also interested in buying the company.
Though Thompson’s appointment could potentially seal the door for any further sale of the company as a whole, the possibility of Yahoo! divesting its stake in Alibaba, a Chinese e-commerce company, as well as a sizeable share in Yahoo Japan, brightens. Despite being one of the biggest brand names, Yahoo has performed very poorly in the last few years.
The social networking sites of Facebook and Google have been consistently eating into Yahoo’s market share over the years. Hence, to combat the crisis, Thompson needs to take some tough decisions of reinvesting in new initiatives to restore Yahoo’s position, as well as shareholders’ confidence.
In December 2011, Yahoo had revisited a proposed deal to reduce its stake in the Chinese e-commerce company Alibaba Group Holding Ltd. and sell its Asian assets so that it could concentrate on its U.S.business. However, the Chinese Internet company Alibaba is desperately trying to get back the stake held by Yahoo! so as to prevent its falling into other hands.
The remaining nine members of Yahoo’s board, which includes Hewlett-Packard (HPQ) executive Vyomesh Joshi and private investor Gary Wilson, are all geared up for re election this year. Yahoo has seen imited growth for quite some time, hence a complete overhaul of the leadership is required to change the fortunes of the company.
“Does anyone in the entire country really believe these bogus numbers??”
Where have you been the past 4 years? There are stupid people nowadays that think if you don’t vote for Buttcrack Obama, you are racist.
Even if you take their Latest bogus numbers, 350,000 times 12 months is 4.2 MILLION people losing work each year he’s been in office - over TWELVE MILLION people! Show me 12 million jobs ANYWHERE that have been created, except those one might call some leech signing up for assistance.
Clearly, their numbers and their assessment of the economy are one big pile of steaming horseshit. The true number is much larger, yet they bluster about plummeting decreases and signs of an increasingly improving economy. What little economic activity in the housing market going on is due to people with saved-up money cashing in on good, good bargains.
48.6% of people in this country pay NO FEDERAL income tax....over 47 million people on welfare, EBT, Section 8, AFDC, SNAP, EITC, etc.
Passbook savings are what? .1 to.2% Gas will be over $4/gallon by summer (it was $1.85/gallon when the Halfrican was crowned). Milk is about the same as a gallon of gas, a dozen good eggs are near $3.00....meat and pork are rising constantly......none of this crap is counted in the number cooking....our government lies; it lies a lot and it lies constantly. This country asked for CHANGE in late 2008 because of lies the MSM conspired to promulgate. It has no idea the evil of what that wrought.
I know that and you know that, but since the MSM is touting incorrect numbers, why not give them more.........
Unemployment numbers are, almost without exception, revised up at a later date.
352K makes the headlines.
Next week, on page 13, look for the revised number.
You can’t fight false and misleading information with false and misleading information of your own. It’s far better simply to step aside and let someone else fight, if that is the case.
And figures will be down next week, since most state unemployment offices were only open 4 days, due to the MLK holiday. And there will be more than the usual "upward revision" to the numbers announced today.
Seriously, I don't even pay attention to the announced number - I look at the previous weeks "adjusted" number (which probably also bogus, just not AS bogus).
I never look at the current report of UI app numbers as the numbers are always “revised” upwards the next week. So, 352k this week, “revised” to 400k+ next week.
Better you than Bush!
C’mon Yahoo! Initial jobless claims for the second week of January are about the same as 2010 and 2011.
This is a jobs recovery?
From Zero Hedge.
—Does anyone in the entire country really believe these bogus numbers??—
I’m on a site right now where they are hailing this as wonderful news.
This obvious slight of hand would be funny if the consequences weren’t so serious. It’s shocking that in our information age we have such an unimaginably inattentive electorate and a completely useless “free” press.
Now THAT was funny! :)
Bush’s fault.
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