Skip to comments.Weekly Jobless Claims Decline (Dropped by 27,000 to 365,000 in the week ended April 28)
Posted on 05/03/2012 6:21:23 AM PDT by SeekAndFind
The number of U.S. workers filing new applications for unemployment benefits fell to its lowest level in a month last week, a hopeful sign for a labor market that has shown signs of weakening.
Initial jobless claims dropped by 27,000 to a seasonally adjusted 365,000 in the week ended April 28, the Labor Department said Thursday. Economists surveyed by Dow Jones Newswires expected 378,000 new claims.
The drop was the biggest since May 2011 and follows three weeks of disappointingly high readings.
The prior week's claims were revised to 392,000the highest since late Novemberfrom the initially reported 388,000.
The four-week moving average of claims, which smooths out week-to-week volatility, increased by 750 to 383,500.
After a strong start to the year, the U.S. economy has been flashing mixed signals. Interpreting the data has been complicated by an unseasonably warm winter.
In March, U.S. employers added 120,000 nonfarm jobs, half of what they added in February. The Labor Department releases April's payroll numbers Fridayanalysts forecast the addition of 168,000 jobs and a steady unemployment rate at 8.2%.
(Excerpt) Read more at online.wsj.com ...
And by next week, this 365K figure will be quietly revised up to 385K.
The number of U.S. workers filing new applications for unemployment benefits fell to its lowest level in a DAY, hour, second, nano-second..............
I love how the newsmedia spins this. The numbers were actually worse for the last two weeks, and all of the sudden things are getting better.
So...we only had 365,000 people file first time UE claims. Question...what was the highest number during Bush’s presidency?
I predict the BLS will say 280K "new jobs", with the unemployment rate dropping to 8%, and the "media" will go into overdrive trumpeting the astounding results of 0bama's economic policies.
Not a shred of truth to those numbers, but truth be damned! There is a re-election to be won!
Will the LABOR PARTICIPATION RATE (which has been dropping steadily for months) be prominently reported as well?
To be (quietly) revised up to 390,000 next week...
Hush! That's hate talk! ;-)
IMO, that 8.2% will be in the 7.x% by election time, due to zero’s fuzzy math.
“The prior week’s claims were revised to 392,000” !!!!
Forget all the spin this is really bad almost at that 400000 level
I agree. Of course, if a Republican is elected, I would expect the unemployment rate to skyrocket from 7.9% up to 9.1% almost overnight. Improved accounting, and all that, you know.
calling upon BS to lead us in song ... http://www.youtube.com/watch?v=fA8OmK3qslw
Not sure about that statistic.
One things for certain, it’s not a statistic the media pounded daily. They were always pounding GDP and they would spin the jobs per month number, say if it was 225,000, as if it were a bad number. Today that’s “recovery”! Two to three percent GDP was constantly spun as a recession; that growth wasn’t ALL gov’t spending, like it is today.
I work in an economically sensitive industry and the economy was doing just fine in those days. (bubble or not). I can tell you today, IMO, the economy is just flat, not growing whatsoever.
What would be unexpected is if Unemployment fell below 8% overall!
I guess that is setting the bar to high?
Otherwise, Obama’s economic numbers are calculated on a bell curve. plus if you deduct because of affirmative action...
Obama’s revised unemployment numbers are around 5.9%.
Happy Days Are Here Again!
Another Day in Paradise ... http://www.youtube.com/watch?v=MFnNMhTZ2AA&feature=related
Eric Holder commented on FoxNews this morning that the numbers for 15 straight weeks had been ‘revised upward’ shortly after the release of the initial weekly claims reports.
He speculated that some finagling and manipulating was going on with the numbers.
[Most of us on FR have suspected that since Obama took office. Some of use even long before that.]
From Zero Hedge.
All economic indicators are falling - the Obama Recovery in his fourth year!
4 week moving average of initial jobless claims ROSE. Manufacturing indices DOWN, consumer comfort DOWN, same store retail sales DOWN!
Ah, a Euro Socialist recovery!