Skip to comments.U.S. Jobless Claims Fall, Trade Deficit Widens
Posted on 05/10/2012 6:30:42 AM PDT by SeekAndFind
New claims for unemployment benefits in the United States unexpectedly edged down last week, according to government data Thursday, and the decline could ease some concerns that the labor market was deteriorating after April's weak employment growth.
Separately, the government said the United States trade deficit widened more than expected in March.
Initial claims for state jobless benefits slipped 1,000 to a seasonally adjusted 367,000, the Labor Department said. The prior week's figure was revised up to 368,000 from the previously reported 365,000.
Economists polled by Reuters had forecast claims inching up to 369,000 last week. The four-week moving average for new claims, considered a better measure of labor market trends, fell 5,250 to 379,000.
Coming on the heels of April's sluggish employment gains, the claims data could calm fears the labor market was stagnating. Companies added a meager 115,000 new jobs to their payrolls in April, the fewest in six months, the government reported last Friday.
Most economists have viewed the pullback in job creation as fallout of the weather-induced gains in the previous months and believe the underlying pace of payrolls growth is around 175,000 the monthly average for the past three months.
Even Federal Reserve Chairman Ben Bernanke last month said an unseasonably warm winter had probably brought forward some of the hiring by companies, artificially boosting payrolls in January and February.
(Excerpt) Read more at nytimes.com ...
None of this true except the “revised upward” statement.
This looks like were returning to the previous level of jobless claims after a month-long spike.
Thats not really an indication of overall improvement, as the previous level came during a slowdown in economic growth, from 3.0% in 2011Q4 to an initial estimate of 2.2% in Q1.
More spin than a Kansas tornado.
Worst article yet today on this. Really have to stand on their head for him, don’t they?
Well, if you see it in the Slime, what could it be but Lie?
Maybe we need to start tracking the Index of Unpersons (the folks who’ve just stopped looking or are underemployed) just as countermeasure to this unending stream of BS.
I’ll look it up and get back in a bit.....
Doesn't get more pathetic than that.
I’ve never understood the focus on these weekly “initial unemployment benefits claims” statistics. At some point the economy bottoms out, so naturally the weekly job losses will start to diminish. But that does nothing for the millions already out of work. And by the by, when is the useless GOP going to start focusing on the real “out of work” numbers instead of letting the media and Obama get away with the official “unemployment” numbers, which we all know hide a huge chunk of those out of work who want to work? Why don’t they spend some of their cash on an early ad campaign to bring this to everyone’s attention. That kind of targeted campaign might actually attract some donors. Letting this all wait until Romney gets coronated in August and starts his campaign is way too late.
When will this bottoming out happen in your estimation? Because it hasn’t happened yet. Maybe that’s why there is such a focus on this number, has it ever been this high week after week after week?
You have to understand - jobless claims actually ROSE by 2,000 over last week’s figures (367,000 versus 365,000). But by quietly revising the prior week’s figures UP every week, this week to 368,000, they can claim with a straight face some nonsense about an “Unexpected fall” when it fact they went UP!
At this pace: revise the previous up 2,000 while showing the current down 1,000 from revised previous and they can show a wonderful improvement every week while the net is a 1,000 gain every week. By election time, Obama can brag that the claims improving every week even though they are up to about 400,000 again.
A quarter of percent drop can’t even be called a drop let alone a fall or a slip. Falls and slips result in injuries making them significant. This move is statistically insignificant. Do they report unemployment filings by week and job creation by month?
"Data" from the Obama regime as Barry "launches" his reelction campaign! Must be true! ROTFL!
Anyone else believe that if Romney were elected the true unemployment numbers would come out? Then, these real numbers would immediately be put on a Romney presidency as an indication of his failed leadership.
so jobless claims drop of .27% is worthy of a title “Jobless Claims Drop”?
If sanity ever prevails in this country again, people who knowingly promulgate mass-media lies like this should be stood up against a wall and offered one last puff on a cigarette.
So, on an apples-and-apples basis (initial, uncorrected figures), the Initial Claims went UP, from 365,000 to 367,000.
So it goes up 3000 from the prior week and drops 1000 this week from the revised upwards and they consider that a “drop”?
RE: So it goes up 3000 from the prior week and drops 1000 this week from the revised upwards and they consider that a drop?
And notice, every time it is revised, the revision is ALWAYS UPWARDS. I have yet to see downward revisions for the past year (I might have missed a few).
And this week’s figures will be no exception. If the past is any indicator -— IT WILL BE REVISED UPWARDS NEXT WEEK.
All those jobs of the recovery are in China.
My understanding is that the numbers have been “revised” every single week for the last year and they were revised UPWARD in 53 out of 54 weeks.
Of course, that info is always buried somewhere in the third or fourth paragraph after the headline touts that the number dropped from the previous week.
It’s all smoke and mirrors and the RINO in DC won’t address it - they should be running ads and giving interviews every single week with charts showing how the numbers are manipulated.
Jobless claims fall this week, until the BLS can figure out how much they have to be revised upwards later so that when jobless claims are next announced they will fall as well (until they have to be revised upward enough so that the next set of jobless claims will indicate a fall . . .)
Rinse and repeat as needed.
You deserve a ping for your post. Look at what you buy, see where it is made and you will understand why employment is not coming back. Both parties are to blame. We have to wait for matters to get worse before there is another Ross Perot who hears the job sucking sound produced by government to government unbalanced trade deals.
I read an article on Freep yesterday stating that they re-re-adjusted 2012 Q1 economic growth down from 2.2% to 1.9%. Apparently 0.3% of the “growth” was inventory growth. What a crock!
Please click the link.
The Republic you save may be your own.
Latest Reuters first paragraph about the DJIA being up 50:
Global stocks rose for the first time in seven sessions on Thursday after relatively encouraging U.S. jobs data and as investor sentiment improved regarding Europe’s festering debt crisis.
Where your job went;
It’s less than insignificant in that next week the drop will be revised up to an increase. Somehow, somewhere, Franz Kafka is laughing.
Obama has added 5.4 mil. People to SSDI. These people don’t get counted in the unemployment stats.
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