Posted on 06/14/2012 5:59:29 AM PDT by John W
WASHINGTON (AP) — More Americans sought unemployment aid last week, suggesting hiring remains sluggish.
The Labor Department said Thursday that weekly unemployment benefit applications rose 6,000 to a seasonally adjusted 386,000, an increase from an upwardly revised 380,000 the previous week.
The four-week average, a less volatile measure, rose for the third straight week to 382,000. That's the highest in six weeks.
Weekly applications are a measure of the pace of layoffs. When they drop below 375,000, it typically suggests hiring is strong enough to reduce the unemployment rate.
(Excerpt) Read more at news.yahoo.com ...
“When they drop below 375,000, it typically suggests hiring is strong enough to reduce the unemployment rate.”
The figure was 325,000 until Obama took office. Doesn’t really matter since most of the numbers being put out are phony anyway.
Not sure how I missed this brilliancy last week-—
Federal Reserve Chairman Ben Bernanke said last week that the warm winter might be a reason for the slowdown in hiring. He also suggested that the burst of job gains earlier this year could have represented a “catch-up in hiring” by employers who cut too deeply in the recession.
Finally...we must be experiencing the vaunted “summer of recovery”. Thank Goodness for nobama, biden and their wonderful policies. If I were only smart enough to understand how they are so all-seeing and all-knowing.
Let me be the first to say..... “UNEXPECTED!”
That pretty much confirms Helicopter Ben is a victim of the Peter Principle, doesn’t it?
Dumb American businessmen and job candidates...caught with their shorts down when the winter is too cold. Caught again when the winter is too warm. These people are so stupid they don’t deserve to stay in business or have jobs.
Remind me again...what year was the perfect Mama Bear winter when Goldilocks did maximum hiring and no laid nobody off?
“Economists surveyed by MarketWatch had projected claims would fall to 376,000.”
Last week’s figures were “upwardly revised” this week? What a surprise — just how many times has that happened in the past four years?
“The economy is doing fine’ -obamma
Last week’s figures were “upwardly revised” this week? What a surprise — just how many times has that happened in the past four years?
And of course-—
“Claims from two weeks ago were revised up to 380,000 from an original reading of 377,000, based on more complete data collected at the state level.”
And in other news, Foreclosures Spike 9% in May:
http://www.freerepublic.com/focus/f-news/2895164/posts
The actual figure was 200,000.
You can pretty much bet that 386K will be revised to 390K+ after next week’s “adjustment”.
“Last week’s figures were “upwardly revised” this week? What a surprise — just how many times has that happened in the past four years?”
I think that is now 65 out of the last 66 weeks.
Also, this should put a damper on his major economic speech today.
RE: weekly unemployment benefit applications rose 6,000 to a seasonally adjusted 386,000, an increase from an upwardly revised 380,000 the previous week.
Yes, I remember it was reported at 377,000 last week. And I have been observing for the longest time that the weekly revision has always been UP, never down. Which tells me that this week’s 386,000 will be revised UP next week.
To make a long story short — the numbers are getting worse, not better.
Misquoted.
Here is the actual quote:
‘”the private sector is doing fine.”’
The 65th upward revision in 66 weeks.
http://www.exposingtheleft.blogspot.com/2012/06/us-unemployment-aid-applications-rise.html
—That pretty much confirms Helicopter Ben is a victim of the Peter Principle, doesn’t it?—
Naw. It’s not that they are dumb. They know there is no way out of this. Their job is not to save the Titanic. Their job is to try to keep it afloat a little longer. They’ve actually been surprisingly successful.
After all, fiat money, markets, etc. depend on faith. Their job is to keep faith from falling to the point where everyone is trying to get out. I call that critical mass. It has taken a while, and they’ve been able to lie and obfuscate long enough to fool enough people to at least have enough faith that we have not hit our critical mass point yet.
It really is looking like we’ll reach critical mass this year, however. I think the election is one of the catalysts.
“Economists surveyed by MarketWatch had projected claims would fall to 376,000.”
Like a lot of other surveys this one is probably skewed in favor of Democrat economists.
Econ-0-Misseds................
I think you meant to reply to post eleven, but both of you are discussing what I always think when I see the unemployment numbers. It’s funny to watch them spin. It only works for those that are not really paying attention.
65 out of 66 weeks, I think...that is “unexpected”...:))
March 15: Reported - 351,000, Revised - 353,000
March 22: Reported - 348,000, Revised - 364,000 Reported - down, Actual - up
March 29: Reported - 359,000, Revised - 363,000 Reported - down, Actual - down
April 05: Reported - 357,000, Revised - 367,000 Reported - down, Actual - up
April 12: Reported - 380,000, Revised - 388,000 Reported - up, Actual - up
April 19: Reported - 386,000, Revised - 389,000 Reported - down, Actual - up
April 26: Reported - 388,000, Revised - 392,000 Reported - down, Actual - up
May 03: Reported - 365,000, Revised - 368,000 Reported - down, Actual - down
May 10: Reported - 367,000, Revised - 370,000 Reported - down, Actual - up
May 17: Reported - 370,000, Revised - 372,000 Reported - no chg, Actual - up
May 24: Reported - 370,000, Revised - 373,000 Reported - down, Actual - up
May 31: Reported - 383,000, Revised - 389,000 Reported - up, Actual - up
June 07: Reported - 377,000, Revised - 380,000 Reported - down, Actual - down
June 14: Reported - 386,000, Revised - TBD Reported - up, Actual - TBD
Based on data above the odds of an upward revision next week is 100%.
Like the stock market the support level is 400,000. If the numbers go above that it is a political nightmare of the current administration. But worse - it means we have a definite double dip and people will be hurting.
Two things I’ve learned are true, especially watching the results of this administration: anyone can be a “Constitutional scholar,” and anyone can be “an economist.” They’d be just about as correct as these vaunted Ivy Leaguers with all the credentials.
“The 65th upward revision in 66 weeks.”
A scandal that begs to be investigated. BLS officials need to be summoned to the Hill to explain why the revisions are always conveniently to the upside. Taxpayers are paying for this outrageous ledgerdemain.
” Their job is not to save the Titanic. Their job is to try to keep it afloat a little longer. “
Just long enough to push the women and children aside so they can have the lifeboats all to themselves...
Nothing “dampers” the Idiot In Chief...what a loser!
—Just long enough to push the women and children aside so they can have the lifeboats all to themselves...—
Well, to cut them a little slack, if you were in their shoes and it was obvious to you that the ship is going down and your job is to keep it upright for the passengers, what would you do?
I’m not saying they are right, but what may be happening here is that they are just trying to keep the ship afloat as long as possible, which IS their job. Of course, the analogy breaks here because the REAL Titanic plunged to the bottom and it didn’t matter how fast or deep. In our case, it does.
That is, what they are doing could result in an absolute catastrophy that was really not necessary.
I believe this will end with WWIII.
Where is our 8% unemployment and deficit cut in half...?
That Bush is a tricky guy the way he “structurally” built in all that overspending against Obammy’s will.
plus I am sure Sarah Palin’s rhetoric is wrecking Obama’s good works.
EVERY WEEK they upwardly revise the previous week's numbers.
EVERY WEEK they upwardly revise the previous week's numbers.
In the past two weeks, 240k have fallen off the 99 week cliff and are no longer counted. They, likely, sure as he77 are not employed, but thankfully, for Obama, they are no longer counted as unemployed.
Whoops. They failed to "upwardly revise" last week's totals to 390K to show a "drop" of 4K. Somebody's going to the woodshed over that one.
Obama administration = Hanlon’s Razor
Upwardly revised again from the previous week. This week’s 6000 rise would have been 9000 without the upward revision, but that isn’t really the issue.
The issue is that 386,000, more than a third of a million people, went on unemployment checks last week. The week before it was the same, and it’s the Obama standard...except when nearly a half million were going on unemployment checks each week.
Yes, and we know this week’s phony # will be revised upward when next week’s phony # is announced.
They all helped to "bake the cake"!
I haven’t seen the word used quite as often. I guess some journalists are starting to realize they’re being made fun of.
If I’ve learned anything over the past couple of years, it’s that when first-time unemployment claims go up, the unemployment rate goes down.
So this is good news!
If it’s Thursday, it’s unexpected...
Hey Rocky! Watch me pull a rabbit out of my hat.
Again?!
It doesn’t matter what the numbers are. The books are cooked anyways.
The numbers are WAY worse than what they are reporting. Nobody and I mean NOBODY in this government can be trusted. PERIOD!
” More Americans sought unemployment aid last week.......”
___________________________________________________________
And I was one of them. First time I had to do it after 19 years of employment.
And if it's (insert day of the week), it's Bush's fault.
I would agree to a certain extent and the real blame lies with the voters but still the Fed keeps saying it is unsustainable but that is about the most it does to educate the public and in the meantime they often go out of their way to show that they are buddies with the socialists, recall Greenspan making a big point of attending Clinton's state of the union speech.
Pretty piece of work combing through that data - thanks.
And to summarize what you presented:
For the last four months, this is what was reported by the regime: Unemployment claims went DOWN 9 of those weeks, up only 3.
For the last four month, this is REALITY (after revisions): Unemployment claims actually went down only 3 of those weeks, they really went UP for 9 of them.
And the MSM order another delivery of crickets.
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