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Weekly jobless claims rise less than expected
yahoo ^

Posted on 08/02/2012 6:53:17 AM PDT by traumer

WASHINGTON (Reuters) - The number of Americans filing new claims for jobless benefits rose less than expected last week, but the data continues to be influenced by distortions from seasonal auto shutdowns.

Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 365,000, the Labor Department said on Thursday. The prior week's figure was revised up to 357,000 from the previously reported 353,000.

"The claims number is not that bad. There does seem to be some difficulty dealing with the seasonals this time of year whether it's auto plant closures or lack thereof," said Cary Leahey, a senior economist at Decision Economics in New York.

Economists polled by Reuters had forecast claims rising to 370,000 last week. The four-week moving average for new claims, a better measure of labor market trends, fell 2,750 to 365,500, the lowest in four months.

Temporary plant shutdowns by automakers for annual retooling cause wide swings in claims data in July, which makes it difficult to get a clear picture of the labor market's health.

The model used by the government to smooth the numbers for typical seasonal patterns has trouble anticipating the timing of the temporary closures and in addition, some automakers kept production lines running in July.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: bhoeconomy; jobless; layoffs; obamanomics; recovery; unexpected

1 posted on 08/02/2012 6:53:20 AM PDT by traumer
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To: traumer

LOLOLOL...all the Freepers will be drunk today...we better stay off the road today, boys.


2 posted on 08/02/2012 6:56:08 AM PDT by Scott from the Left Coast
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To: traumer

Soooo in the tank for Zero. “Rose LESS than expected?” Come on. They ROSE!


3 posted on 08/02/2012 7:00:34 AM PDT by LS ("Castles Made of Sand, Fall in the Sea . . . Eventually (Hendrix))
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To: traumer

Since day one, it was obvious to many on this forum that comrade zero was tanking the economy on purpose, whilst feathering the nests of the cronies that put him there. Now all the vaunted economists and pundits are scratching their heads saying “it wasn’t supposed to be like this”. Yes it was, in fact the plan came together splendidly.


4 posted on 08/02/2012 7:01:43 AM PDT by SpaceBar
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To: traumer

no worries, they’ll be revised up later...like they always are


5 posted on 08/02/2012 7:01:43 AM PDT by BookmanTheJanitor
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To: traumer

“Unexpectedly”

Their favorite spin word.


6 posted on 08/02/2012 7:03:48 AM PDT by Bigh4u2 (Denial is the first requirement to be a liberal)
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To: traumer

Reuters is the worst tool. It’s even worse than AP, or even the NYT. That’s saying a lot.

If the writers at Reuters had their way, we’d all be living in East Germany, or Sweden.


7 posted on 08/02/2012 7:07:19 AM PDT by I still care (I miss my friends, bagels, and the NYC skyline - but not the taxes. I love the South.)
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To: traumer
Reuters is obviously on board...1000%.
8 posted on 08/02/2012 7:07:27 AM PDT by Gay State Conservative (Poor Barack.If He's Reelected,Think Of The Mess He'll Inherit!)
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To: traumer

Only in “0bammy world” is a worsening of the jobs picture worthy of a glowing headline.


9 posted on 08/02/2012 7:07:38 AM PDT by swamprebel (Where liberty dwells, there is my country.)
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To: traumer
Reuters: "World To End Today;Women And Minorities Hit Hardest"
10 posted on 08/02/2012 7:09:43 AM PDT by Gay State Conservative (Poor Barack.If He's Reelected,Think Of The Mess He'll Inherit!)
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To: traumer

“The claims number is not that bad.” said Cary Leahey, a senior economist at Decision Economics in New York.

I guess not if you compare it to every week for the last three years which have all been in this general territory.


11 posted on 08/02/2012 7:12:15 AM PDT by John W (Viva Cristo Rey!)
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To: traumer

“The claims number is not that bad.....’

The private sector is doing F - I - N - E


12 posted on 08/02/2012 7:16:40 AM PDT by traumer
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To: traumer

Even the media isn’t able to spin the stats that hard enough to keep the key words out of the title any more. Notice also lack of the ‘unexpectedly rose’ phrasing, too.


13 posted on 08/02/2012 7:17:54 AM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: traumer
Wow...what a crock..

"Hey, Vegas had us losing this game by 35 points, but we only lost by two...WOOHOO!!! What a great victory!!"

MSM, your slip is showing..

14 posted on 08/02/2012 7:25:06 AM PDT by Fedupwithit ("Live Free or Die: Death is not the worst of evils" - Gen. John Stark)
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To: traumer

This article is so very....Soviet.

Maybe the same writer does a weekly feature on cooking in North Korea.


15 posted on 08/02/2012 7:25:06 AM PDT by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: traumer
The liberal media shilling for Obama reminds me of that old joke from back in the cold war days about the American’s beating the Soviet Union in some one on one sporting event. The next day Pravda reported the results with the headline, “Soviet Union ends Contest Near the Top, American’s Next to Last”. While the headline was true in a technical sense, The Soviet Union ended “near the top” because only two teams were competing and they could only have come in first or second place. And the American’s did end up “Next to Last” because, again there were only two teams competing and the Soviet team was last. It certainly did not convey the truth of the matter. Same with this story, instead of reporting that unemployment claims jumped, they get some so called expert to claim he thought they would jump far more, so they can then report, “Unemployment Claims jump less than Expected”. Turning a negative story into a positve one.
16 posted on 08/02/2012 7:29:41 AM PDT by apillar
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To: LS

Had claims dropped, I’m sure they would have said they unexpectedly fell.


17 posted on 08/02/2012 7:30:28 AM PDT by Rennes Templar
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To: traumer
Great article, David Axelrod...
18 posted on 08/02/2012 7:38:24 AM PDT by Qbert ("The best defense against usurpatory government is an assertive citizenry" - William F. Buckley, Jr.)
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To: traumer
"The claims number is not that bad."

Unless you are unfortunate enough to be one of the 365,000.


19 posted on 08/02/2012 7:38:38 AM PDT by Iron Munro ("Jiggle the Handle for Barry!")
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To: lacrew
This article is so very....Soviet.

This is all they have left.

20 posted on 08/02/2012 7:41:19 AM PDT by going hot (Happiness is a momma deuce)
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To: traumer
So it was "unexpected."

Last week's initial was increased by 4,000, this week's initial beats that number by 8,000 more, for a 12,000 initial-to-initial swing in the wrong direction.

This is reported as, "not that bad!"

Anticipate the unemployment rate to drop as more people abandoning all hope and more shift to disability.

21 posted on 08/02/2012 8:51:50 AM PDT by newzjunkey (Pontius Pilate 'voters' are arrogant, delusional, lilly-livered collaborators.)
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To: All; traumer
If the next weeks' revision rises 4% like this past weeks, we'll see it really did meet (or exceed) the 70K expected by economists.

It'll be reported as "good news" anyway and future weeks will again beat expectations as the reelection campaign requires.

22 posted on 08/02/2012 8:59:40 AM PDT by newzjunkey (Pontius Pilate 'voters' are arrogant, delusional, lilly-livered collaborators.)
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To: traumer
Three points:

#1 They revised last week's number upward by 4,000. So this weeks reported number is 12,000 higher than last weeks reported number. No doubt, this weeks number will be revised upward, so the week to week reported number really shoud be what you look at. Apples to apples and all.

#2 If you were putting out weekly data, and you had to upwardly revise your numbers every week by something in the order of 3000 units, wouldn't you somehow build and extra 3000 units into your weekly reporting? Unless, you, of course, could take advantage of the misreporting.

#3 360,000 new claims every week, this late into a 'recovery' is pathetic. If the economy was on any kind of solid footing, it would be significantly lower. I mean, we have been bleeding jobs now for three and a half to four years now. How many more jobs are there left to lose?

23 posted on 08/02/2012 2:02:41 PM PDT by fhayek
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