Skip to comments.Jobless Claims Rose By 8,000 Last Week (to 365,000 from 357,000)
Posted on 08/02/2012 6:55:35 AM PDT by SeekAndFind
The number of people filing first-time clams for unemployment insurance rose by 8,000 last week, to 365,000 from 357,000 the week before, the Employment and Training Administration says.
It adds that the "4-week moving average," which is supposed to give a slightly broader look at the trend in claims, "was 365,500, a decrease of 2,750 from the previous week's revised average of 368,250."
But according to The Associated Press:
"Economists are viewing last month's figures with some caution because the government struggles every July to account for temporary summer shutdowns in the auto industry. This year, some automakers skipped shutdowns, resulting in fewer layoffs. When applications consistently fall below 375,000, it suggests hiring is strong enough to pull the unemployment rate down."
Bloomberg News adds that "starting next week, the data should be clear of any influence from the annual auto plant retooling closures that make it difficult to adjust the data for seasonal variations, a Labor Department spokesman said."
Friday at 8:30 a.m. ET, we're due to hear about the July unemployment rate and growth in payrolls. According to Reuters, "the government is expected to report ... that employers added 100,000 new workers." If job growth is that sluggish, that could mean the unemployment rate ticked up from June's 8.2 percent.
Meanwhile, the AP also reports that "retailers are reporting solid gains in July in a key revenue figure, helped by hot weather and clearance sales."
Grab that straw AP. Clutch it real hard and tight. Don't let go. Don't let go until your incompetent Messiah [I guess I should say Prophet, Allahu Akbar] is tossed out on his ass in November....clutch that straw until we rise up and burn it from your lying, blood-ridden hands. We're coming for you.
Grasping for straws is right. There was an uptick in claims due to a surge in solar flares also.
These unemployment numbers do not even come close to telling the story. Good jobs are gone, replaced by much lower paying jobs.
People have had to find income without a job - amazing how much you can make combing the thrift stores and then reselling it.
It is not good out there.
Sadly reminiscent of the reports on their ‘Five Year Plans” issued by the commissars in the old USSR. Everything was rosy, going according to or exceeding plans except that the people were freezing, starving and dieing of all sorts of ailments. Welcome to Obama’s idea of “Hope and Change”
“Our plan worked!” - BO
And back to school shopping?