Skip to comments.Jobless claims rise sharply
Posted on 10/18/2012 6:16:38 AM PDT by Oldeconomybuyer
(Reuters) - The number of Americans filing new claims for unemployment benefits rose last week, reversing a sharp decline in the prior week but still pointing to a labor market that is slowly healing.
The prior week's figure was revised up to show 3,000 more applications than previously reported to 342,000.
A Labor Department official said it appeared that state-level administrative issues were distorting the data.
(Excerpt) Read more at reuters.com ...
BTW - Romney back up 2 in Rasmussen. 49-47 which will be released in 15 minutes.
Yet the unemployment rate is now 7.3% because of all the Secret Santa spending that has dramatically arrived on-scene in this most joyous holiday season (what does anyone want to bet that Obama and his SAB wife forego the annual Holiday Tree lighting this year?)
They played this game with the Labor Dept numbers in the sudden drop of unemployment percentage down to 7.8%.
So jobless claims “rising sharply” are a sign “of a labor market that is slowly healing”????? LOL. We must have been in an economic boom over the past 4 years then!! Gotta love that Reuters spin.
By all means necessary-Barack Lenin Obama!
By all means necessary-Barack Lenin Obama!
Nice...how did you get the results ahead of time? You saved me 15 minutes....
I’m a platinum member. He releases crosstabs to members at 9am. Not allowed to post as story, but can sneak peak to friends.
...it was shown that state-level administrative corruption were intentionally distorting the data.
OK, California reported for this week, and we got up to 388K.
But, last week, California didn’t report. How come the revised number for last week is still only 342K? Shouldn’t it be closer to 365K or 370K with last weeks CA numbers included? Are they still missing?
Cool..thanks! So 1/3 were after the debate, and it looks like Romney probably did well on that 3rd day if he showed improvement overall....
With Romney becoming the obvious winner in the next election, MAYBE survey organizations are FINALLY telling the truth.
This way they can restore their reputations.
They squandered their credibility, siding with “O” when they were sure of his re election!!! :)
No, they count the numbers California failed to report last week in this week’s figures. So you could average the last two figures to get the “real” number. (wink wink)
Even with the distorted numbers, over 1.5 million people a month are applying for UI benefits!
Yet number of alleged jobs created averages less than 120,000 per month.
So roughly 2,400 jobs per state with roughly 30,000 people per state applying for UI.
Please explain how unemployment is at 7.8%, not mathematically possible!
In the next few months, maybe for the next year, you are going to see a strange phenomenon. The unemployment rate will continue to come down sharply, while the weekly jobless claims number stays relatively static. This is NOT due to large numbers of currently unemployed people finding work. Well, not really, anyway. What I think is happening is that employers across the country are beginning to cut workers down from full time to part time. Those workers know they can’t go somewhere else and get a new full time job, so they just have to accept their new reality. When two workers are cut from 40 hours to 25 hours in order to keep from being labeled as “full time,” then you’ve taken 80 hours of work that was being done before and you only have 50 hours being done now. What do you do, as an employer? Easy - you bring back someone who was previously laid off, but now, they are hired at 25 hours per week, like the other employees you’ve cut from full to part time. Because these people were most likely people who worked at these companies fairly recently, they are still on unemployment, so when they are rehired, they decrease the unemployment rate.
As this happens, you would see EXACTLY what we are starting to see - a dramatic decrease in the “official” unemployment figure, while nothing else seems to point to massive job creation. It’s a shuffling of the deck chairs that businesses are engaging in right now in an effort to decrease their healthcare costs due to Obamacare.
I would love to get these thoughts to the Romney campaign. I don’t see anyone talking about this shift, but it’s the only explanation that makes any sense of these numbers.
As Romney said in the debate 50% of college graduates can’t find jobs. that is the real unemployment rate 50%.:
7.8% the media says . no it’s 50% This is the number we have to hit them with. This is much worse that the “great depression”. that college kid said it in the debate that “ they tell him when he graduates there won’t be a job for him”. I Hear this all the time from college students.
America used to be the land of opportunity. Obama has killed the American dream.
First, this one showing the seasonally adjusted unemployment rate down to 7.7%:
Next, this one showing a correspondingly dramatic rise in the number of people who want full time work but are only working part time:
Your hypothesis seems consistent with the fact that the U6 unemployment rate has held pretty much steady for the last half year.
Wouldn't that mean that California reported TWICE--two weeks total-- for this week? And if so, wouldn't they trumpet that fact?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.