New jobless claims surge unexpectedly, producer prices up

[marmar]

Reuters, via Yahoo!:



Jobs, prices data flag hurdles for economy
32 mins ago


WASHINGTON (Reuters) – The number of U.S. workers filing new applications for unemployment insurance unexpectedly surged last week, while producer prices increased sharply in January, raising potential hurdles for the economic recovery.

Initial claims for state unemployment benefits increased 31,000 to 473,000, the Labor Department said on Thursday. That compared to market expectations for 430,000.

Another report from the department showed prices paid at the farm and factory gate rose a faster than expected 1.4 percent from December after a 0.4 percent gain in December, as higher gasoline prices and unusually cold temperatures helped boost energy costs.

"When you have PPI moving up and still no progress in the jobs situation, that doesn't bode well for continued improvement in equity prices," said Alan Lancz, president at Alan B. Lancz & Associates Inc in Toledo, Ohio. ..........(more)

The complete piece is at: http://news.yahoo.com/s/nm/20100218/bs_nm/us_usa_economy

[Teaser]

1. last week is seriously fucked up data

the snowstorms make it hard to assess what's going on in the last week.

[girl gone mad]

7. Yes, I'm not sure why reports this week and last week..

both said the numbers were "unexpected".

Fewer people will file claims in bad weather, which will cause a boost in claims when the weather improves. Both the drop and the rise should have been expected.

[marmar]

8. But wasn't last week a bad weather week?

nt

[NightWatcher]

2. every week now we hear that jobs are looking better, then (wait for it) ta-daa reality kicks in

and NO the job market is NOT getting better.

We're in the shitter.

THIS HAPPENS EVERY DAMN WEEK OR TWO

[Lerkfish]

6. righto, and every time I point out the same thing I'm an Obama hater for some reason

all I'm doing is calling attention to the reality, as you've just done.

[OHdem10]

3. This is beginning to sound like Bush One Administration. Always

presenting rosy scenarios that they then had to correct.

[Tutankhamun]

4. The Great Republican Recession continues.

And it will continue as long as Republicans get their way in D.C.

[happynewyear]

5. stagnant economy + inflation =

stagflation. Enjoy! (NOT!)

:dem: