Jobless claims lowest in more than two years

[Harry Hope]

Source: Reuters


Thu Dec 30, 2010

Jobless claims lowest in more than two years

WASHINGTON

(Reuters) - New claims for unemployment benefits dropped more than expected last week to their lowest level in more than two years, suggesting the labor market recovery was gaining strength.

Initial claims for state unemployment benefits fell 34,000 to a seasonally adjusted 388,000, the lowest reading since early July 2008, the Labor Department said on Thursday. That was well below economists' expectations for 415,000.

The prior week's claims figure was revised modestly up to 422,000 from the previously reported 420,000. A Labor Department official said there was nothing unusual in the state-level data and described the report as clean.

"This adds to the idea that the jobs picture is improving ... this is another feather in the cap of the idea of recovery," said Adam Sarhan, chief executive of Sarhan Capital in New York.



Read more: http://www.reuters.com/article/idUSTRE6BM24V20101230

[LiberalEsto]

1. What a joke!

People have used up their unemployment benefits, so they are no longer being counted as unemployed. Others have given up looking. Some, like me, never qualified for unemployment benefits, and I've been out of work for nearly 27 months. And some are still hanging on to part-time holiday work that will be ending in a week or two.

I'll believe the jobs crisis is ending when I see people in their late 50s finding work.

[DavidDvorkin]

2. These are new claims

It's the weekly report on new claims for unemployment.

[LiberalEsto]

3. And those doing part time holiday work

will be filing new claims soon.

[nyy1998]

22. These numbers are already seasonally-adjusted nt

[defendandprotect]

14. Unemployment just INCREASED from 9.6% to 9.8% ..... !!!

[moose65]

6. This is new claims

And, it's seasonally adjusted to account for all of those holiday jobs. Do we have to piss all over every bit of good news?

[conspirator]

4. Is this supposed to cheer anyone? n/t

[dkf]

5. Wow your pure news article is getting unrec'd

[Freddie Stubbs]

7. Perhaps it does not reinforce the worldview of some people

[dkf]

10. What they don't understand is that some of this malaise is psychological.

We need good news to spur hiring.

[rhett o rick]

16. Who is the "they" you refer to? And explain how good news "spurs" hiring. nm

[dkf]

19. Revenues are recovering even for small businesses (see restaurants)

But hiring is lagging because the jobless numbers are not where they should be at this stage in a recovery. Until we see this number begin to improve hiring psychology will be poor.

[rhett o rick]

21. That's pure jibberish. "hiring is lagging because the jobless numbers are not what they should be.."

That sentence doesnt make any sense.

[eridani]

23. The malaise is permanently suppressed demand due to skyrocketing income inequality n/t

[rhett o rick]

15. Who do you think you are fooling? nm

[Javaman]

8. Does this account for the 99'ers who were dropped from the rolls? nt

[Lucky Luciano]

9. No because initial claims, by definition are the 1ers. nt

[Kokonoe]

11. In TN, benefits are based on quarterly income.

I must wait to apply in January, else my temp pay from Oct, Nov and Dec. is not accounted in my benefits.:-(

[doc03]

12. I dare you post any good news, we are all about gloom

and doom around here. Welcome to DU. :sarcasm:

[stockholmer]

13. The advance number of actual initial claims under state programs, unadjusted, totaled 521,834

The advance seasonally adjusted insured unemployment rate was 3.3 percent for the week ending Dec. 18, an increase of 0.1 percentage point from the prior week's unrevised rate of 3.2 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Dec.18 was 4,128,000, an increase of 57,000 from the preceding week's revised level of 4,071,000.

http://www.dol.gov/opa/media/press/eta/ui/eta20101787.htm



more smoke and mirrors for the masses, brought to you by the same government that says a person who runs out of benefits is no longer a member of the workforce

[TexasObserver]

17. Yes! It's more good news.

[stockholmer]

18. no, they are playing hide the truth, as usual, 150,000 99ers were simply removed from the rolls

"Additionally, the 99 week cliff continues impacting more and more claims recipients: a total of 150k people dropped from EUCs and Extended claims.

Lastly continuing claims increased on a Seasonally Adjusted basis by 57K to 4.128MM even as the actual NSA number declined. Lastly, last week's slightly better than expected print of 420k has been revised to what would have halved the number to the expectation of 424k. We will soon chart how in 2010, the BLS revised upward (i.e. adversely) almost 100% of its initial claims data in the subsequent week."



http://www.zerohedge.com/article/initial-claims-print-388k-far-lower-expectations-418k-non-seasonally-adjusted-claims-jump-52

[lunatica]

20. Oh goodie! Less people are getting laid off!

Good times are back!!!! Let's celebrate!

:sarcasm: