Jobless claims rise to 343,000

[papau]

Jobless claims rise to 343,000 in latest week from revised 333,000. Details coming.

http://quote.bloomberg.com/apps/news?pid=10000103&sid=asjKO6MGCMqM&refer=news_index

U.S. Jobless Claims Probably Rose to 335,000, BN Survey Finds

In the week ending Aug. 14, the advance figure for seasonally adjusted initial claims was 331,000

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

August 26, 2004 UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending Aug. 21, the advance figure for seasonally adjusted initial claims was 343,000, an increase of 10,000 from the previous week's revised figure of 333,000. The 4-week moving average was 336,750, a decrease of 750 from the previous week's revised average of 337,500.

The advance seasonally adjusted insured unemployment rate was 2.3 percent for the week ending Aug. 14, unchanged from the prior week's unrevised rate of 2.3 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Aug. 14 was 2,897,000, an increase of 5,000 from the preceding week's revised level of 2,892,000. The 4-week moving average was 2,894,500, a decrease of 12,500 from the preceding week's revised average of 2,907,000.

UNADJUSTED DATA

The advance number of actual initial claims under state programs, unadjusted, totaled 272,894 in the week ending Aug. 21, an increase of 5,131 from the previous week. There were 313,058 initial claims in the comparable week in 2003.

The advance unadjusted insured unemployment rate was 2.2 percent during the week ending Aug. 14, unchanged from the prior week. The advance unadjusted number for persons claiming UI benefits in state programs totaled 2,711,253, a decrease of 4,559 from the preceding week. A year earlier, the rate was 2.6 percent and the volume was 3,343,255.

Extended benefits were not available in any state during the week ending Aug. 7.

[nolabels]

1. Part of the "New and Improving Bushco Economy"

:crazy:

[nolabels]

5. In other news, Journalist unsure of needed title for story

Journalist across USA were seen this morning relentlessly pounding on their keyboards in search of the proper verbiage. This after it was known part of the new "New and Improving Bushco Economy" was thrown over a bridge in Chicago

http://news.google.com/nwshp?hl=en&gl=us&ncl=http://www.dailysouthtown.com/southtown/yrtwn/seast/263seyt1.htm

[spotbird]

2. "Prosperity is just around the corner."

Or "We've turned the corner."

Two quotes from to great economic theorists and presidents. (Well, sort of president on the second).

[reprobate]

11. We've turned so many corners we're going in circles.

[Frodo]

12. Well,...... squares maybe.

[AndyTiedye]

14. Speeding Around the Corner and The Bridge Is Out

[UpInArms]

3. they "revised" last week's number from 331K to 333K

so actually the claims are up 12K - not 10K

more sleight of hand

[Frodo]

4. Two quotes I found interesting

"Claims forecasts for last week ranged from 320,000 to 370,000. The disparity stems mainly from the timing of Florida applications. Some economists said people held off filing until this week as they assessed damage done to their personal property."

I haven't seen that large a variation in expectations in some time.



"Claims in the week ended Aug. 14 fell to the lowest since the week of July 2. The four-week moving average fell by 2,500 to 337,000 during the week, ``absolutely consistent with what we've seen at the same point in past (economic) recoveries,'' according to Timothy Rogers, chief economist at Briefing.com in Boston."

Hello? I'm about as bullish on the overall economy as anyone on DU and I think that's a big stretch. It's consistent with the same point on the curve from the last recovery (and will probably hover in the 333k to 350k region for the next year or so), BUT this curve started WELL BEYOND where the last one started.

[LiberalEsto]

6. Those figures are too low

I lost my job July 30 and found I can't collect unemployment benefits in Maryland at this time.

Why? Because I started working in late November 2003 and didn't accumulate enough months before the current baseline date of March 31, 2004.

I did work from November through the end of July (more than 8 months), but the time I worked between April 1 and June 30 (they go according to fiscal quarters) doesn't count until after October 3, 2004. I can try to file then if i haven't found something.

This must be some new dodge Maryland is using to keep the unemployment numbers low -- everyone I talk to says they've never heard of such a thing before. I'm lucky my husband still has his job. But if I were single I'd be really screwed. What are people supposed to live on if this happens?

But more importantly, how does this system of limiting unemployment benefits help mask the real levels of unemployment in Maryland, and possibly in other states?

[treepig]

9. i heard that maryland had the best job creation record so far this year

so, based on your personal experience, that must mean that things really, really suck elsewhere.

in any event, hope things improve for you soon!

[Frodo]

10. I heard it was NC.

Of course I'm IN NC, so the news here may be slanted, BUT

We ahve a Dem governor HERE and a Rep governor THERE, so I know where I WANT the good numbers to be.

[malachi]

7. Blame it on Charley

Rueters story covering the chimp's ass once again. It's never his econ policies, it's always some event that affects the econs performance.

Jobless Claims Rise on Back of Hurricane

Thursday August 26, 8:34 AM EDT


WASHINGTON (Reuters) - The ranks of Americans filling for initial unemployment compensation swelled last week but at least half of this increase was linked to devastation wrought by Hurricane Charley earlier this month, the government said on Thursday.

Initial jobless claims, a rough guide to the pace of U.S. layoffs, rose by a larger-than-expected 10,000 to 343,000 in the week ended Aug. 21 from an upwardly revised 333,000 the prior week, the Labor Department said,

The figures exceeded the forecasts of Wall Street economists who in a Reuters survey projected benefit applications would total 335,000, up from the originally reported 331,000 claims.

A Labor Department spokesman said about half the rise in first-time claims was due to damage from the hurricane, which swept through parts of Florida and the Carolinas two weeks ago, the Labor Department said.

[johnfunk]

8. But... but... but... but... but... but... but... WE'VE TURNED THE CORNER!

... oh, right -- we're not supposed to use that spin point anymore... sorry, folks!

[nolabels]

17. My local newspapers editorial staff has figured out what happened.........

to all the jobs. Whenever I need answer about what's really going on, I just turn to them.

The job killers

10:24 AM PDT on Wednesday, August 25, 2004

The Press-Enterprise

California's unemployment rate slipped to 6.1 percent in July - but legislative Democrats are working overtime to reverse that trend, piling new layers of job-killing regulations on California's entrepreneurs.

The bills are a sop to labor unions, intended to gin up a key voting bloc even if Gov. Schwarzenegger vetoes them. But the anti-business agenda shows a reckless disregard for California workers and employers - a lesson voters ignore at their peril.

AB 2832, a $1-an-hour hike in the state's minimum wage, passed along party lines. Business groups expect Gov. Schwarzenegger to veto the measure, and he should.
(snip)
http://www.pe.com/localnews/opinion/editorials/stories/PE_OpEd_Opinion_op_25_ed_minwage.57a7d.html

They are very non-partisan there, don't ya know (Just don't tell anybody they are owned by shell coporation, based out of Texas)

But of course in Seattle (and Fresno) they see it differant

Bush report: Sending jobs overseas helps U.S.
The Seattle Times (WA) ^ | February 10, 2004

Posted on 02/10/2004 6:47:29 AM PST by Deliberator

WASHINGTON — The movement of American factory jobs and white-collar work to other countries is part of a positive transformation that will enrich the U.S. economy over time, even if it causes short-term pain and dislocation, the Bush administration said yesterday.

The embrace of foreign "outsourcing," an accelerating trend that has contributed to U.S. job losses in recent years and has become an issue in the 2004 elections, is contained in the president's annual report to Congress on the U.S. economy.

"Outsourcing is just a new way of doing international trade," said N. Gregory Mankiw, chairman of Bush's Council of Economic Advisors, which prepared the report. "More things are tradable than were tradable in the past. And that's a good thing."
(snip)
http://www.freerepublic.com/focus/f-news/1075164/posts

[mhr]

13. Sign Of The Times

Reported last night on CNN (I believe - Stuffing envelopes at the time), applications for the 3,000 Port of Los Angeles part-time jobs are now up to 400,000 people.

Think about that again - 400,000 people have applied for 3,000 part-time jobs in LA.

[barb162]

16. I saw that on Lou Dobbs

and it shows just how totally lousy the economy really is. It was part of a story on why those jobs were needed and it was because the LA Port Authourity can't handle all the stuff being made in and coming in from Asia (that once was made here.) A really sick comment on the sick economy. It also was part of a larger story that Bush has only made a few complaints in 3.5 years about trade inequity as the Clinton administration did in each year of his administration. Dobbs is the greatest in my opinion. The number of people applying was closer to 500,000. Unbelievably sick statistic. But don't worry, Bush keeps telling the USA the economy is improving.

[papau]

15. announced cuts "today" are Alcoa (150 jobs) and Kmart (1500 jobs)

Alcoa Inc., the world' largest aluminum producer, announced plans last week to close an auto-parts plant in Ohio and cut 140 jobs.

Kmart Holding Corp., the No. 3 U.S. discount retailer said Monday it plans to sell 18 stores for $271 million in cash to Home Depot Inc. to shed unprofitable locations. Store closings in advance of the sale will eliminate about 1,500 jobs, Kmart said.

[llmart]

18. Well, I can see how.......

an Alcoa plant in Ohio and KMart stores are just a victim of that ole' hurricane Charley. Yeah, right, that's the reason. You know it's not like we have a hurricane every year or so now is it? And we didn't have any hurricanes during the Clinton years, so yeah, that's it - it's all due to the hurricane.

I'll take my tongue out of my cheek now.