New Jobless Claims Slip More Than Expected

[tekisui]

Source: MSNBC/AP

New jobless claims fell more than expected last week but are stuck at elevated levels, while those continuing to receive unemployment insurance set a record for the 11th straight week.

The Labor Department said Thursday the tally of initial jobless claims fell to a seasonally adjusted 654,000, down from a revised 674,000 the previous week. Analysts expected claims to drop to 660,000.

But the total number of laid-off Americans receiving unemployment rose to 5.84 million, from 5.75 million. That was the most on records dating from 1967 and higher than analysts expected.

The four-week average of claims, which smoothes out fluctuations, fell slightly to 657,250, the first drop after 11 straight increases.

more: http://www.msnbc.msn.com/id/30133936/

[rfranklin]

1. No problem! Banks pass "stress test," but need more bailout....

stock market's up! The crowd in Washington is aiding and abetting the Wall Street cronies to make their getaway with tax dollars of the future. Jobs, we don't need no stinkin' jobs!

[Pale Blue Dot]

2. ...

But the total number of laid-off Americans receiving unemployment rose to 5.84 million, from 5.75 million. That was the most on records dating from 1967 and higher than analysts expected.

[notesdev]

3. That's one way to spin

a very ugly number... one that will no doubt be 'revised' upward to the tune of 100k+ like we have seen with amazing regularity this year.

[fasttense]

4. Where have all the JOBs gone? Long time passing.

Where have all the JOBS gone, far, far away.

[Kahuna]

5. The strangest thing is happening. After being unemployed for nearly

six months, during the past week I've received like six calls from recruiters whereas during the whole six month period I've only been contacted maybe a dozen times. I just now got off the phone with a recruiter. I suppose companies need contractors to replace the employees they're (edited from "their" - oops!) letting go. :shrug:

[tekisui]

6. That is a good sign.

[Statistical]

8. Agreed.

Now it is hard to know if this is an isolated incident or if companies genuinely need more labor.

Early in a recovery companies will see increased workload.
Not up to pre-recession levels but increased because workforce is smaller.

They are "afraid" to hire more people long term.
They are "greedy" to boost bottom line.

When fear > greed they do nothing.
When greed > fear they hire temps
When greed >>>> fear they hire full timers.

So it is a good sign (if it is happening on a macro-economic level).

It means companies no fear passing on money more than they fear adding cost of temp workers (but not quite adding regular workers).

[Kahuna]

11. All of the contacts have been for pharma and telecoms which are

big employers in NJ.

[Statistical]

14. Good news for me!

I work for a company that provides software support to Big Pharma.

[Kahuna]

9. I hope. Ya'll send some good vibes my way that I will finally get hired..

I lost 75 lbs recently, and can't wait to shop for some gorgeous new threads. :)

[tekisui]

15. Best of luck to you!

I wish you the best on your job hunt!

[Kahuna]

16. Thanks! The weirdest thing I forgot to mention is, I haven't bumped

my resume up in Monster, Careerbuilder, Hotjobs, etals in at least two months. So, they're really having to dig to find my resume. :shrug:

[elehhhhna]

18. Yep. As a recently unemployed staffing professional, I agree...

there's been some pickup in hiring -- companies laid off and now must work to retain their remaining employees. I think things are turning around re; employment.

[Kahuna]

19. Do you think you will find employment as a staffing pro in the near future???

That will be a telling sign if YOU find re-employment. Please keep us posted.

[elehhhhna]

22. If so it'll be for a temp-staffing company or a specialty recruiter (Accounting, etc.) ...

but I'm very open to other sales positions. Lucky to be in Houston -- not as bad here as the rest of the country.

It's been a shocking decline. "Headhunting" went from a necessity to a luxury in less than 6 months. Temp will BOOM, though.

[meegbear]

7. But what is a drop?

Is it people that either found a job, their benefits ran out, or both? They should specify.

[tekisui]

10. Or, we are 'leveling' out the rate of lay-offs?

I looks like trying to find any good news.

[meegbear]

21. Got it, thanks!

:hi:

[Statistical]

12. It is INITIAL CLAIM number that went down.

So less people are losing jobs but they are still losing them.

Its like at one time you were losing $1000 a week due to gambling but now you are losing just $800 a week to your bookie.

[Freddie Stubbs]

20. The drop is that less perople were laid off last week compared to the week before

[lunatica]

13. Half a million jobs are lost every month.

So what's another 100,000 more or less so?

[tekisui]

17. Hopefully the beginning of the end of the bleeding.

Another month or two we can see if it's a trend.