Weekly jobless claims drop more than expected

[Union Yes]

Source: AP

WASHINGTON - The number of newly-laid off workers seeking unemployment insurance fell last week, the government said Thursday, fresh evidence that layoffs are easing.

The Labor Department said that initial claims for jobless benefits dropped to a seasonally adjusted 550,000 for the week ending Aug. 1, down from an upwardly revised figure of 588,000 in the previous week.

That's much lower than analysts' estimates of 580,000, according to a survey by Thomson Reuters. The four-week average of claims, which smoothes out fluctuations, dropped to 555,250, its lowest level since late January


Read more: http://www.msnbc.msn.com/id/32311814/ns/business-stocks_and_economy

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It's gotta be flat out embarrassing to be a Repig nowadays.

[JonQ]

1. I would hold off on the celebration for now

Those are still 550,000 jobs lost.

Losing them slower is an improvement, but not a miracle, and it doesn't mean good time are here at last.

[SkyDaddy7]

2. I agree but at least the numbers are headed in...

the right direction. I fear the unemployment rate will still be at 9-10% next Novemember and the GOP will gain back a ton of seats in Congress?

[Lerkfish]

4. unemployment is actually closer to 20-25% instead of what is being reported, don't be fooled.

actual unemployment is not being measured, an arbitrarily capped figure that reflects people receiving unemployment is being measured. Unemployment benefits are finite, and when people run out, they are dropped and no longer considered "unemployed".

The Reagan administration began arbitrarily subtraction whole groups of unemployed as being calculated in the figures. -- a "recalculation" that dropped the then near 15% unemployment figure to around 6%, merely by creative bookeeping.

caveat emptor

[mkultra]

6. Unemployent bennies have been extended a couple of times

Many people have been on them longer then usual thus you cannot really extrapolate the "drop off" number the same way you normally would.

[ingac70]

9. If it weren't for the unemployment benefit extension...

the gov. number wouldn't be as high right now.

[rocktivity]

7. I learned in college that you should always automatcially increase rate by at least 150%

and that was over twenty years ago.

:headbang:
rocktivity

[ingac70]

8. upwards of 25% was were it was

during the Great Depression. Although I know it is higher than the number the Gov. puts out, I also know it is any where near 25% nationwide. Do not be ridiculous.

[Lerkfish]

10. not being ridiculous at all.

wake up and smell the coffee.

[ingac70]

11. I have. My coffee doesn't have liquor in it.

Even shit jobs were hard to come by back then. Nursing homes and places like that can not be screaming for help for this country be in a Great Depression.

[Lerkfish]

14. setting straw man arguments is hardly a counter to what I stated.

I never compared this to the great depression, I said unemployment rates are actuallly closer to 20-25%, and I still stand by that opinion.
I have worked with statistics and am familiar with government manipulation of statistics.

all you have is calling me drunk, and saying nursing homes are hiring so my unemployment figures can't be correct.

not sure I understand the connection. You can have ONE industry doing well (and I'm not sure I agree with you on nursing homes, anyhow) and that does not a healthy economy make.

[ingac70]

17. During the Depression there was no work...

for the unemployed to have.

There is plenty of work here if one is willing to take crap wages or move.

[Lerkfish]

18. apparently you have reading comprehension problems.

and, if you'll forgive me, your last post sounds very similar to comments freepers make.

[JDPriestly]

20. Depends . . .

And most jobs don't pay enough to put food on the table, pay off student loans and provide a bed and a shower once a day.

A lot of the jobs are part-time, provide no benefits and pay minimum wage. People are at food banks not on breadlines nowadays. And lots of families are homeless. We have a long, long way to go to recover from this economic crisis. And we are likely to see setbacks -- possibly increased inflation in a couple of years with, again, a rise in unemployment. There is some progress but a lot of it is illusory.

[JonQ]

16. Sad fact is, we likely will never know the actual number

there is enough ambiguity in how to count it, and there is enough political reasons to do so, that the best you can get is a range of percentages. Somewhere in there is probably the right number, but I tend to ignore most of what they've been saying about unemployement. Too political, too vague, to open to "interpretation".

[SkyDaddy7]

21. Yeah, I have read that as well...

We have Conservative Values to thank for this mess we are in!

[hugo_from_TN]

12. The numbers are not headed in the right direction.

They are headed in the wrong direction at a slightly lower speed.

[JonQ]

15. LIke heading towards a cliff at 50 mph

instead of 60 mph.

[SkyDaddy7]

22. I guess that is one way to look at it??

[Lerkfish]

3. I do not think that means what you think it means.

I really hate the media manipulation of this statistic.

"The number of newly-laid off workers seeking unemployment insurance"

is not equivalent to:

"fresh evidence that layoffs are easing."

It overlooks that many states are refusing to consider people for initial claims in higher numbers due to their own budget shortfalls. Their criteria are becoming more draconian, and more unemployed are simply being ruled noneligible.

[SeriousEbony]

5. about 6% fewer jobs lost than expected

That's about 25,000 jobs saved! If they polish this turd long enough, there won't be any
jobs left to lose and job loss will be stopped.

I feel better already.

[Dr.Phool]

13. That's before the upwards revisions next week.

Continuing claims increased by 69,000 last week. And to make matters worse, another 140,000 people fell off the continuing claims count, because they started collecting extended benefits.

[TheWatcher]

19. It's even more embarrassing posting Propaganda like this, taking it at face value

And then proudly parroting to everyone how good it is, how everything is getting better, and how stupid the other side must feel.

It makes me feel even MORE embarrassed for people like you, no matter how well-meaning they are.

Wake Up.

You won't, but it never hurts to make the plea.