Initial claims rise 17,000 to 474,000

[rfranklin]

Source: www.marketwatch.com

Initial jobless claims rise 17,000 to 474,000
Total jobless claims, including extended benefits, top 10 million
By Rex Nutting, MarketWatch
WASHINGTON (MarketWatch) - The number of people filing claims for state unemployment benefits rose by 17,000 to a seasonally adjusted 474,000 in the week ending Dec. 5, while the total number of people claiming benefits of any kind topped 10 million, a sign of very sluggish hiring, the Labor Department reported Thursday.

First-time claims - which measure new layoffs - rose for the first time in six weeks in the week after Thanksgiving. Economists surveyed by MarketWatch had expected initial claims to fall to about 450,000.

First-time claims in the previous week were unrevised at 457,000.

The four-week average of new filings - which smoothes out distortions caused by one-time events such as holidays, bad weather or strikes - fell for the 14th straight week to a seasonally adjusted 473,750.

The number of people collecting state benefits fell by 303,000 to a seasonally adjusted 5.16 million in the week ending Nov. 28. It's the fewest continuing claims since February.

Compared with a year ago, initial claims are down 11%, while state continuing claims are up 31%.


Read more: http://www.marketwatch.com/story/story/print?guid=52F69B23-0948-404A-9FDB-09A48F8128B4

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Wall street is doing somersaults over this. More "green shoots."

[L0oniX]

1. Well that's10 million more that are without health care...

so how many does that make it? 56,000,000 uninsured? I believe the figure is really much more, like around 70,000,000. It's not only those that are without a job but also their families.

[CatWoman]

2. kick

:kick:

[Techn0Girl]

3. New Jobless Claims Rise More Than Expected To 474K

Source: Huffington Post

The so-called continuing jobless claims figure doesn't include millions of people who have used up the regular 26 weeks of benefits typically provided by states and are receiving extended benefits for up to 73 additional weeks.

About 4.6 million people were receiving extended benefits in the week ended Nov. 21, the latest data available. That's an increase of about 130,000 from the previous week and is partly due to an extension of benefits that Congress enacted last month.

The economy grew at a 2.8 percent pace in the July-September quarter, and many analysts say it is likely growing at a similar pace in the current quarter. But that is much slower than the average 6 percent rate in previous economic recoveries.

As a result, most economists expect the unemployment rate to rise in coming months and remain above 9 percent through the end of next year.

Read more: http://www.huffingtonpost.com/2009/12/10/new-jobless-claims-rise-m_1_n_386909.html

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1 million people ( http://www.americanprogressaction.org/issues/2009/12/line_of_defense.html ) will lose all their unemployment benefits Jan 1 and 700,000 more people each month thereafter as ALL eligibility for unemployment benefit extensions expire. This includes the latest extension, for all states this Dec 29.

[Goldstein1984]

4. There are two economies...

There is the economy of the wealthy, which is reflected in the recovering stock market, and there is the economy of 90% of Americans, which is reflected by unemployment and home foreclosures.

The dollar drops, American purchasing power drops, at the same time new unemployment claims rise more than expected, and yet the stock market goes up because exports go up.

How long before the 90% figure out that trickle-down is a myth; that democracy is a myth; that the ruling class is a reality; that their best interests are contrary to the best interests of the political and economic elite?

People, it's time for "change we can believe in." That change has to be driven by the people, not the prostitutes in government.

[rfranklin]

5. Actually for the 50% in the middle....

It's working at jobs that offer reduced compensation as employers raise the rates on health insurance, curtail other benefits and raises, if any, are not enough to keep up with the cost of living. Wages have not increased since Reagan started the war on the middle class.

[showpan]

6. Just as expected

last month they reported claims went down. This was because congress dragged their feet on that extension so they could report that the stimulus was working. What a scam.