US jobless claims surge 51,000 last week

[Pale Blue Dot]

Source: Reuters

Jan 27 (Reuters) - New U.S. claims for unemployment benefits rose more than expected last week as harsh weather conditions in some parts of the country kept workers at home and caused a backlog in the processing of claims, a government report showed on Thursday.

Initial claims for state unemployment benefits jumped 51,000 to a seasonally adjusted 454,000, the highest since late October, the Labor Department said. That was the largest weekly increase since September 2005.

Economists polled by Reuters had expected claims to be little changed at 405,000.

The prior week's figure was revised slightly down to 403,000 from the previously reported 404,000.

Read more: http://www.reuters.com/article/idUSN2725428520110127

[xchrom]

1. oy. nt

[ixion]

2. green shoots!!

:sarcasm:

[Roy Rolling]

3. Republican Unemployment Strategy

Because of "winter storm related layoffs" now the Republicans' jobs plan is to introduce legislation in the House to repeal winter. There is an internal struggle over this because the climate denial caucus says it might give the impression the global warming myth is for real. :sarcasm:

[mahatmakanejeeves]

4. From the DOL's Employment and Training Administration:

Unemployment Insurance Weekly Claims Report (01/27/2011)

UNEMPLOYMENT INSURANCE WEEKLY CLAIMS REPORT

SEASONALLY ADJUSTED DATA

In the week ending Jan. 22, the advance figure for seasonally adjusted initial claims was 454,000, an increase of 51,000 from the previous week's revised figure of 403,000. The 4-week moving average was 428,750, an increase of 15,750 from the previous week's revised average of 413,000.

The advance seasonally adjusted insured unemployment rate was 3.2 percent for the week ending Jan. 15, an increase of 0.1 percentage point from the prior week's unrevised rate of 3.1 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Jan. 15 was 3,991,000, an increase of 94,000 from the preceding week's revised level of 3,897,000. The 4-week moving average was 3,975,500, a decrease of 39,750 from the preceding week's revised average of 4,015,250.

[jschurchin]

5. Don't you worry.

Wall Street criminals will consider this WONDERFUL news and the market will surge 100 points.
:sarcasm:

K&R

[florida08]

6. what?

they haven't started community college yet? Why is it always rose more than they expected? Outsourcing everywhere everywhere and yet they just don't understand why jobless claims rise..shessh

[ProSense]

7. Isn't this meaningless?

Actually, it's as meaningful as last week's claims, whcih have been revised down to 403,000.

This is likely due to harsh weather.

[Pale Blue Dot]

9. Actually, 403,000 is still a terrible number,

and if you had read the article you would have seen that that lower number was likely due to a backlog at Southern unemployment offices, which is just starting to clear up this week.

And of course, states all over the country are announcing massive job cuts, and layoffs in general, especially those over 1,000 employees, are on the uptick.

And yes - some of this is likely due to the snow - but so what? Our economy is on tenuous ground and can't afford snow events like this one.

Pretending that the problem doesn't exist because it doesn't fit your narrative is counter-productive and dangerous.

[ProSense]

10. It's not great, but

the average in the 1990s was about 350,000. So it needs to go lower than it is now. Until today, it had been improving.

[ipaint]

8. I guess no one told all those experts that expected 400k that it snowed last week.

"Yeah! That's the ticket!"

http://en.wikipedia.org/wiki/Jon_Lovitz

[OhioChick]

11. No surprise n/t

[Broderick]

12. My heart breaks

for all those people out of work. Standing in line for benefits being treated like second class citizens. I see it everyday all day - people suffering. Those that are working hard to make ends meet unable to afford fuel for their run down vehicles and now we hear its going to last another 5 or 10 years. This country needs jobs, but we are too worried about building the Chinese economy I guess. I am front line to so many that are out of work, working in lesser jobs, getting hours cut, and meanwhile the prices of staples at the grocery giants rises like the phoenix. sigh.

[Earth_First]

13. It's because of the SNOW!

I kid you NOT:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4712551

[ChromeFoundry]

14. K&R n/t

[Safetykitten]

15. "The Accidental and Continuously Suprised Economist" starring Jim Carey.

I would pay to see that. An economist that is perpetually wrong.

Not real life though. Who would believe such a thing?