New jobless claims drop more than expected

[jefferson_dem]

New jobless claims drop more than expected

By CHRISTOPHER S. RUGABER
The Associated Press
Thursday, August 6, 2009; 8:44 AM

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 smooths out fluctuations, dropped to 555,250, its lowest level since late January.

The tally of people continuing to claim benefits rose, however, by 69,000 to 6.3 million, the department said, after dropping for three straight weeks. The continuing claims data lags initial claims by a week.

<SNIP>

http://www.washingtonpost.com/wp-dyn/content/article/2009/08/06/AR2009080600945.html

[skipos]

1. I would love to do an experiment on DU

and have one thread that claims "jobless claims drop more than expected" and one that claims "jobless claims drop rise than expected" and see which one gets more comments. My guess would be the latter. By a lot.

[old mark]

2. CNN just reported jobles claims are up, Obama's approval is down,

"less than Bush's after 100 days". They can't wait to drive a nail into the Democrat's coffin.

But hey, I thought we won...
mark

[Jennicut]

3. Hence why the msm is crap. Obama's approval is where Bush's was per Gallup

And the jobless claims are down.

[Beacool]

4. There is still nothing to celebrate when 550,000 people lose their jobs.

:(

[jefferson_dem]

5. Oh, it's bad.

It's just (potentially) less bad than expected.

[Beacool]

7. I wonder when things are going to get better.

Geithner said that the job indicator will lag until the second quarter of 2010. That's almost an entire year from now!!! What are people supposed to do until then???

;(

[DrToast]

9. It's not as bad as it sounds

550,000 is just the people applying for uenmployment. It doesn't count those people who got jobs last week.

Even during economic expansion when we're adding jobs on net, up to 400,000 people will file for unemployment every week.

If the trend continues, we should start creating jobs by the end of the year or early next year.

[Beacool]

10. I hope so.

I fear what will happen to all these people when their checks run out.

[hootinholler]

12. Not quite, the 550K are new applicants

Recently laid off not already on unemployment.

-Hoot

[DrToast]

13. What do you mean not quite? That's exactly what I said.

[hootinholler]

15. Well, I mean that the 550K number does not include people who got unemployment benefits last week

It's the count of the fresh new faces in the system, who have applied for benefits for the first time.

You said it doesn't include people who have jobs.

-Hoot

[vaberella]

6. I guess OldToast's predictions is coming to fruition. n/t

[Clear Blue Sky]

8. Many have given up looking for a job.

That's not reflected in these numbers.

[Beacool]

11. That's true too.

The ones that can't collect checks anymore and the people who are underemployed are not counted.

[uponit7771]

14. CAVEAT: "seasonally adjusted". Obama admin will have to capitalize the middle class now