Thursday, August 12, 2010

Recovery Summer my foot! New unemployment claims jumps to 484k

When you look at this story and the last one about deficit spending, you get the feeling the wheels are really coming off America. No wonder almost two thirds of Americans think we have not hit bottom yet. 
WASHINGTON (AP) — The employment picture is looking bleaker as applications for jobless benefits rose last week to the highest level in almost six months.
It’s a sign that hiring is weak and employers are still cutting their staffs.
First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000, the Labor Department said Thursday. Analysts had expected a drop. That’s the highest total since February.
Initial claims have now risen in three of the last four weeks and are close to their high point for the year of 490,000, reached in late January. The four-week average, which smooths volatility, soared by 14,250 to 473,500, also the highest since late February.
Analysts said that the unexpected rise in claims suggests hiring in August won’t be much better than July. The economy added a net 12,000 jobs last month after excluding the loss of temporary census positions.
The jobless claims report “represents a very adverse turn in the labor market, threatening income growth and consumer spending,” Pierre Ellis, an economist at Decision Economics, wrote in a note to clients.
Recovery Summer is looking more like a Cruel Summer. Cue Bananarama.

Via: Politico 


Lisa Krempasky said...

The extension of unemployment benefits is taking away initiative away from the middle class. Many of those people are now doing just the minimum to keep their dole coming. They should be out taking risks and starting businesses, but instead they sit at home complaining.

Angie Lee said...

We saw this coming, though. I can't help it anymore, sitting back and laughing while they continue to poke themselves in the eye with a sharp pointy stick. I know it's not productive but.... they brought it on themselves.

Anonymous said...

If they look at the "unemployment number" by, well, looking at the unemployment number, it will be MUCH higher. They just stop counting the people who gave up looking for a job as "unemployment."

2nd Anonymous

Gorges Smythe said...

I've been calling for charities for over a year now (MY manufacturing job went to China under Bush.), and things on the other end of the line are WAY worse than they were a year ago. "Improving economy" my _ss!

crypticchika said...

I'm saying this in MY BEST Obama voice ya'll:

''It could be worse'' -LOL

- that may be the ONLY thing Obama has been correct about since he's been in office!! I just fear the Obamanator is gonna show us how worse :(

Anonymous said...

The "Recovery Summer" economy is like a reanimated zombie: it moves around a bit, mostly aimlessly, but it is still dead.

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