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May 20, 2010

Jobless number up

Topics: Political News and commentaries

And since the story is from the AP, the increase is, as always, "unexpected" - that is, only to the AP. Those not in the tank with the administration knows the stimulus did more damage to the economy than the good it did (provide jobs for teachers unions and state workers).

Via the AP:

WASHINGTON --- The number of people filing new claims for unemployment benefits unexpectedly rose last week by the largest amount in three months. The surge is evidence of how volatile the job market remains, even as the economy grows.

Applications for unemployment benefits rose to 471,000 last week, up by 25,000 from the previous week, the Labor Department said Thursday. It was the first increase in five weeks and the biggest jump since a gain of 40,000 in February.

The forecast had been for claims to fall by around 4,000 from the previous week. "Although no one expects this volatile series to go in one direction every single week, this is clearly a disappointment," said Jennifer Lee, senior economist at BMO Capital Markets.
The total was the highest since new claims stood at 480,000 on April 10. It also pushed the average for the last four weeks to 453,500.

Employers are hiring again, but not at levels needed to make a dent in the unemployment rate, which increased in April to 9.9 percent. An improving economy has lured those who had given up looking for work back into the labor market. The jump in the unemployment rate came even though payrolls rose last month by 290,000 jobs, the biggest gain in four years.

Analysts could trim their forecasts for job growth in May based on the sudden rise in new claims. The increase occurred in the week that the government conducts its survey for the monthly unemployment report.

The number of people receiving jobless benefits fell by 40,000 to 4.63 million for the week ending May 8.

However, that figure does not include unemployed workers who have exhausted their regular 26 weeks of benefits. An additional 5.3 million workers are receiving extended benefits paid for by the federal government for the week ending May 1.

From the AP it's always excuses, excuses, and more excuses. Someday the AP needs to wake up and realize their backing a lame horse headed in the complete wrong direction. Socialism and its accompanying government spending and ever-increasing national debt is not going to rebuild this country's economy and create more jobs, only private businesses and individuals create wealth and pay taxes, and they can't do either with big government holding them down with ever-increasing regulations and taxes, and government policies that redistribute wealth from those that use it to create more and pay the taxes that finances the government. With socialism, the well of capital seized from the businesses and individuals that created it runs dry, as it has already in Greece, and is in the process of occurring elsewhere in Europe - something our socialist-in-chief continues to ignore. Meanwhile, Americans continue to unnecessarily go without jobs.that could have already been - in fact - created (as in for real, not pretend as the Obami claim out of thin air).

Related video: Ron Paul (who I don't always agree with) - How Obama's Stimulus Hurt The Economy:

Posted by Richard at May 20, 2010 9:43 AM

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