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November 15, 2012

Weekly jobless claims rise to 439K ... Highest Level Since April 2011


According to today's USDL report, the adjusted number of jobless claims leaped upward by 78,000 to hit 439,000 ... the highest level in almost two years:

In the week ending November 10, the advance figure for seasonally adjusted initial claims was 439,000, an increase of 78,000 from the previous week's revised figure of 361,000. The 4-week moving average was 383,750, an increase of 11,750 from the previous week's revised average of 372,000.

The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending November 3, an increase of 0.1 percentage point from the prior week's revised rate. The advance number for seasonally adjusted insured unemployment during the week ending November 3 was 3,334,000, an increase of 171,000 from the preceding week's revised level of 3,163,000. The 4-week moving average was 3,254,500, an increase of 17,750 from the preceding week's revised average of 3,236,750.

Obama's labor department and their fellow Obamanists blame Sandy ... but they're 100% dead wrong. It can't all be blamed on Sandy since, as Ed Morrissey points out ... the states impacted most by the hurricane didn't make it onto the list of biggest increases, save for New Jersey and Connecticut -- but claims there only jumped up by 5,675 and 1,783, respectively and unadjusted. Clearly, these two states aren't the biggest cause for a jump of 104,000 claims. Both Pennsylvania (7,766) and Ohio (6,450) lost more jobs, thanks to layoffs in manufacturing and other industries. The two most impacted states from Sandy contributed less than 8% of the overall unadjusted increase, which is shown in the table of their own press release. There were more new claims in Pennsylvania alone than in New Jersey and Connecticut combined. New York actually had a decrease in claims (-2,241) due to the storm, thanks to infrastructure that couldn't rebound in time to process them -- but expect those to show up next week.

Bottom line ... business concerns over the 'fiscal cliff', ever-increasing government regulations, and Obamacare are far more likely reasons than Sandy. But unemployment isn't the only problem in Obama's America. Inflation is up: consumer prices rose slightly last month as higher rents and costlier food offset cheaper gas. Add to these problems there's also the threat of looming recession: data shows today that the euro zone debt crisis dragged the bloc into its second recession since 2009 in the third quarter despite modest growth in Germany and France. Given our weak economy ... we're more likely than not sure to follow suit.

Stagflation ... here we come!

Not to worry though, voters just put Barack Obama in charge of the economy for another four years. Doing more of the same is going to give us a better outcome this time, right?

Posted by Hyscience at November 15, 2012 10:14 AM

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