Biggest jobless claims rise since February

[Amerigo Vespucci]

Source: MSNBC

Updated: 14 minutes ago

WASHINGTON - The number of newly laid off workers filing claims for unemployment benefits shot up by the largest amount since early February, a far bigger increase than had been expected.

The Labor Department reported Thursday that applications for jobless benefits hit 337,000 last week, an increase of 28,000 from the previous week. That was the biggest one-week surge since jobless claims jumped 42,000 the week of Feb. 10.

The increase was four times larger than the gain of 6,000 that economists had been expecting and could be a sign that the labor market is starting to weaken under the impact of a severe downturn in housing and the credit crisis that jolted financial markets in August.

The 337,000 total claims for the week was the highest level since a similar number of claims were filed on Aug. 25. Government analysts said that part of last week’s big rise probably reflected trouble in adjusting the numbers for normal seasonal changes at the start of a new quarter, a time when claims often spike.

Read more: http://www.msnbc.msn.com/id/21358747/

[OrangeCountyDemocrat]

1. GREAT NEWS!!!

I'm SURE that's how they'll SPIN it at least.

Wait for it, Wait for it.....CNBC will make this into a good thing.

I can't wait for their, "But there's good news in this report too."

Need to keep the market juiced, so that people don't realize we're IN A RECESSION, and headed towards a DEPRESSION.

[OrangeCountyDemocrat]

2. Woops....Guess They Already Began SPINNING In The Article Itself

"Government analysts said that part of last week’s big rise probably reflected trouble in adjusting the numbers for normal seasonal changes at the start of a new quarter, a time when claims often spike."

FUCKING EXCUSES, EXCUSES!!

GOD DAMNED BASTARDS!!! I HATE THE PEOPLE RUNNING THIS FUCKED UP COUNTRY!!

[papau]

3. Funny how "normal seasonal changes error in adjustment" never get mentioned when its dropping n/t

n/t

[Tandalayo_Scheisskopf]

4. Like I always say:

Don't EVER listen to the announced numbers for the current week. Wait until the end of the announcement, because that is where the real action is, where they announce the adjusted numbers for last week. That is where you will get a more(but not completely) honest employment number.

Of course, basing anything, other than a casual conversation, on the U3 number is madness.

At least this number will make the market go up. :eyes:

[SpiralHawk]

5. Thanks a pantload, republicon homelanders

This will be known eternally as the Bush-republicon-homelander Depression

[Highway61]

6. Recession?

what recession?