New claims for jobless benefits rise sharply

[Karmadillo]

Source: AP

WASHINGTON (AP) -- The number of people filing new claims for jobless benefits jumped last week after three straight declines, another sign that the pace of layoffs has not slowed.

Initial claims for jobless benefits rose by 12,000 to a seasonally adjusted 472,000, the Labor Department said Thursday. It was the highest level in a month.

First-time jobless claims have hovered near 450,000 since the beginning of the year after falling steadily in the second half of 2009. That has raised concerns that hiring is lackluster and could slow the recovery.

Still, the four-week average for unemployment claims, which smooths volatility, dipped slightly to 463,500. That's down by 3,750 from the start of January.


Read more: http://finance.yahoo.com/news/New-claims-for-jobless-apf-1639241920.html?x=0&sec=topStories&pos=1&asset=&ccode=

[HereSince1628]

1. Expansion didn't expand enough

here's to hoping that it doesn't contract.

[xchrom]

2. Recommend

[SocialistLez]

3. ::sigh::

We need a WPA....like a few months ago.

[SILVER__FOX52]

4. The ruling Oligarchs............

dismisses or ignores this and other negative economic data, in that, it doesn't support their contrived, meme of controlling the deficits. In fact, it does the exact opposite, in that, it is powerful evidence for the need of additional stimulus. The double dip recession, is upon us, but I think it maybe worse then that. The mysterious fealty of our Congress and President to their wealthy benefactors ( faux Aristocrats ), doesn't seem to correlate to the the real world events. Sorta, reminds me of King Louie and Maria Antoinette. You want evidence? I give you, Senator Orwin Hatches: 'let them eat drug tests' insane, remark. Senile old, soulless bastard.

[No Elephants]

8. It's the plutonomy, baby.

Political system and economy have merged into one system, designed to fulfill the 1921 soog llyric,

"there's nothing surer...

the rich get richer

And the poor get {read, 'poorer'}."




"Bill collectors gather
'Round and rather
Haunt the cottage next door
Men the grocer and butcher sent
Men who call for the rent
But with in a happy chappy
And his bride of only a year
Seem to be so cheerful
Here's an earful
Of the chatter you hear

Just to make their trouble nearly double
Something happen'd last night
To their chimney a gray bird came
Mister Stork is his name
And I'll bet two pins
A pair of twins
Just happen'd in with the bird
Still they're very gay and merry
Just at dawning I heard

Every morning
Every evening
Ain't we got fun
Not much money
Oh but honey
Ain't we got fun
The rent's unpaid dear
We haven't a bus
But smiles were made dear
For people like us
In the winter in the Summer
Don't we have fun
Times are bum and getting bummer
Still we have fun
There's nothing surer
The rich get rich and the poor get children
In the meantime
In the between time
Ain't we got fun.

Every morning
Every evening
Don't we have fun
Twins and cares dear come in pairs dear
Don't we have fun
We've only started
As mommer and pop
Are we downhearted
I'll say that we're not
Landlords mad and getting madder
Ain't we got fun
Times are so bad and getting badder
Still we have fun
There's nothing surer
The rich get rich and the poor get laid off
In the meantime
In between time
Ain't we got fun."

[Mimosa]

11. My mean post for the day: Why couldn't it have been Orrin instead of Ted? n/t

[jwirr]

5. This should have been expected with the newly unemployed from

the Gulf area. Every business that is suffering from this mess is laying workers off or shutting down altogether.

[ozymandius]

6. More information on this at the Stock Market Watch

Just as the comments say - this just sucks. Anything over 200K initial claims is horrendous.

STOCK MARKET WATCH, Thursday June 17

[OhioChick]

7. No surprise here. K&R n/t

[billymayshere]

10. Yupp

More of the same because of our insane economic policies. Can someone tell me when all these millionaires and billionaires, recipients of the Bush tax cuts, are going to start creating these jobs? I recall that being one of the talking points for the creation of them eight or so years ago. How much of the stimulus was geared to tax cuts again? Create fucking public works projects already! We lose shitloads of electricity in our grid because of inefficiencies, our system is dated we need to put people to work rebuilding the grid on a national scale. Roads need to be built, bridges, sewage treatment, fibre-optic, internets to rural US. You name it there are jobs to be created. Instead we get tax cuts and more talk of stimulus and what seems to me sometimes a third Bush term.

[fasttense]

9. What happened to that meme that the unemployment numbers

will go up because the long-term unemployed are coming out and seeking jobs? I guess it's nothing but Spin Baby Sin. As the song says Ain't we got fun.

[ChromeFoundry]

12. This slid to the 2nd page quick.

:kick:

[totodeinhere]

13. New jobless claims up sharply as layoffs persist

Source: AP via Google News

The number of people filing new claims for jobless benefits jumped last week after three straight declines, another sign that the pace of layoffs has not slowed. (snip)

The rise in jobless claims highlighted concerns about the economic rebound — especially after a report earlier this week said home construction plunged in May after government tax credits expired.

If layoffs persist, there's a concern that the June employment numbers may show a decline in private-sector jobs after five straight months of gains, said Jennifer Lee, an economist with BMO Capital Markets.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5gNiyJ905Ho0Ur96V2TQhsBX19lGwD9GD6RAO1

---

The economist interviewed for this article said that the recovery has definitely hit a wall. I think this adds more urgency to the bill to renew the extended benefit program that is languishing in the Senate. My reading of the gist of this article is that unemployment won't be coming down anytime soon.

[inna]

14. Meanwhile, over a million unemployed Americans will likely lose their unemployment assistance by the

end of the month.

http://www.inthesetimes.com/working/entry/6116/senate_fights_for_billionaire_fund_managers_tax_breaks_blocks_jobless_

:nuke:

[totodeinhere]

15. Sorry, I didn't know that this was already posted.

It had already slipped off the first pager so I didn't see it.