Jobless Claims Inch Higher in Latest Week

[Changenow]

(snip)
The Labor Department said initial claims for state unemployment insurance benefits, an early read on the resilience of the labor market, rose 3,000 to 394,000 in the Aug. 23 week from a revised 391,000 in the prior week. The gentle rise was slightly above market expectations for 390,000 new claims.
(snip)
http://biz.yahoo.com/rb/030828/economy_jobless_2.html


****************
And more proof that prosperity is just around the corner.....
****************

Q2 corporate profits fell 3.4 pctWASHINGTON, Aug 28 (Reuters) - Commerce Department
estimates of profits by U.S. corporations, with comparisons.
(snip)
http://biz.yahoo.com/rf/030828/table_us_q2_corporate_profits_fell_3_4_pct_1.html

[UpInArms]

1. did you see the GDP revision?

http://cbs.marketwatch.com/news/story.asp?guid=%7B74E081CA%2DF1DC%2D4D43%2D8B49%2DFE134E64BE41%7D&siteid=mktw

GDP accelerates to 3.1% in Q2
Current production profits up 15.3% year-over-year

WASHINGTON (CBS.MW) - Growth in the U.S. economy accelerated to a 3.1 percent annual rate in the second quarter from a sluggish 1.4 percent in the first quarter, the Commerce Department said Thursday.

The second estimate of gross domestic product exceeded economists' consensus forecast of 2.9 percent and the government's previous 2.4 percent estimate.

It's the fastest growth in a year.

As in last month's first estimate, consumer spending on durable goods and defense spending accounted for most of the growth. Business investment, especially in equipment and software, was also a major contributor.

...more...

note: must be that "war" economy -

[Changenow]

2. How can both reports be correct?nt

[ozone_man]

7. GDP is a fudged number.

The components of GDP are manipulated and include for the largest part, consumer GDP, which has been fueled by refinance borrowing. This is now about to end, and will eventually kill the GDP as credit is no longer available. From what I hear, the unemployment numbers are pretty real, but they too get fudged. When the partially employed, but wanting full employment and those no longer looking, etc., are included, the employment is about 10.5%. All these numbers are available in the Bureau of Labor Statistics. Once the refinance driven consumer buying ends and deficit spending ends, these numbers will probably go toward historic highs.

U-6 Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers

http://www.bls.gov/webapps/legacy/cpsatab12.htm

[Maeve]

3. EVERY initial claims report is revised the next week

Last week's was reported at 386K, then revised up to 391K. That makes today's 394K look like a more "gentle rise" of 3K instead of 8K.
Fuzzy math, it's all about fuzzy math...

[damnraddem]

4. It's the economy.

And, yes, it's Stupid's fault.

[whyaduck]

8. LOL

That is great. That should be the Democratic slogan for the 2004 campaign.

[newyawker99]

9. Hi whyaduck!!

Welcome to DU!! :toast:

[PROGRESSIVE1]

5. Defense spending is what is driving the GDP upwards..

even though no new jobs are being created and Bush is exported them overseas makes things even worse!

[Felix Mala]

6. What about those who've exhausted their benefits?

How can we get them added to President Shell's Sum of Grief?