Jobless Claims Fall, Inflation Stays Low (Drudge w/Shrub Photo)

[cthrumatrix]

Jobless Claims Fall, Inflation Stays Low
Thu October 16, 2003 09:12 AM ET

By Anna Willard
WASHINGTON (Reuters) - The U.S. jobs market is showing signs of improvement and inflation remains low in the economy outside the energy sector, government reports on Thursday said.

The number of Americans filing an initial claim for jobless benefits fell last week to the lowest level since early February, the Labor Department said, a hopeful sign for job seekers.

Underlying inflation, stripping out volatile food and energy costs rose 0.1 percent in September, in line with expectations. Over the last 12 months, the core CPI has risen just 1.2 percent, the smallest increase since February 1966, the department said.

"By and large these numbers so far today show a strong economy," said Pierre Ellis, senior international economist at Decision Economics.

more

http://www.reuters.com/printerFriendlyPopup.jhtml?type=businessNews&storyID=3627531

Of course it's possible for jobs to ebb and flow....but the "pump job" here is obvious and intended to keep what the real news off the front page.

[Beetwasher]

1. If jobless claims didn't fall in the midst of Xmas Season Hiring

Then we'd be in a lot of trouble...

[fizzana]

2. That's only about 77,000 people a day losing their jobs.

Nothing to worry about.

[twilight]

3. more lies!

Looks a lot higher than 1.2%! What a pile of crap! :grr: :grr: :grr:

http://inflationdata.com/inflation/inflation_rate/CurrentInflation.asp



Every person makes a difference!

DENNIS KUCINICH FOR PRESIDENT IN 2004!!!!!

:dem: :kick:

[MetaTrope]

4. Who gives a flying f*** about "initial claims"

The government isn't doing anything to keep track of how many people have remained jobless for weeks, or months, or years.

[mhr]

5. Don't Believe The Spin

Hi All,

Before one gets the idea that the economy is in overdrive and all is
well again, consider some of the job losses announced just this week.

http://www.stltoday.com/stltoday/business/stories.nsf/Business%20News/03E82E114A18D1F586256DC1000ACFCD?opendocument&Headline=ICN%20Pharmaceuticals%20will%20cut%201%2C900%20jobs%2C%20sell%208%20manufacturing%20plants

"ICN Pharmaceuticals Inc. of Costa Mesa, Calif., which is shedding units
to focus on drug research, will cut more than a third of its work force and sell
eight manufacturing plants to save up to $200 million within five years.

The manufacturing work force will be reduced to about 1,300 from 3,200,
ICN said Wednesday. At the end of last year, the company had about 8,000
manufacturing employees."

http://www.stltoday.com/stltoday/business/stories.nsf/Business/B0A0AB10A20EACAE86256DC1000F58A3?OpenDocument&Headline=Monsanto+cuts+jobs+because+of+drop+in+Roundup+sales+++

"Monsanto Co. executives on Wednesday took action, after months of
saying they need to cut costs because competition is hurting sales of
their flagship product, Roundup herbicide.

The agrochemical, biotech seeds and traits company, based in Creve
Coeur, said it is laying off between 7 percent and 9 percent of its
13,200 employees, or between 924 and 1,188 people."

http://komotv.com/stories/27776.htm

"FERNDALE - Alcoa announced Wednesday it is laying off 200 of the 600
workers at its Intalco aluminum smelter here and cutting production in
half because of high electricity costs.

One wonders where all these folks will find employment among the 9
million already on the street."

For an interesting analysis on Silicon Valley and the loss of high-tech jobs,
the following from prudent bear is worth considering.

http://www.prudentbear.com/archive_comm_article.asp?category=Guest+Commentary&content_idx=27281

"Living in Silicon Valley, the perpetual question is when will
employment recover? The quickest way for this to happen is if the
economy recovers and the major high-tech companies start adding staff
again."

"...there is little justification for forecasts of an employment
recovery in Silicon Valley."

"In fact, Andy Grove was quoted October 9, 2003 as saying Intel has no
choice but to hire overseas in order to remain competitive."

"Conclusion: If high-tech employment recovers anytime soon in Silicon
Valley, it will not be due to hiring at the largest employers."

Finally, we have this from Money magazine.

http://money.cnn.com/2003/10/15/news/economy/unemployment_poll.reut/index.htm

"Analysts see scant prospect of a meaningful fall in U.S. unemployment
for months to come, despite tentative signs of a turn in the jobs market
in recent days, a Reuters poll showed Wednesday."

'"It would take jobs growth of 200,000 to 300,000 a month for six months
or more to make a dent in unemployment," said James Glassman, senior economist
at J.P. Morgan.'

'"I suspect that a large part of these net job losses -- particularly in manufacturing,
airlines and telecommunications -- are permanent and will not be reversed as
the economy gains steam. Instead, new jobs will need to be created in other sectors
of the economy to replace them," was the cautious conclusion of Fed Governor Susan Bies last week.'

[morebunk]

6. Keep Lowering Taxes..long enough and when the economy get better

take credit for it. Sooner or later things have to change. Bush keeps giving tax cuts to the wealthy and if the economy finally turns the corner he'll say it was his last tax cut that did it...no matter how much pain was inflicted on the masses.

A stopped clock is right twice a day.

[jab105]

7. The economy operates in cycles...

however, the huge debt we have incurred as a result of Bush's policies doesn't...it just keeps getting bigger and bigger...and once those Baby Boomers start retiring in 2008...oh heck, 2008 is years away, why worry today about something that you can put off until tomorrow......
:eyes:

[revcarol]

8. Jobless claims fall because previous claims revised upwards.

Otherwise, no "fall." Let's have some truth in news here, guys.

[dgolfer]

9. read it again

The number of Americans filing an "initial" claim for jobless benefits fell last week to the lowest level since early February.

meaning nothing more than less people got laid-off in the last reporting week than any previous week since feb.

[Media_Lies_Daily]

10. That'll change when the usual pre-Christmas lay-offs take place.

[newyawker99]

16. Hi dgolfer!!

Welcome to DU!! :toast:

[conservdem]

11. This is some good news. Let's hope things are really improving.n/t

[okieinpain]

12. really, my workplace is taking advantage of people because

they feel you have no where to go.

[conservdem]

15. Well if things improve, it will be harder for employers to act that way.

[twilight]

13. keep dreaming fool ...

They just bilked another $87 billion out of we the people of the United States of America yesterday for an UNJUST WAR that was never authorized!!!!!! It is breaking the back of our economy! Jobs? What jobs???????????????

Because we did not authorize the invasion of Iraq.
We did not authorize the invasion of Iran.
We did not authorize the invasion of North Korea.
We did not authorize the bombing of civilians in Afghanistan.
We did not authorize permanent detainees in Guantanamo Bay.
We did not authorize the withdrawal from the Geneva Convention.
We did not authorize military tribunals suspending due process and habeas corpus.
We did not authorize assassination squads.
We did not authorize the resurrection of COINTELPRO.
We did not authorize the repeal of the Bill of Rights.
We did not authorize the revocation of the Constitution.
We did not authorize national identity cards.
We did not authorize the eye of Big Brother to peer from cameras throughout our cities.
We did not authorize an eye for an eye.
Nor did we ask that the blood of innocent people, who perished on September 11, be avenged with the blood of innocent villagers in Afghanistan.
We did not authorize the administration to wage war anytime, anywhere, anyhow it pleases.
We did not authorize war without end.
We did not authorize a permanent war economy.

DENNIS J. KUCINICH FOR PRESIDENT IN 2004!!!!!!!!!

:dem: :kick:

[conservdem]

14. Twilight, don't you want to see the economy improve ASAP?

I am not "dreaming," I'm optomistic.