U.S. Jobless Claims Probably Rose Last Week, Economists Say

[shugah]

U.S. Jobless Claims Probably Rose Last Week, Economists Say

March 2 (Bloomberg) -- First-time claims for unemployment benefits probably rose last week, still remaining below the average for the year and signaling job-market strength that will keep consumers spending, economists said ahead of a government report today.

Initial jobless claims probably rose by 7,000 to 285,000 in the week ended Feb. 25, according to a Bloomberg survey of 32 economists. The four-week average of jobless claims, which tends to decline as job creation grows, last month was at its lowest level since April 2000.

``The job market is firm, the outlook for hiring remains firm and hourly wages will pick up,'' said Zoltan Pozsar, an economist at Moody's Economy.com in West Chester, Pennsylvania. ``Wages will grow enough to keep consumer spending up.''

A strengthening labor market may help encourage consumers to continue spending in the face of a slowdown in housing, economists say. Consumer spending accelerated in January, increasing by the most in six months, after the second-best year for job growth since 1999.

http://quote.bloomberg.com/apps/news?pid=10000103&sid=aVrtLpG_ZQr0&refer=news_index

[mhr]

1. BullShit!

eom

[shugah]

3. i know

does anyone even believe the numbers they make up anymore?

[rocktivity]

2. Probably? As in, they don't know for sure?

That speaks for itself--more statistics fudging from the Bush empire.

:headbang:
rocknation

[shugah]

4. the labor department will release it's latest fiction

this morning. (thus the 'probably.')

[AndyA]

5. Economy doesn't look good for election year

The housing bubble is beginning to dissipate. Houses are staying on the market longer, orders for new construction are being canceled, and prices are coming down to sell.

Americans are maxed out on credit, no more equity loans to fuel credit spending, and credit card payments are higher now.

Gas and heating oil costs are higher, putting pressure on household budgets.

Many unemployed have dropped out of the figures, because they've been unemployed for so long.

Interest rates are going up, and worries about inflation are being discussed.

Plus, the Republican born and bred scandals of DeLay, Frist, Abramoff, Libby, Cunningham, Ney, Harris, spying, Katrina response, the war in Iraq, etc., it's hard to believe ANY Republicans will be re-elected.

Americans, just possibly, might be coming to their senses. And it's about time.

[AX10]

10. True. Also, this little "nugget":

An OUTRIGHT LIE ---> "The job market is firm, the outlook for hiring remains firm and hourly wages will pick up"

[fasttense]

6. Imaginary numbers so that they can inflate consumer confidence.

Real unemployment counted the way we counted it during the Great Depression is about 12% or higher. The government needs to make you think things are better than they are so that you will continue to spend and go into debt.

The government has redefined unemployment since the Great Depression. If you are unemployed but have given up looking for a job, you become a discouraged worker. You are still counted but placed in another category that the media does not report. The U-3 is popularly reported but the U-6, running about 8%, is the broadest measure of unemployment and is not regularly reported.

In addition back in the 90s, they reduced the number of people surveyed in high unemployment areas such as the inner city. And if you are a discouraged worker for over a year, you are dropped from the count. So now the numbers of unemployed look much better.

Not to mention, which of course I will mention, that the average American household income is manipulated too. There is a hidden addition to incomes called imputation. If you are a homeowner, the government assumes you pay yourself rent on your house, so that is rental income. Any benefit a person receives has an imputed income component. If you go to the bank and the bank doesn't charge you a fee for your checking account, that's counted as imputed income. Imputed interest income accounted for 21% of all personal income in 2002. Fully 62% of total rental income that year was imputed.

Here's hoping that when the bill comes America can cover it.

Here is a link but you have to register:

http://www.weedenco.com/welling/signin.asp

[anotherdrew]

7. these pigs can take their consumer spending and stuff it.

"Wages will grow enough to keep consumer spending up." - utter horseshit. Has this puppet ever heard of inflation?

[Maeve]

8. Well, it DID rise--report's in

But it rose more than expected...
WASHINGTON (MarketWatch) -- Initial applications for U.S. state unemployment benefits rose by 15,000 to 294,000 in the week ending Feb. 25, the Labor Department reported Thursday.
The four-week average of new claims rose by 5,250 to 287,250. The four-week average smoothes out the data to reduce the impact of one-time events such as storms or holidays.
A Labor Department official said seasonal adjustment factors could not entirely adjust for the timing of the Lincoln's birthday and Presidents Day holidays. State unemployment offices are closed on federal and state holidays, cutting into the time available for filing claims

http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B2017A824%2D76B7%2D44EF%2DB2D0%2D53C6C1F3D749%7D&siteid=mktw

[AllegroRondo]

9. I hear the chocolate ration will increase also

[Mithras61]

11. The numbers as currently reported...

are complete & utter bu!!sh!t. The BLS has stopped reporting anything that can be used to check their figures (since about 2002, I believe), so pretty much anything they DO report is FUD.

These are the same imbeciles claiming that the job market is better that are also claiming that they have to have more H1B visas because therye simply aren't enough "technical" people in this country to fill the jobs while at the same time trying to get us to complete with people in India (who make less than half of what I do for doing the same job). It's all about playing the people to get them to disbelieve what their eyes, ears & wallet are telling them.

Completely FUD.

[WhiteTara]

12. did we quit counting the unemployed along

with our ballots?