Initial Claims for Jobless Benefits Drop Sharply

[Amerigo Vespucci]

Run time: 00:50 https://www.youtube.com/watch?v=xqC0jTNGp7w   Posted on YouTube: July 15, 2010 By YouTube Member: AssociatedPress Views on YouTube: 291   Posted on DU: July 16, 2010 By DU Member: Amerigo Vespucci Views on DU: 488

 

[Systematic Chaos]

1. Don't we need less than 300,000 per week just to keep up with population growth?

Or maybe it's 350,000. But in either case, that only means we're still losing jobs like crazy.

This is NOT a "recovery". :grr:

[dmallind]

4. 425000 according to most = growth NT

[EnviroBat]

2. Is it just me or is this a bullshit statistic?

So the "Initial Claims" for Jobless benefits dropped. That means that the number of people who just lost their jobs and applied for unemployment dropped. That doesn't mean that the people already on un-employment found jobs! Do they think we're a bunch of stupid sheep? That's still waaaaay too many people losing their jobs!

[mikekohr]

3. It Took FDR 7 years to End "The Great Depression," Obama Ended "The Great Recession" in 18 Months

Employment is now and has always been a lagging indicator in upturns from economic downs turns.



?

Payrolls May Have Climbed for Fifth Month


Employment probably grew in May for a fifth consecutive month, pointing to gains in wages that will help U.S. households ride out the turmoil in financial markets, economists said before reports this week. Payrolls may have climbed by 508,000 workers last month, the biggest increase since 1997, according to the median estimate of 64 economists surveyed by Bloomberg News. The gain reflected a surge in government hiring of temporary help to conduct the census and a 180,000 rise in private employment, according to the survey. Other reports may show the economic rebound is broadening beyond manufacturing as service providers, including retailers and construction firms, see a pickup in demand. General Electric Co. is among companies hiring, saying the European debt crisis is unlikely to derail the recovery from the worst global recession in the post-World War II era. “The labor market is clearly improving,” said James O’Sullivan, global chief economist at MF Global Ltd. in New York. “At this point, there’s enough momentum in the economy to outweigh the drag from the turmoil in Europe.” Read more: http://www.bloomberg.com/apps/news?pid=20601103&sid=alc...

[dmallind]

5. It's not supposed to measure that

We have a measure for how many people have or lack jobs, and how many are still claiming benefits, and how many gave up, etc ertc. All those metrics and many more exist, and it's not bullshit to have specific metrics for specific criteria. This metric is there to do one thing - measure the pace of layoffs and job losses. That's all it's supposed to do. Why is it bullshit because it is not all encompassing when the "gaps" you mention are clearly measured and publicized separately?

It is just one side of the equation of course as we cannot measure as timely and as accurately the number of people who found jobs this week, but both losses and gains are routinely in the hundreds of thousands every week regardless of the strength of the economy.