New Unemployment Claims SURGE, Hit Highest Level Since November 2009

[Donnachaidh]

http://www.huffingtonpost.com/2010/08/19/new-unemployment-claims-s_n_687420.html

WASHINGTON (AP) -- New applications for unemployment insurance reached the half-million mark last week for the first time since November, a sign that employers are likely cutting jobs again as the economy slows.

The Labor Department said Thursday that initial claims for jobless benefits rose by 12,000 last week to 500,000, the fourth increase in the past five weeks. Wall Street economists forecast that claims would drop.

The four-week average, a less volatile measure, rose by 8,000 to 482,500, the highest since December. There were no special factors that distorted the numbers, a Labor Department analyst said.

The increase suggests the economy is creating even fewer jobs than in the first half of this year, when private employers added an average of about 100,000 jobs per month. That's barely enough to keep the unemployment rate from rising. The jobless rate has been stuck at 9.5 percent for two months.

Stock futures fell on the news. The Dow Jones industrial average futures had risen more than 50 points before the report was released. They dropped quickly and were down as much as 20 points afterward.

More at the link ---

[xchrom]

1. Surprise!!! Nt

[OhioChick]

18. Don't you just love these "unexpected" surprises?! n/t

[SammyWinstonJack]

2. We don't need no stinkin' jobs!

:silly:

[w8liftinglady]

3. What a shockk...here is a way the states...at least mine..post such high employment rates

Texas has an 8.4 rate-above the national average.They have cut hours and benefits on most of the non-managerial people I know.I see the uninsured rate increasing even more-we already lead the nation.

[daylan b]

5. What numbers are you using?

Texas has followed the national unemployment rate but has been a full percentage point below it, not above it, since Fall 08.

The national rate hasn't been as low as 8.4 since the first part of 09.

[w8liftinglady]

8. well-I meant unemployment-sorry-it's smoke and mirrors-underemployment

and being screwed by the elite.

[daylan b]

10. Edit: Oh, you meant higher as in lower

I understood you to mean higher unemployment in the traditional sense.

BTW, the idea you are speaking of is far from unique to Texas and Texas is still better off than most states in that stat as well.

[w8liftinglady]

13. read at your leisure.

http://www.cppp.org/files/8/423_SOWT.pdf

THE STATE OF WORKING TEXAS 2009

[daylan b]

15. I'm aware of that report, it's part of what made me question your original reply

Yet it doesn't support what you are claiming. All states have the underemployment issue you mentioned earlier, it's not unique to Texas.

[NikRik]

4. need help from feds !

Untill a massive program simular to the New Deal is quickly put into action Iam afraid employment will come to late for most of those who have been unemployed for to long already and that includes me!It seems that at 53 years old Iam not even considered when I apply for a job.All the 20-30 something's get any job B/4 they would consider a man of my age.Then the bigger problem is all of the jobs available are part time only, I need a full time job in order to pay my bills and keep a roof over my families head. Even thou Iam 53,I have a 15 year old daughter and a 13 year old boy. Will this nightmare ever end ??? ;(
NikRik

[Aramchek]

6. they extended unemployment for thousands who had stopped receiving it

of course the number went up.

But I guess you'd rather be sensational than honest.

[inna]

:wtf:

[laughingliberal]

11. It looks like the article says initial claims rose. I take that to mean people who have not ...

previously been receiving benefits, not those whose benefits were cut off during the delay in extending UI.

[Statistical]

14. Unemployment benefits have absolutely NOTHING to do with unemployment rate.

If you are willing and able to work and have looked for work in last 4 weeks then you are unemployed for the purpose of U-3.

You can be unemployed and not get benefits. Punch your boss in the face I guarantee you will be unemployed (and join the U-3 stats) but never see a dime in Unemployment insurance.

[seattleblue]

19. This is NEW unemployment claims.

Not renewal of old ones.

[inna]

7. Oh boy. Jobless recovery. Works great for plutocrats. Little people can go screw themselves.

:nuke:

[laughingliberal]

12. K & R nt

[Mudoria]

16. This kind of news sure makes a lot of DU'ers happy..

[laughingliberal]

17. Only in that we hope it will wake people up and put some pressure on our lawmakers to do more.

The fact is there are a lot of out here living the reality of the situation and we do prefer the truth be told about it. The current message from our lawmakers sounds a lot like they are telling us we just have to sit and wait patiently while the inadequate steps they have taken work their magic over the next few years. I think more is in order and if they are denying the gravity of the situation, they feel no urgency to do anything about it.

[flamingdem]

21. Like REPUBLICAN lawmakers? nt

[laughingliberal]

22. Republicans and the Democrats who side with them. The deficit hawks are the problem.

The Republicans, obviously, stand to benefit from bad economic news, they think. What I don't get is why any Democrat would be joining in deficit craze when it's obvious we need more spending right now. Very confusing especially as they are worried about losing independent voters and polling is showing jobs and the economy is at the top of the list of priorities for independents and spending is way down their list of concerns right now.

[Better Believe It]

23. Why do you think liberals/progressives are "happy" when they lose their jobs?

Do you think they are even happier if their unemployment benefits run out?

[ChromeFoundry]

20. K&R n/t

[nashville_brook]

24. a sad k and r