The number of Americans filing claims for unemployment benefits barely fell last week, a government report showed on Thursday, suggesting the labor market was struggling to regain momentum. Initial claims for state unemployment benefits slipped just 1,000 to a seasonally adjusted 428,000, the Labor Department said. Economists polled by Reuters had forecast claims dropping to 420,000. The prior week's figure was unrevised at 429,000. chipgiii | Jun 30, 2011 08:41 AM ETIt was the 12th straight week that claims have been above 400,000, a level that is usually associated with a stable labor market. Employment stumbled badly in May, with employers adding just 54,000 jobs—the fewest in eight months. "Payroll growth is going to be more like last month's rather than first three months of the year," said Troy Davig, senior U.S. economist at Barclays Capital in New York. Nonfarm payrolls are expected to have increased 90,000 this month, according to a Reuters survey, with the unemployment rate edging down to 9.0 percent. The employment report for June will be released on July 8. A Labor Department official said one state was estimated, noting there was nothing unusual in the state-level details. The continued elevation of claims could raise concerns that the economic soft patch in the first half of the year could linger. The economy has been slammed by bad weather, high gasoline prices and supply chain disruptions after the March earthquake in Japan. However, many economists and the Federal Reserve believe activity will pick-up in the third quarter as these temporary factors ease. The four-week moving average of unemployment claims, a better measure of underlying trends, nudged up 500 to 426,750. The number of people still receiving benefits under regular state programs after an initial week of aid fell 12,000 to 3.70 million in the week ended June 18. So-called continuing claims covered the survey week for the employment report's household survey, from which the unemployment rate is derived. The number of people on emergency unemployment benefits climbed 1,471 to 3.30 million in the week ended June 11, the latest week for which data is available. A total of 7.51 million people were claiming unemployment benefits during that period under all programs, down 30,701 from the prior week. |
Clearly the present path of printing dollars, borrowing more and more money is not working. At what point do we swallow our egos and admit we are going down the wrong path? Time for change Mr. President, real change.
| Tinderthought | Jun 30, 2011 08:42 AM ET |
the sycophant communist children who write headlines for CNBC are working hard this morning - LMFAO - what a stretch
| anangryman.com | Jun 30, 2011 08:43 AM ET |
Jobless claims fell less that expected last week, 400,000 and above initial jobless claims looks like its the new norm, what will the talking heads blame this on and what has Obama's job panel done since it was formed, nothing, and that's what you could expect in the future, one thing, initial jobless claims were at 650,000 at the height of the recession, that's one thing that is always put into the mix to give the appearance that the economy is turning around, but nobody seems to mention the 4,000,000 long term unemployed who's benefits are scheduled to run out after the new year.......more at anangryman.com
| Str8Talk | Jun 30, 2011 08:44 AM ET |
And these are not even the real numbers which we all know is much worse...
| redneckbluedog | Jun 30, 2011 08:46 AM ET |
Raise the debt-ceiling and watch those jobs numbers improve...!!!! Conservatives are purposefully suppressing the economy for as long as they can...Time to get past it...They're costing us all money for political reasons.....
| forthepeople33 | Jun 30, 2011 08:47 AM ET |
There's a shocker. I think it goes deeper then just oil prices going up though. Soon we are going to hit an inflection point that will force government to do something. If we maintain the current course with outlandish CEO pay and stagnant middle class work and pay we are undoubtedly going to have to face the music.
Congress are you seeing any of this?
Congress are you seeing any of this?
| moneyshot | Jun 30, 2011 08:48 AM ET |
Does employment really matter anymore?
As long as some wall street wizard can invent a financial instrument that "earns" a profit, all is good.
As long as some wall street wizard can invent a financial instrument that "earns" a profit, all is good.
| sezwhom | Jun 30, 2011 08:48 AM ET |
Once again, every Economist I heard on Bloomberg radio this week and CNBC, was WRONG! However, another bad jobless report is a moot point on Wall Street. It's simply ignored so Dow should rally again. Whoo-who!
| 2B | Jun 30, 2011 08:51 AM ET |
The Summer of Recovery continues....not. We need 2012 to get things really turned around.
1 comment:
Summer of no-Recovery Part Deux.
Let's just come out and finally admit it ... this will be a jobless recovery. Has any other "recovery" taken this long to get us back to pre-recession levels? ... short of the great depression.
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