U.S. jobless claims jump more than expected

[Pale Blue Dot]

Source: MSNBC

Continuing claims rise to another record high again as recession bites.

WASHINGTON - New jobless claims rose more than expected last week, while the number of workers continuing to filing claims for unemployment benefits topped 6.1 million.

Both figures are fresh evidence layoffs persist amid a weak job market that is not expected to rebound anytime soon.

The Labor Department said Thursday that initial claims for unemployment compensation rose to a seasonally adjusted 640,000, up from a revised 613,000 the previous week. That was slightly above analysts’ expectations of 635,000.

Economists are closely watching the unemployment compensation data because they believe a sustained decline in the number of initial claims could signal the end of the recession is nearing. Jobless claims have historically peaked six to 10 weeks before recessions end, according to a report by Goldman Sachs. Initial claims reflect the level of job cuts by employers.



Read more: http://www.msnbc.msn.com/id/30364714/

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More people are losing their jobs, and each week there is a new record for the number of continuing claims. This means less spending, more foreclosures and more defaults.

[ixion]

1. "more than expected..."

...

My lily-white arse.

I'm really sick of people playing stupid to prop up stupid people.

[formercia]

10. Data to be adjusted later

to show how bad it really was.

[Coyote_Bandit]

2. Worth Noting

Job creation will not signal the approaching end to the recession/depression. At least not in the opinion of the so-called experts.

Sometimes the bleeding stops because the damage has been contained and the healing process has begun. Sometimes the bleeding stops because the patient is dead.

[INdemo]

3. And the Indiana legislature is trying to change eligibility rules

for collecting unemployment. Its a typical Republican plan to cause even more foreclosures and losses with the working class..Please read more about this in the State Forums (Indiana) and join the protest march to the state capital.

[xchrom]

4. recommend -- every jobless person has a rippling, multiplying effect

in the community they live in.

imagine the effect this is having.

[saigon68]

5. As long as there are children in (Pick a country)

Bangladesh, china, viet-nam etc. willing to work for 20 cents an hour for food ----sewing shirts for corporate criminals like walmart.

This country will continue its ultimate slide into Mexico North.

Where 1/4 of 1% of the people control 99.999 % of the wealth and power

[OhioChick]

14. You're absolutely right. n/t

[ananda]

6. "More than expected"??? Were you surprised?

I wasn't.

[Xipe Totec]

7. More proof that what's bad for the worker is good for the market

Stock futures rise as Apple tops expectations

NEW YORK (Reuters) – Stock index futures pointed to a higher open on Thursday with Apple Inc set to boost technology shares after it reported strong sales even as consumers tightened their belts.

Investors also awaited data on existing home sales for March and initial jobless claims. The report on the labor market is expected to show that initial claims at 635,000, according to Reuters data.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3845444


What they don't say, and what always happens, is that the market rises when unemployment rises (it keeps labor cheap).

[frylock]

8. it's always "more than expected"

fuck that shit. are these idiots even paying attenetion?!

[mbperrin]

9. They are. They hope YOU'RE not!

nt

[bvar22]

11. How many failed Wall Street Bankers...

...are in the Unemployment lines or "retraining" for service sector jobs?

Not that many?

Oh.

Must be nice to have friends in high places.

[blueclown]

12. The Bush recession is the gift that keeps on giving, huh?

[Dappleganger]

13. Not surprising.

American's idealistic balloon was doomed to be popped.

No, it's not going to get better in a few months.