Weekly jobless claims up more than expected (Continuing claims set a record for 15th straight week)

[Pale Blue Dot]

Source: MSNBC

WASHINGTON - New jobless claims rose more than expected last week due partly to an increase in layoffs by the automobile industry, while the number of people continuing to receive unemployment benefits set a record for the 15th straight week.

The Labor Department said Thursday that the number of new claims rose to a seasonally adjusted 637,000, from a revised 605,000 in the previous week. That's above analysts' expectations of 610,000.

The increase comes after initial claims dropped in four of the previous five weeks, which raised hopes that the wave of layoffs announced earlier this year has crested and that the recession was nearing a bottom.

A department analyst said most of the increase was due to auto layoffs. Economists estimate Chrysler LLC has laid off 27,000 workers in the wake of its April 30 bankruptcy filing. General Motors Corp. has said it will temporarily shut 13 factories beginning later this month through July, potentially affecting 25,000 workers.

Still, many economists expect the downward trend in jobless claims to continue once the impact of the auto industry's job cuts has passed.

Read more: http://www.msnbc.msn.com/id/30741297/

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It only raised hopes among people who weren't paying attention.

[Hugin]

1. K&R

:kick:

[fasttense]

2. Well, isn't this exactly what Tennessee Senator Corker wanted?

He wanted all our American based automobile corporations to shut down and create mega unemployment. See Corker/Porker what a wonderful thing you have caused.

[tomm2thumbs]

3. I wonder if we have only been feeling the preshocks of a bigger earthquake yet to come

starting to wonder if this 'stimulus' plan was just a mother-bird regurgitating food into the open mouths of bankers all along

[Waiting For Everyman]

4. The 2010 Census is ending - get ready for 150K more in the next few weeks.

I wouldn't want the statistics people to be all shocked, or anything. (They will be though.)

[TomClash]

5. FT: New US jobless claims unexpectedly jump

Source: Financial Times

New US jobless claims unexpectedly jump

By Alan Rappeport in New York

Published: May 14 2009 14:27 | Last updated: May 14 2009 14:47

The number of first time unemployment benefits claimed by US workers unexpectedly rose last week, according to labour department figures, dashing hopes that new claims were starting to level off.

New jobless claims climbed by 32,000 to 637,000 in the week ending May 9, the labour department said on Thursday. That was worse than economists expected and was attributed largely to auto-related job cuts due to the idling of Chrysler plants.

The number of Americans continuing to claim unemployment rose to a fresh record high of 6.56m, up from a previous record of 6.34m the week before. The insured unemployment rate rose by 0.1 percentage point to 4.9 per cent.

“The latest claims data slightly set back our hopes that a recession bottom is forming,” note John Ryding and Conrad DeQuadros, economists at RDQ Economics.

Last week the labour department reported that US unemployment climbed to 8.9 per cent in April, its highest level in a quarter of a century. Analysts are fearful that job cuts at car companies could bring another surge in the unemployment rate this month.

Read more: http://www.ft.com/cms/s/0/5fe4cc68-4089-11de-8f18-00144feabdc0,s01=1.html

[ixion]

6. there's that "unexpectedly" again

:eyes:

What a crock.

[twitomy]

11. Thats funny..when I lost MY job this week It wasnt really "unexpected"

as my company has been in a tailspin....

[Guy Whitey Corngood]

7. Unexpectedly???!! How was this unexpected?. nt

[bemildred]

8. Damn, they were wrong again! nt

[fasttense]

9. But, but, Wall Street is doing just fine after we dumped all our hard earned tax dollars on them.

So why is unemployment still at record highs when our banks are perfectly stress-less?

[MercutioATC]

10. In other news, water is unexpectedly wet.

"We expected water to start drying out by now, but it hasn't", experts said. "Frankly, we're baffled."

[mule_train]

12. you dont expect these sorts of things in a depression

always something new

[PhillyQuaker]

13. Joining the ranks of the unemployed

as of tomorrow, unfortunately.

[AngryAmish]

14. It is only unexpected if you have fallen down a well for the last year.