Jobless claims rise to 406,000
- added July 24, 2008
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- stone246
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The number of Americans filing first-time claims for unemployment benefits rose last week to the highest in almost four months, a sign the slowing economy is weakening the labor market.
Initial jobless claims increased by 34,000 to 406,000 in the week ended July 19, from a revised 372,000 the prior week, the Labor Department said today in Washington. The filings exceeded economists' forecast and were the most since 406,000 in the week ended March 29.
U.S. employers are reducing workers as surging fuel costs, a three-year housing slump and a crisis in credit markets restrains demand. Rising joblessness reinforces concern that consumers will pull back on spending, which accounts for more than two-thirds of the economy.
``The underlying picture is one of a labor market that is weak,'' said David Sloan, senior economist at 4Cast Inc. in New York, whose forecast of 410,000 was the closest to the actual number in a Bloomberg News survey of 44 economists. ``The economy is growing slowly so you tend to see job losses rising. The weakness could increase further in coming months.''
Treasuries were higher, pushing yields down. The benchmark 10-year note yielded 4.09 percent as of 8:50 a.m. in New York, down 3 basis points from yesterday.
Near 2005 High
Initial jobless claims increased by 34,000 to 406,000 in the week ended July 19, from a revised 372,000 the prior week, the Labor Department said today in Washington. The filings exceeded economists' forecast and were the most since 406,000 in the week ended March 29.
U.S. employers are reducing workers as surging fuel costs, a three-year housing slump and a crisis in credit markets restrains demand. Rising joblessness reinforces concern that consumers will pull back on spending, which accounts for more than two-thirds of the economy.
``The underlying picture is one of a labor market that is weak,'' said David Sloan, senior economist at 4Cast Inc. in New York, whose forecast of 410,000 was the closest to the actual number in a Bloomberg News survey of 44 economists. ``The economy is growing slowly so you tend to see job losses rising. The weakness could increase further in coming months.''
Treasuries were higher, pushing yields down. The benchmark 10-year note yielded 4.09 percent as of 8:50 a.m. in New York, down 3 basis points from yesterday.
Near 2005 High
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And these numbers only provide data on people who apply for unemployment ..Doesn't give data on all the people w/out work..That is a lot of people.
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I do not believe the economy is slowly growing, why are people so reluctant to say we are in a recession when that is exactly what is going on??
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- Solarbaby420
- 2 months ago
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Houston had 100,000 jobs in 2007. One of the few cities that is not being adversely affected by this "recession". With a city that is the fourth largest in the nation having a lower cost of living it is no wonder the influx of people who are coming here to live.
Texas as a whole isn't nearly as affected as the rest of the country. -
There are certain places and people still not feeling what is going on. Having enough money to insulate a person from this recession can leave them feeling unaffected. Also living in an isolated bubble where you do not have to (or want to) learn about those who are feeling the crunch is convenient. If you don't take the time to learn about a persons poverty it is easier to blame them for it. And there are those who just keep shoving their heads deeper in the sand in hopes that this too will pass. And it will pass. But why not be involved with this recession in an informed and functional way so that you can protect yourself and your family as best you can? I guess that is just too much work. And as Bush is famous for saying, as if it where a bad thing, "It's hard work!" When did hard work, informed reasoning and being functionally involved with community become such a bad thing to Americans?
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This sucks dudes.
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- joshuaheller
- 2 months ago
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twodee is exactly right. And the bubble seems to have extended from the Bush administration to engulf the McCain campaign. Clearly this is not "all in our heads" and if people are "whining" it's because republicans have given them good reason to.
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We need WPA-style jobs program.
Okay, we tried shurgging our shoulders and standing by while 80 percent of our manufacturing left the country and went to Mexico and China.
And then.....nothing came up to replace those jobs as we were told.
Maybe now would be a good time for some large-scale government infrastructure projects to get the country back to work AND improve things?
How about large scale solar projects?
Maybe we could finally rebuild those roads and bridges?
Maybe we could work on upgrading our aging rail system?
We've tried handing briefcases full of cash to Big Business in hopes of bribing them to stay in the country and that doesn't seem to have worked. They took the cash.....and then went right ahead and moved overseas.
With a Public Works-style projects we can create jobs now AND make our roads and bridges safer.
Instead of handing 4 billion dollars over to KBR and Halburton who -- oops! -- "misplace it" maybe a wiser investment would be to actually pay laborers to work on useful projects like roads and bridges? -
I am willing to bet most of them are democrats
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When Nepotism fails.
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Now would be the perfect time for the government to boost employment and the economy with massive investment in public transport, thus addressing another important issue.
Unfortunately though there's the question of finding the funding for such a huge project when you've managed to turn a $3trillion surplus into a $5trillion deficit through biased tax cuts (and an addiction to oil and an illegal war to fuel said addiction) that favour those who aren't even going to feel the bite of this crisis... -
They should start keeping track of all people not just those making unemployment claims. There are undoubtedly many independent positions that are adversely affected as well.
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- damnneargenius
- 2 months ago
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But keep paying taxes your unemployment benefits are still taxable how stupid is that!!!
There is no work out there.
What about the people who used up their benefits
figure them in to the mixture.
Get ready Social services the county offices will be full of American scrambling to get what the illegal aliens get,
Food stamps medicare ,heap,rent payments,and a few dollars for staples like toilet paper.
Great job Bush thanks. -
When you wake up with a hang over you blame bush.
Actually your homie Allen Greenspan fucked the economy.
Get some new material. -
One of Bush's first signing statement issued was to change the way un-employment was calculated.
One of those changes was to take you out of the stats if you were still un-employed and your social did not show up on the employment register once your U compensation ran out. . No more un-employment checks means you are no longer considered un-employed.
This was a very convenient way of keeping those labor stats down.
Beyond that ; the Bureau of Labor Statistics has kept employment and un-employment stats since the 50's.
So in order to get realistic assessment of true stats under current standards, one must look at the employment rates.
Employment rates have made dramatic losses over the last 8 years.
Don't take my word for it ; Do a little digging of your own, here's the site , do some digging , they don't make it easy.
http://www.bls.gov/schedule/archives/empsit_nr.htm#2001 -
Well, I'm one of the abused, and American democracy is so awfully cruel.The average cat that gets out of jail will be hired before I do, as well as the illegal that has a fake I.D., yeah i saw the Jason and Max pod. I say it again, American democracy sucks to no end.
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We need change in our economy from carbon, pollution, slave labor friendly to one that supports clean green and ethical practices.
We have been coasting down the hill and lazy about this for a long time because it kind of worked. I think Bush may have helped us after all get off our collective butts in shock and horror of what is going on. Still he is in office..and why..maybe nothing we do really matters after all...-
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- CarolynGillis
- 2 months ago
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these are some real hard times right now, in the world, economy, everything!
and sadly we are the ones suffering from it.
Should I blame the war that I personally don't agree with?
Do I blame Bush? well he has been in office for 8 long years, and has a strong track record of running everything he gets his hands on into the ground, so maybe I do.
All I know is I really hope this messed up economy or recession (what ever you want to call it), gets better soon.
Because being on unemployment sucks!-
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- Lauren_Marie
- 2 months ago
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look at some real data over some real time, like
http://www.data360.org/dsg.aspx?Data_Set_Group_Id=248
then graph it and see how horrible things are now...
NOT!.... other than you've been duped and scared and gotten all excited by the Mass Media, whose only job security is in keeping you scared and excited.
sheeple. -
There is so much money to be made in sustainability... Too bad the Government backs, (COMPLETELY) the dirty energy monopolies...
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Yeah, where I live, they are laying off lots of people from industry fields, lots.
It's flooding the area with more crime, more people having to get help from local services. Seemingly more homeless people and or humans living in cars/tents, and if it's not locked down, it gets scrapped... times are hard folks.
Nothing new to america, our monetary system being used to enslave. Hmmm, fear and slavery taste like old petrol and apathy. Yummy.... -
@rasting and all others... http://www.data360.org/dsg.aspx?Data_Set_Group_Id=44 shows unemployment rates for several decades back, and while 5% isn't wonderful if you're looking for a job, it's been LOTS worse in the rather recent past.
and in the Great Depression, it was 25%
"Massive layoffs occurred, resulting in unemployment rates of over 25%. " http://en.wikipedia.org/wiki/Great_Depression
"By the time of Franklin Roosevelt's inauguration in 1933, the unemployment rate hovered close to twenty-five percent. Fluctuating during the 1930s, it never fell below 14.3% until 1941. "
http://www.eyewitnesstohistory.com/snprelief1.htm
if you're griping about 5%, you just may BE a "whiner."
most non-progressive economic theorists put 5% around the upper limit of "normal".
there were tons of layoffs when the dot-com bubble burst, too.... where were you when all those folks were suddenly unemployed?
and wherever you are today, i'm betting you haven't watched THESE videos...
http://current.com/items/89149339_peter_schiff_predicti...
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