The number of U.S. workers filing new claims for jobless benefits dipped by 1,000 last week, while the number collecting long-term aid fell to the lowest reading in seven months.
This will certainly make for an optimistic session. GDP up 3.5% is very good even if 3.5 is a "seasonally adjusted" number.
But unemployment is still bad, we're not idiots. A new claim drop ONLY means less people were fired that week than the week before, assuming the numbers aren't fudged. New claims could drop almost entirely and it still wouldn't mean anything if no one is getting re-hired.
BUT the article also claims long-term aid is at the lowest in 7 months. Maybe so, leaving only 2 possibilities. Many people got re-hired, OR maybe it's because aid eventually does stop. And I'm leaning towards the second option.
The official unemployment rate now is 9.8 percent, while the number of those who have given up looking for work or are underemployed stands at an appalling 26 million workers.
NELP estimates 400,000 workers exhausted their benefits in September and without any extension, another 1.3 million will run out of benefits by year’s end.
I guess that means unemployment might actually drop by years end!! Once they just disregard those not recieving benefits anymore, those who have given up finding a job, and those who are underemployed. We should be well above 10% at this point
The stimulus has created 30,000 jobs... or so we thought. According to a new AP report, it looks like even that number is inflated.
The AP says that in many cases jobs were counted as many as four times. A Colorado company claimed that thanks to the stimulus it had created over 4,000 jobs. The real number: less than one thousand. And a Florida child care center reported that it saved 129 jobs when in reality it just gave pay raises to its existing employees.