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First-Time Jobless Claims/Continuing Claims Drop

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posted on Aug, 27 2009 @ 10:00 AM
This is a bunch of crap! I know lots of people out of work. I know lots of people that ran out of benefits on unemployment.
I know no one person, that was on unemployment, that has found work. Grant it, I am mostly in the Engineering field, but the people I know, I am talking 100's and the people they know, are not finding jobs.
There where a few, that went from over 45 an hour to working at places like McDonald's, but I am not sure that should even count as this will not even cover 1/4 of their cost of living without the bankers showing up. ss-claims-fall-continuing-claims-drop/

This Administration will do anything to paint a rosie picture on this big turd of an economy.

What say you...............

posted on Aug, 27 2009 @ 10:07 AM

The government says the number of newly laid-off workers filing claims for jobless benefits dropped last week, and those remaining on the rolls also fell, evidence that layoffs have eased.

The number of newly laid-off workers filing claims for jobless benefits dropped last week, and the number of people remaining on the rolls also fell, evidence that layoffs have eased.

Still, both figures remain above levels associated with a healthy economy, and analysts expect the unemployment rate to keep rising.

The Labor Department said Thursday that first-time unemployment claims fell to a seasonally-adjusted 570,000, down from an upwardly revised figure of 580,000 the previous week. Analysts expected a slightly larger drop to 565,000, according to Thomson Reuters.

The tally of those continuing to claim benefits dropped to 6.13 million from 6.25 million in the previous week, the lowest level since early April. The figures on continuing claims lag initial claims by a week.

posted on Aug, 27 2009 @ 10:44 AM
What you will not hear on most Mainstream Financial Media is that the reason continuing claims are dropping is that many are dropping off of regular UI into the extended benefits category. So these people didn't find new jobs they just are counted in a different pool. Even better is the effect that discouraged workers have on the UE numbers. The headline UE number can go down when people move into the "discouraged, marginally attached category" even though they are not working.

After watching these numbers for several years now I've come to the conclusion that "seasonal adjustments" and the "birth death model" are simply tools that whoever publishes the numbers uses to make things look better than they really are.

As we finish up 3Q and move into that immensely important 4Q Christmas season we will really see how bad the economy is. Unemployment does not make for big Holiday spending.

Anecdotally, I work for a major US wireless provider. I noticed a large amount of people paying their bills over the past 6 months with the state issued credit/debit card that they pay UE benefits on. Our "involuntary churn" (canceled service due to non-payment) is spiking as regular and extended unemployment compensation is running out.

posted on Aug, 27 2009 @ 10:58 AM
I know exactly what you mean! First of all they delight in talking gloom and doom and lie to us that it's really bad and that we will all have to make cut backs. . .and then when it gets as bad as they forecast they lie to us again telling us that house prices are going up, people are finding work and the economy is on the mend! Go figure. . .

posted on Aug, 27 2009 @ 11:06 AM
And worst of all,

Those numbers are not even all that good.

I wonder how many who dropped off the list was due to not being allowed to collect anymore.

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