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Initial unemployment claims: Lowest since July 2008

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posted on Nov, 24 2010 @ 09:19 AM
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Initial unemployment claims: Lowest since July 2008


money.cnn.com


The government's weekly jobs report brought a bit of good news Wednesday, as the number of Americans filing for their first week of unemployment benefits sunk to its lowest level in more than two years.

The number of initial claims fell to 407,000 last week, down 34,000 from 441,000 claims filed the week before, the Labor Department said Wednesday -- far better than economists had expected.
The government's weekly jobs report brought a bit of good news Wednesday, as the number of Americans filing for their first week of unemployment benefits sunk to its lowest level in more than two years.
(visit the link for the full news article)

Mod Edit: Breaking News Forum Submission Guidelines – Please Review This Link.
edit on 24/11/2010 by Mirthful Me because: Format.




posted on Nov, 24 2010 @ 09:19 AM
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That's great news, but I'm sure a lot of those jobs are seasonal jobs as companies ramp up for the holiday season. I'd be interested in seeing how these figures compare with figures from prior years. I'd also like to see if they later revise these figures downward...who knows, maybe it's just to give everyone a warm and fuzzy feeling about spending on Black Friday. Still, if true, it's an encouraging sign in an otherwise unencouraging economy.

money.cnn.com
(visit the link for the full news article)

Mod Edit: Breaking News Forum Submission Guidelines – Please Review This Link.
edit on 24/11/2010 by Mirthful Me because: Format.



posted on Nov, 24 2010 @ 09:22 AM
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yeah i would have to say its because of the holidays. I know were i work. construction, we are staying at the same level if not letting a few people go in the next few months.



posted on Nov, 24 2010 @ 09:28 AM
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Does that mean that hundreds of thousands of jobs have been created or does it mean that hundreds of thousands of long-term unemployed are no longer eligible to be included in the roles? I want it to be good news.. .but you know how these numbers get played with... and why... I'm sure.



posted on Nov, 24 2010 @ 09:36 AM
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I really hope people realize that these sort of numbers arent entirely accurate. I mean it may be accurate in the sense of how many people are actually seeking unemployment but it certainly doesnt represent those unemployed and no longer eligable to receive benefits. Personally, when I was unemployed I didn't even bother with going after benefits but besides that I still see the tent cities. I still know many many people without work. I know that in the news just last week the emergency bill to extent unemployment benefits did not pass so thousands of people would be dropped from receiving unemployment. I know that this one number is not the whole picture yet that is how it is packaged and sold. So seeing this number go down doesnt mean that more people are now working.. just means more people are eating less.



posted on Nov, 24 2010 @ 09:40 AM
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Originally posted by Maxmars
Does that mean that hundreds of thousands of jobs have been created or does it mean that hundreds of thousands of long-term unemployed are no longer eligible to be included in the roles? I want it to be good news.. .but you know how these numbers get played with... and why... I'm sure.


good point, i did not think about that. i do know a butt load of people are going to lose there unemployment benifets here in the next week. and thats going to raise the numbers.

Stupid games these people play.



posted on Nov, 24 2010 @ 09:40 AM
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posted on Nov, 24 2010 @ 10:03 AM
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If I am reading this data correctly...Bureau of Labor Statistics it woud seem the combined preliminary numbers (seasonally adjusted) for Sept. and Oct. is 110K net gain in job count.



posted on Nov, 24 2010 @ 10:24 AM
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Originally posted by peter_kandra
The number of Americans filing for their first week of unemployment benefits sunk 407,000 last week, the lowest level since July 2008.
(visit the link for the full news article)

That doesn't mean a drop in unemployment it just means a drop in newly unemployed people filing for the first time. That probably means less businesses are laying off due to the holidays. Expect it to pick up again after the holidays.



posted on Nov, 24 2010 @ 10:27 AM
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Originally posted by rogerstigers
If I am reading this data correctly...Bureau of Labor Statistics it woud seem the combined preliminary numbers (seasonally adjusted) for Sept. and Oct. is 110K net gain in job count.


Or, as more likely, the number of "workers" the government counts in that forumla has dropped.



posted on Nov, 24 2010 @ 10:32 AM
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Originally posted by peter_kandra
That's great news, but I'm sure a lot of those jobs are seasonal jobs as companies ramp up for the holiday season.


Sorry to say it but the figures in the OP aren't talking about created jobs at all just that first time unemployment filers are down, probably due to businesses not laying off right before their busy time of the year. I'd expect first time filers to begin to rise again after the holidays.



posted on Nov, 24 2010 @ 10:46 AM
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I largely agree with the replies. Calculating a "true" unemployment rate is virtually impossible. Factoring the under employed as well as people's whose benefits have already ran out and those who just didn't apply for benefits would raise the rate to a level too high to publicize. The fact that the numbers are manipulated in different ways also compounds the matter. I was unemployed for several months in the beginning of this year for the first time in my life and it was quite scary. Luckily I found a job at almost an equivalent pay rate within 2 months, and the lower cost if living in GA as opposed to NJ helps a little bit more. While I'd like to be an optimist and think we're on a slow road to recovery, I have a nagging suspicion that things may get worse before getting better...there's just too many signs pointing toward continued pressure.



posted on Nov, 24 2010 @ 11:00 AM
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They can skew the numbers to make them say whatever they want them to say depending on the vested interest in the reporting agency.

So, if the government wants everyone to think things are nice, rosey and getting better right about that spend-yer-life-savings-and-then-some time of year, they're gonna report unemployment in this twisted kinda way which tells you jack-diddly about how things really are.

So what if fewer first timers found themselves on the dole . . . maybe there just ain't as many people losing their jobs on account of theres no friggin' jobs left to lose. Regardless, now everyone can load up on food-stamp turkey-n-fixin dinners, grab the plastic and spend with reckless abandon because all is well in the good old Yeeeeeeeee-nited States!!!!!!!!!!

Weeeeeeeeeeeeeeee-haw.

So get out there and spend, folks . . . SPEND . . . . .SPEND . . . . SPEND . . .



posted on Nov, 24 2010 @ 02:30 PM
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If they've stopped their unemployment (extended) benefits, what/how are they calculating this?

I mean if 20 million people collected unemployment benefits this year and......let's say, 4 months ago, 125,000 of those same people have exhausted their benefits, are they assuming they all just found jobs?

How do they know whose working and whose not? These stats are ridiculous. Next thing they'll come up with is telling us how many families are eating hamburgers tonight!




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