As unemployment benefit extensions begin to expire in the 1st week of June 2009, millions of unemployed Americans will start falling through the cracks this next month. Will the Government claim a “drop” in the unemployment numbers just because the workers have exhausted their benefits?
WASHINGTON (AP) — The tally of newly laid-off people requesting jobless benefits fell last week, the government said Thursday, a sign that companies are cutting fewer workers.
But the number of people continuing to receive unemployment benefits rose to 6.78 million — the largest total on records dating back to 1967 and the 17th straight record week. The figures for continuing claims lag behind initial claims by one week.
The Labor Department said the number of initial claims for unemployment insurance dropped to a seasonally adjusted 623,000, from a revised figure of 636,000 in the previous week. It was below analysts’ estimates of 635,000. THE GOVERNMENT HAD ORIGINALLY REPORTED THAT 570,000 NEW JOBLESS CLAIMS HAD BEEN FILED LAST WEEK – CLEARLY AN INTENTIONAL UNDERREPORTING IN ATTEMPT TO “SPIN” THE REALITY OF THE CONTINUING RECESSION AND JOB LOSSES IN THE US ECONOMY.
Auto-related layoffs elevated the jobless claims numbers in recent weeks, but a Labor Department analyst said no states said their claims figures were affected by job cuts in that sector last week. THE CURRENT NUMBERS DO NOT REFLECT THE ANTICIPATED AUTO RELATED JOB LOSSES EXEPCTED IN THE NEXT 60 DAYS.
The four-week average of initial jobless claims, which smooths out fluctuations, dropped slightly to 626,750. That figure is about 30,000 below the peak for the recession reached in early April. The real question to be asked, “Will these numbers be revised again, upward and above the “peak” monthly job loss number of 656,750 just 2 months ago? Has there really been any improvement, or just political spin on the real numbers? The fact is this, people are not returning to work, new intial jobless claims remain above 625,000 per week.
Do you remember Candidate Obama telling us last year that we were experiecing “the worst economy in the history of the world! “Still, new claims (2009) remain far above levels in a healthier economy. Weekly initial claims were 378,000 a year ago.” During the first 3 months of 2008, a total of 240,000 jobless claims were filed, compare that with the 1,900,000 filed during the 1st 3 months of 2009. During the 1st 6 months of 2008, the US economy was adding jobs not losing them! http://econoindicators.com/2008/04/adp-employment-report-april-2008/
And the relentless rise in continuing claims for jobless benefit means the unemployment rate, which reached 8.9 percent in April, will rise in May, economists said. Many economists expect the rate to approach 10 percent by the end of this year. THE UNEMPLOYMENT RATE THIS TIME LAST YEAR? The National Unemployment rate for April 2008 was 5.0%. Year to year, the unemployment is almost twice as high as a year ago. (An increase from 5% to 9%). http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?data_tool=latest_numbers&series_id=LNS14000000
Even if layoffs are slowing, jobs remain scarce. A net total of more than 5.7 million jobs have been lost since the recession — the longest since World War II.