Remembers last weeks big aanouncement by the Obama White House – All the good unemployment news reported by a fawniung press ….
Burried in today’s newspapers, you’ll be lucky if you can find this news report …… Again, the Obama Administration is “fudging the numbers”, wait until the numbers are revised upward yet again ……. empty political slogans don’t put food in people’s fridges, broken promises don’t help pay the rent ……
New jobless claims drop to 601K
WASHINGTON – The number of newly laid-off Americans filing (Over 615,000 at first count – a number to be revised upward. Twice as many people filed first time claims for unemployment last week as in the same week, 1 year ago. How the heck is that good news? Its like coming home and finding the Fire Department parked in the street in front of where your house stood earlier in the day, only to be told your house and garage burned to the ground. But their is good news, they saved the dog house. Sure, OK, yeah good news).fell more than expected last week. The said Thursday that initial claims for fell last week by 24,000 to a seasonally adjusted 601,000. That’s below analysts’ estimates of 615,000.
Still, the number of people claiming benefits for more than a week rose by 59,000 to more than 6.8 million, the highest on records dating to 1967.
The department also revised last week’s data on continuing claims, replacing what had been a drop of 15,000 with an increase of 6,000. That means continuing claims have set records for 19 straight weeks. The data lag initial claims by a week. Companies are reluctant to hire amid the longest recession since World War II. That makes it harder for the unemployed to find work. Still, the levels are far above what is customary in a healthy economy. Initial claims stood at 388,000 a year ago. The jumped to 9.4 percent in May, a 25-year high, as hundreds of thousands of people entered the labor market and began looking for work but couldn’t find it, the department said. As college graduates and other new entrants start searching for a dwindling number of jobs, economists expect the unemployment rate to rise even as layoffs subside. Some economists project the rate could near 11 percent by the middle of next year(2010). And many families are spending less as they deal with layoff fears and shrunken home equity and retirement accounts.
As predicted, last weeks alleged drop in unemployment was pure fiction – uneployment increased , again – the much reported and completely false claim that first time unemployment filings dropped to something just over 300,000 has simply disappeared – without a single retraction by any of the major newspapers. WQhere did last weeks 300,000 number come from. Employers in the US eliminated 300,000 jobs. Twice as many people, 600,000 lost their jobs, some of the lost jobs may only be temporary losses, at least 300,000 of those jobs are gone for good.
Who is preparing the Obama Administration’s unemployment figures now? ACORN. Fudging the uneployment numbers to make a politican look good does nothing to help the unemployment. Later this month you will hear that unemployment has surpassed the 10% mark.