HUGE MISS: Initial Unemployment Claims Surge To 380K

[Karmadillo]

I wonder what's happening to all those people who are using up their unemployment eligibility.

http://www.businessinsider.com/initial-claims-april-12-2012-4#ixzz1rpVKUxmm

Initial unemployment claims jumped above expectations, increasing by 13,000 to 380,000, new data out of the Department of Labor shows.

Economists polled by Bloomberg were looking for a 355,000 reading. The prior week's reading was revised higher by 10,000 to 367,000.

However continuing claims substantially beat forecasts, falling by 98,000 to 3.251 million. Expectations were for a 3,000 person decline.

[Ian David]

1. I wonder how many of those are from government workers. n/t

[TheKentuckian]

6. Are we on the government jobs aren't real jobs bandwagon?

Government jobs have decent benefits and living wages, we need them and probably more of them.

I don't get the purpose of the statement and only hear it from the economic royalists.

[Ian David]

7. Of course we're not. I agree with you. n/t

[bigtree]

2. business insider

The lengths folks will go . . .

Where's the actual Bloomberg report?

[Karmadillo]

3. LOL. You funny. Here's Reuters if that makes you happier.

http://www.reuters.com/article/2012/04/12/us-jobless-claims-unexpectedly-rise-last-idUSBRE83B0PV20120412

Jobless claims unexpectedly rise last week

(Reuters) - New claims for unemployment benefits rose last week to their highest level since January, a development that could raise fears the labor market recovery was stalling after job creation slowed in March.

Initial claims for state unemployment benefits increased 13,000 to a seasonally adjusted 380,000, the Labor Department said on Thursday. The prior week's figure was revised up to 367,000 from the previously reported 357,000.

Economists polled by Reuters had forecast claims falling to 355,000 last week.

The four-week moving average for new claims, considered a better measure of labor market trends, rose 4,250 to 368,500.

more...

[godai]

4. However continuing claims substantially beat forecasts... (vs HUGE! SURGE!)

However continuing claims substantially beat forecasts, falling by 98,000 to 3.251 million. Expectations were for a 3,000 person decline.

[Hell Hath No Fury]

5. My sister down in Texas --

went through all available unemployment and has now dropped off the roles entirely. Still unemployed and likely at her age to never be employed every again. Folks like her will not show up in government numbers -- i wonder how many they are?

[dmallind]

8. Of course they show up - just not INITIAL claims obviously

She would be in U1 and anything from U3 to U6 depending on whether she is still looking for woek and how recently she bothered to look.

She's not supposed to show up in this metric since the headline number is those who only just lost a job and the body number is those still filing active claims.