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Thu Oct 11, 2012, 09:10 AM

Jobless claims plunge to four-year low Claims fall 30,000 to 339,000, well below expectations

Source: MarketWatch

Jobless claims plunge to four-year low
Claims fall 30,000 to 339,000, well below expectations
By Greg Robb, MarketWatch

WASHINGTON (MarketWatch) — The number of U.S. workers who filed new applications for unemployment benefits dropped sharply by 30,000 last week to 339,000, the lowest level in more than four years, the Labor Department reported Thursday.

Economists polled by MarketWatch had expected initial claims in the week of Oct. 6 to rise 1,000 to a seasonally adjusted 368,000. Last week’s number was revised up by 2,000 to 369,000.

The four-week average of new claims, meanwhile, dropped 11,500 to 364,000, the lowest level since late March. The moving average is considered a more accurate barometer of employment trends because it smooths out quirks in the weekly data.

..................

In the week of Sept. 29, the number of people who continued to receive benefits under state unemployment programs declined 15,000 to a seasonally adjusted 3.27 million. The four-week average of continuing claims fell by 7,750 to 3.28 million.

Read more: http://www.marketwatch.com/story/jobless-claims-plunge-to-four-year-low-2012-10-11

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Arrow 33 replies Author Time Post
Reply Jobless claims plunge to four-year low Claims fall 30,000 to 339,000, well below expectations (Original post)
kpete Oct 2012 OP
Botany Oct 2012 #1
Thor_MN Oct 2012 #5
hockeynut57 Oct 2012 #17
Qutzupalotl Oct 2012 #18
NHDEMFORLIFE Oct 2012 #16
tridim Oct 2012 #2
Thor_MN Oct 2012 #7
tridim Oct 2012 #14
AAO Oct 2012 #22
thevoiceofreason Oct 2012 #3
WI_DEM Oct 2012 #4
vdogg Oct 2012 #6
Godless in Seattle Oct 2012 #8
AAO Oct 2012 #23
Kingofalldems Oct 2012 #9
bamacrat Oct 2012 #10
AAO Oct 2012 #24
wordpix Oct 2012 #32
cleduc Oct 2012 #11
Roland99 Oct 2012 #12
cleduc Oct 2012 #19
Roland99 Oct 2012 #21
dmallind Oct 2012 #20
Roland99 Oct 2012 #25
Historic NY Oct 2012 #29
BeyondGeography Oct 2012 #13
VWolf Oct 2012 #26
still_one Oct 2012 #15
wordpix Oct 2012 #33
hrmjustin Oct 2012 #27
ErikJ Oct 2012 #28
defacto7 Oct 2012 #30
rebeccaw Oct 2012 #31

Response to kpete (Original post)

Thu Oct 11, 2012, 09:22 AM

1. Where would we be if the republicans had not been trying to torpedo the economy in ...

Last edited Thu Oct 11, 2012, 10:41 AM - Edit history (1)

.... order to regain the White House? These are not republicans but anti American
radicals working for the rich and or fundy teabaggers.

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Response to Botany (Reply #1)

Thu Oct 11, 2012, 09:28 AM

5. When Obama wins, will the corporations be able to hold down hiring for another four years?

Will they be able to continue to sit on piles of cash?

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Response to Thor_MN (Reply #5)

Thu Oct 11, 2012, 09:59 AM

17. at some point their greed will out weigh their fear and hate and they'll have to hire the workers

they've put off for 3 years

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Response to Thor_MN (Reply #5)

Thu Oct 11, 2012, 10:12 AM

18. I think they figured Romney was toast after the 47% video

(and he should be). Some of them regret giving up now that Romney bounced back, but it's too late to undo the hiring process. So I think the business cabal's strategy of slow-walking hiring is ending. There is too much pent-up demand. We'll see unemployment continue to drop.

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Response to Botany (Reply #1)

Thu Oct 11, 2012, 09:58 AM

16. How about a Page 1 story on this?

Could the media interrupt its horse race coverage for a moment and report this in the same breathless way it touts every poll, particularly the polls that reflect their yearning for a nail-biting election night?
The facts are all on our side; unfortunately, the media, like Romney, doesn't want to let facts get in the way of their goals.

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Response to kpete (Original post)

Thu Oct 11, 2012, 09:25 AM

2. Shouldn't the headline read, "well above expectations"?

I understand the confusion, but it's kind of important for the headline reading crazy folks like Jack Welch.

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Response to tridim (Reply #2)

Thu Oct 11, 2012, 09:31 AM

7. Jobless claims are like golf scores, a low number is good

They could have said beating expectations, but "well above expectations" implies a higher number which would be bad.

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Response to Thor_MN (Reply #7)

Thu Oct 11, 2012, 09:52 AM

14. Expectations don't care what direction the numbers are going.

If Joe Blow shot his best round of golf ever, I wouldn't say he performed below expectations.

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Response to tridim (Reply #14)

Thu Oct 11, 2012, 10:23 AM

22. I have a PhD. in Linguistics that says you are correct, Sir! n/t

 

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Response to kpete (Original post)

Thu Oct 11, 2012, 09:26 AM

3. And all the Repub, excuse me, financial talking heads said the numbers were phony

Big surprise!

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Response to kpete (Original post)

Thu Oct 11, 2012, 09:26 AM

4. Biden and Obama really need to tout these jobs numbers in their debates

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Response to kpete (Original post)

Thu Oct 11, 2012, 09:30 AM

6. MSM

And no one in the MSM is leading with this, not a damn one. If the numbers went up by 30,000 Scarborough would've had an orgasm. Huffpost top story is a negative on on how Obama is failing at climate change. I mean give me a break.

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Response to kpete (Original post)

Thu Oct 11, 2012, 09:37 AM

8. Take THAT, Jack Welch!

 

Fuckin' senile fool.

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Response to Godless in Seattle (Reply #8)

Thu Oct 11, 2012, 10:24 AM

23. Fuckin' senile OLD fool. I'm not an ageist, but I'll use it against this slimeball. n/t

 

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Response to kpete (Original post)

Thu Oct 11, 2012, 09:40 AM

9. K and R for the repub slickee boys who hang here

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Response to kpete (Original post)

Thu Oct 11, 2012, 09:44 AM

10. This is terrible.

Damn Obama and his turning the country around. People working is terrible.

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Response to bamacrat (Reply #10)

Thu Oct 11, 2012, 10:25 AM

24. The crime is that is what they are really thinking. Cruel, heartless, greedy fuckers. n/t

 

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Response to AAO (Reply #24)

Sun Oct 14, 2012, 11:26 AM

32. first thought: Repugs won't like this news but they'll keep berating Dems over the "bad economy"

up is down, black is white...

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Response to kpete (Original post)

Thu Oct 11, 2012, 09:45 AM

11. GOP reacts

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Response to kpete (Original post)

Thu Oct 11, 2012, 09:45 AM

12. Unadjusted numbers were 26k higher. PLUS this from the Labor Dept>>>>

http://www.zerohedge.com/news/2012-10-11/data-massaging-continues-initial-claims-tumble-339k-lowest-2008-far-below-lowest-exp

This is just getting stupid. After expectations of a rebound in initial claims from 367K last week (naturally revised higher to 369K), to 370K (with the lowest of all sellside expectations at 355K), the past week mysteriously, yet so very unsurprisingly in the aftermath of the fudged BLS unemployment number, saw claims tumble to a number that is so ridiculous not even CNBC's Steve Liesman bothered defending it, or 339K. Ironically, not even the Labor Department is defending it: it said that "one large state didn't report some quarterly figures." Great, but what was reported was a headline grabbing number that is just stunning for reelection purposes.


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Response to Roland99 (Reply #12)

Thu Oct 11, 2012, 10:18 AM

19. I haven't been able to find this quote

"one large state didn't report some quarterly figures."
- except relating to that link

http://www.ows.doleta.gov/press/2012/101112.asp

http://www.dol.gov/opa/media/press/eta/ui/eta20122035.htm#.UHbSwW_AeSo

I'm not saying it doesn't exist but I thought I'd see it at a more common, mainstream site

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Response to Roland99 (Reply #12)

Thu Oct 11, 2012, 10:19 AM

20. Funny - never see caveats raised on DU about seasonal adjustments when they are upward. nt

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Response to dmallind (Reply #20)

Thu Oct 11, 2012, 10:27 AM

25. Then you don't read the SMW thread in the Economy forum much

or other threads on DU where I've seen the numbers criticized across the board.

But, esp. in a case like this, one must question the numbers. A HUGE miss one way or the other typically has a reason behind it.

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Response to Roland99 (Reply #12)

Thu Oct 11, 2012, 12:45 PM

29. The Pukes are having a rough times with this...

look at the comments...they just don't like good news,

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Response to kpete (Original post)

Thu Oct 11, 2012, 09:47 AM

13. Those Chicago guys don't know when to quit

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Response to BeyondGeography (Reply #13)

Thu Oct 11, 2012, 10:57 AM

26. LOL They sure don't! n/t

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Response to kpete (Original post)

Thu Oct 11, 2012, 09:52 AM

15. I can hardly wait for the MSM to interview jack the loon welch, to hear his view on the subject /nt

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Response to still_one (Reply #15)

Sun Oct 14, 2012, 11:28 AM

33. Jack LaLoon, hahaha

Good name for that loony 1%-er

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Response to kpete (Original post)

Thu Oct 11, 2012, 11:05 AM

27. take that fox business news.

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Response to kpete (Original post)

Thu Oct 11, 2012, 12:17 PM

28. UE=7.3% and JC drops 30K!!

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Response to kpete (Original post)

Thu Oct 11, 2012, 05:07 PM

30. Put that in your pipe and smoke it!


That's the fact!

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Response to kpete (Original post)

Sun Oct 14, 2012, 11:25 AM

31. We shouldn't be excited

The WSJ reported

... the report may not be as positive as the sharp drop indicates. A Labor Department economist said one large state didn’t report additional quarterly figures as expected, accounting for a substantial part of the decrease.


http://online.wsj.com/article/SB10000872396390444799904578050233117300440.html


This is giving republicans ammunition and making Jack Welch look more credible by the day, even if it isn't true. This is just frustrating.

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