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

[kpete]

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

[Botany]

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.

[Thor_MN]

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?

[hockeynut57]

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

[Qutzupalotl]

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.

[NHDEMFORLIFE]

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.

[tridim]

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.

[Thor_MN]

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.

[tridim]

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.

[AAO]

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

[thevoiceofreason]

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

Big surprise!

[WI_DEM]

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

[vdogg]

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.

[Godless in Seattle]

8. Take THAT, Jack Welch!

Fuckin' senile fool.

[AAO]

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

[Kingofalldems]

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

[bamacrat]

10. This is terrible.

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

[AAO]

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

[wordpix]

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...

[cleduc]

11. GOP reacts

[Roland99]

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.

[cleduc]

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

[Roland99]

21. Being reported by the LA Times, NASDAQ, and NPR quoting the WSJ

http://www.latimes.com/business/money/la-fi-mo-jobless-claims-20121011,0,5429194.story

http://www.nasdaq.com/article/us-jobless-claims-drop-to-339k-in-latest-week-20121011-00454#.UHbV7VEuf30

http://www.npr.org/blogs/thetwo-way/2012/10/11/162702810/jobless-claims-drop-to-lowest-level-in-more-than-four-years?ft=1&f=1001

[dmallind]

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

[Roland99]

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.

[Historic NY]

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

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

[BeyondGeography]

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

[VWolf]

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

[still_one]

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

[wordpix]

33. Jack LaLoon, hahaha

Good name for that loony 1%-er

[hrmjustin]

27. take that fox business news.

[ErikJ]

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

[defacto7]

30. Put that in your pipe and smoke it!

That's the fact!

[rebeccaw]

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.