U.S. Jobless Claims Increased 26,000 Last Week to 436,000

[Pale Blue Dot]

Source: Bloomberg

Applications to begin receiving unemployment benefits in the U.S. rose more than forecast last week, indicating the labor market will take time to improve.

Jobless claims increased by 26,000 to 436,000 in the week ended Nov. 27, Labor Department figures showed today in Washington. The less-volatile four-week moving average fell to the lowest level since August 2008. The total number of people receiving unemployment insurance increased, and those on extended payments rose.

After slowing the pace of firings in November, companies may be on the cusp of ramping up the hiring necessary to further boost consumer spending, which accounts for 70 percent of the economy. A Labor Department report tomorrow may show employers added 145,000 workers last month and the unemployment rate held at 9.6 percent.

“We’re expecting jobless claims to hover for a bit” around 440,000 through January, said John Herrmann, senior fixed income strategist at State Street Global Markets LLC in Boston, who projected 433,000 claims for the latest week. Data on employment from November through January will show “a constructive round of job growth,” he said.

Read more: http://www.bloomberg.com/news/2010-12-02/u-s-jobless-claims-increased-26-000-last-week-to-436-000.html

[RockaFowler]

1. Where are the jobs Boner??

[madmax]

2. Lower income taxes

We've seen how well that works when w shrub started it, what 9 years ago? :sarcasm:

[Bette Noir]

3. This is worrying. If there are no jobs, there's no recovery,

no matter what the stock market is doing.

[Thav]

4. And if people have no money to spend on goods/services

businesses will be loathe to hire, despite any tax breaks. Nor will they be apt to give compensation increases.

[DallasNE]

5. 436,000 Is Still A Fairly Decent Number

Considering all things, especially the fact that the 4-week average dropped even with this weekly increase. Indeed, the forecase is for "a constructive round of job growth" over the next 3 months. I look for just over 200,000 private sector jobs added when November's numbers are release tomorrow (rather than the experts projected 145,000). The holiday season is off to a booming start -- the strongest in about 5 years. The important thing is that the pace of the recovery is sustainable so talk of a double-dip recession are just that, talk. Same with the talk about run-away inflation when deflation is a bigger danger at this point. People just need to tune out the gloom and doom talk coming from the right wing.

[Pale Blue Dot]

6. Sorry, I disagree.

Historically, 436,000 is a terrible number that only looks decent compared to the past 2 years.

I hope you're right, but I strongly believe that the fundamentals indicate that nothing has changed and that things are still going to get much, much worse. I suspect that if you're going to be able to say "I told you so", it will be in the next 6 months.

[defendandprotect]

8. Agree ... the cheery notes ring hollow .... PLUS as the stimulus fades ...

some say we will lose an additional 1 million jobs!!

Thanks, PBD!!

[defendandprotect]

7. American labor has to decide they are all LABOR and unite ....!!!

[displacedvermoter]

9. I thought yesterday's Dow Jones numbers represented

a new day dawning after the President saved us all from ruin?

[Demeter]

10. I'm Shocked, SHOCKED! I Tell You!

Another revision into the red....

[OlympicBrian]

11. Extra people were hired into retail, according to recent reports

This weekly number wasn't good anyway, it rose. Hardly "constructive for growth."

We are a Nation of Retail Salespersons and Cashiers and Food Services
By Dan, Seattle, 11/30/2010
...
Table 1. Largest occupations in the private sector, May 2009
...
Retail salespersons 4,197,760
Cashiers 3,396,180
Combined food preparation and serving workers, including fast food 2,539,750
Waiters and waitresses 2,292,170
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x9658741

[OlympicBrian]

12. Temporary retail service jobs

Source: WSJ
12/01/10

Private-sector payrolls continued to expand in November, with a large upward revision to October's number, according to data released Wednesday.

Meanwhile, manufacturing activity continued to expand in November, according to the Institute of Supply Management, but the pace of growth slowed a bit.
...
Service-sector jobs increased by 79,000 last month, while factory jobs rose by 16,000.
...
Other job reports released Wednesday were mixed.

TrimTabs estimated the U.S. economy added 117,000 jobs in November, the second consecutive monthly increase since May. However, the report warned the gains are driven by seasonal hiring and so are temporary.

Meanwhile, employers announced job cuts totaling 48,711 in November--28% higher than the planned layoffs reported in October. It was the highest job-cut total since March, according to global outplacement firm Challenger, Gray & Christmas, Inc.