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2.7%  Q1 GDP    4.57%  avg. 30-year mortgage     9.5%  Unemployment

New Jobless Claims Higher Than Expected

New jobless claims last week jumped to 576,000, a figure higher than economists expected, the Labor Department reported moments ago.

The new jobless claims number was up 15,000 from the previous week's revised numbers. Economists expected a drop of about 11,000 last week.

The figure wiped out stock futures gains that had been promising a higher market opening today.

It also suggests more job losses to come this month. The official national unemployment rate stands at 9.4 percent, but most economists -- and the White House -- expect the figure to peak at more than 10 percent.

Analysts suggest that the economy needs to see fewer than 500,000 new jobless claims per week for several weeks in a row before an unemployment bottom can be called.

-- Frank Ahrens
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By Frank Ahrens  |  August 20, 2009; 8:41 AM ET
Categories:  The Ticker  | Tags: Labor Department, jobless claims, unemployment  
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Next: GM Subsidizes Dealers Waiting on Government Money ... With Government Money

Comments

Lots more crashing ahead. http://twitter.com/crashtestreport

High Grade Work is always in style. Oil is still too high and being traded up. It's funny how money keeps getting more scarce and prices keep going up. That won't last. The trust in banking is confidential dealing. The government is good at destroying confidence and growing a crisis. Better have a garden. I had doe on the yard this morning for breakfast.

Posted by: Dermitt | August 20, 2009 8:56 AM | Report abuse

of course jobless claims rise. You have to expect that when you are mimicking the Great Depression.

Posted by: loudountaxrevolt | August 20, 2009 9:05 AM | Report abuse

Lady needs help. http://twitpic.com/ec5qf All or one.

Posted by: Dermitt | August 20, 2009 9:07 AM | Report abuse

Bull! Bull! Bull! That's what we've been getting from the alliance of Washington and Wall Street. Because the current figure is "worse than expected," the reply will be "we're reaching the absolute bottom sooner than expected," a bullish spin. As I said above, Bull! Bull! Bull!

Posted by: HassanAliAl-Hadoodi | August 20, 2009 9:09 AM | Report abuse

What? How can this be? It was widely reported just recently that the ression was over!

Posted by: arby1 | August 20, 2009 9:17 AM | Report abuse

The "shovel ready" union construction porkulus bill is not working. Unemployment is really about 16%. Sears "unexpectedly" shows a loss? More fine reporting.

Posted by: arby1 | August 20, 2009 9:21 AM | Report abuse

Get ready for Post Earth
http://twitpic.com/tag/post+earth
You have to keep going up when doing high grade Post work.

Posted by: Dermitt | August 20, 2009 9:22 AM | Report abuse

Didn't Obama state that the stimulus worked ?
What happened libs ?

Posted by: dashriprock | August 20, 2009 9:25 AM | Report abuse

Just went blue to green.
http://twitpic.com/tag/washington+post
Keep above grade now. High above grade is better.

Posted by: Dermitt | August 20, 2009 9:36 AM | Report abuse

i swear Obama said if we passed the stimulus unemployment wouldn't rise above 8%... Honestly Obama has done nothing for me!!

Can anyone say he has benefited them? I'm am not trying to attack obama with this question, I am just curious how you may or may not have benefited from Obama's Stimulus.

I am a recent college grad, and I came out at all the wrong times. No jobs, I had to take a dead end job just to pay loans... There is nothing in my field, and I have applied countless times. I am about to send my resume to companies telling them I'll work for free just for the experience.

Posted by: Steve94 | August 20, 2009 9:39 AM | Report abuse

Yep...the recession is over, unemployment figures have dropped, and the Health Care Reform debacle is settled since House Dems have decided to implement it all on their own.

Check out a book "The Numbers Game," written by a couple of BBC pundits and selected by The Economist as a best book. Tears the media a new one as the old saying goes.

Posted by: SUBLIMEWOODY | August 20, 2009 9:46 AM | Report abuse

I have an unemployed relative, whose job loss is completely unrelated to downsizing. She's decided that she is not even going to bother looking again until the unemployment checks stop coming. They don't ever bother to check if she's looking for a new job, just keep sending the check month after month. Though I imagine if she did look, she'd have a tough time anyway. But gotta love the government paying for not even trying, right?

Posted by: midoreigh | August 20, 2009 9:46 AM | Report abuse

Wait a minute...Obama was just on record a week (or so), ago, stating that the unemployment rate had decreased; things are better, etc... Of course, this new report/statistic certainly contributes to his waning credibility.

Posted by: nosam32 | August 20, 2009 9:48 AM | Report abuse

I just wish the economists would just shut up and keep their useless opinions to themselves. They have been wrong so frequently they are a joke, and even bigger joke than weathermen.

It doesn't surprise me that unemployment claims have climbed. The longer and longer this recession continues the worse and worse it gets for businesses of all types, especially retail. What is not included in the unemployment numbers are all the self employed and small business owners who cannot claim unemployment benefits, and boy oh boy, have businesses failed.

Our economy is basically built on a deck of cards and lies. It's my opinion that the USA will never get out of this mess and that this is the beginning of the end. Until the USA becomes an 'exporter' nation and not an 'importer' nation, and until we eliminate our trade deficits by exporting more, there is no way to 'grow' out of the economic state we are in, and have been in since the 80s. We are borrowing from Peter to pay Paul and an economy cannot grow that way. For the true unemployment numbers see the U-6 Report here: http://www.bls.gov/news.release/empsit.t12.htm

The Unemployment lies began under Reagan and continued under Clinton as government workers fiddled with the 'Official Unemployment Report' to make things look better than they were.

Posted by: MikefromNYC | August 20, 2009 10:02 AM | Report abuse

Look at it this way. At least when Obama gets furniture, limousines, Kobe Beef and Maine lobsters flown-in to wherever the First Family is residing we taxpayers pay less for his luxurious lifestyle than ever.

Posted by: sperrico | August 20, 2009 10:04 AM | Report abuse

Kid Fun http://twitpic.com/tag/child
Flag this Post.

Posted by: Dermitt | August 20, 2009 10:10 AM | Report abuse

“The massive debt liquidation particularly in banking, Wall Street and in insurance demands many more trillions of dollars. $23.4 trillion is not going to be enough. Presently the Fed is in the process of monetizing $2 trillion in Treasuries, Agency paper, such as Fannie Mae and Freddie Mac and collateralized debt obligations held by lenders. It is a secret what the Fed is paying for this almost worthless paper.”

DEMAND THAT YOUR REPRESENTATIVE CO SPONSER THIS BILL!!
The Federal Reserve enjoys a monopoly over the flow of our money and credit but has never been completely transparent and accountable to Congress. Since its establishment in 1913 our dollar has lost more than 95 percent of its purchasing power.
In addition to more than $11 trillion national debt (over $36,000 per citizen), Congress, the Treasury, and the Federal Reserve have put us on the hook for almost $10 trillion in bailouts and loans. Yet, the Fed refuses to tell Congress which financial institutions have received these funds.
U.S. Rep. Ron Paul of Texas introduced HR 1207, which would deliver answers to the American people about how our money is being used. HR 1207, which is currently in the House Financial Services Committee, received the support of over 282 other representatives and 23 Senators for S604, since its introduction and will amend section 714 of Title 31 of the U.S. Code to remove the restrictions on how the Government Accountability Office can audit the Federal Reserve.

Posted by: AtlasShrugged1 | August 20, 2009 10:51 AM | Report abuse

Most of us are on our last unemployment benefits check, all I hear from the White House is Healthcare Reform and nothing about adding a new and much needed extension to unemployment benefits. LISTEN UP FOLKS, if you done get your unemployment check you can pay for Healthcare, HELLO.

Posted by: Deeangel557aolcom | August 20, 2009 11:59 AM | Report abuse

What do you expect? The dumbo in the White House and his cabal of egghead advisors continue to borrow, spend and run up the drficit, in addition to imposing more regulations and taxes on small businesses...the best job creating mechanisms in the country.
What a bunch of disgraceful incompetents Obama and his cabal are.

Posted by: LarryG62 | August 20, 2009 12:00 PM | Report abuse

People need to accept the harsh reality that the Bushed Recession, which teeters on depression, will be the Lost Decade of America.

Posted by: TalkingHead1 | August 20, 2009 12:17 PM | Report abuse

One thing we don't often think about. Every time the unemployment rate goes up, that means more people without or on the road to being without health care insurance.

We are still facing the effects of the economic devastation caused by the extreme deregulation of the last eight years.

Posted by: tinyjab40 | August 20, 2009 12:39 PM | Report abuse

Until Congress passes and funds the New Deal America will continue to collapse. But, until Congress passes and funds Universal Health Care America's collapse will continue to accelerate due to bankruptcies followed by subsequent foreclosures. Personal bankruptcies will skyrocket. The foreclosures will quadruple this year before Christmas due to the rising tide of job losses. The Great Depression is here and everyone (most everyone) is still in denial. There aren't any jobs.

Posted by: blakesouthwood | August 20, 2009 1:19 PM | Report abuse

I have an unemployed relative, whose job loss is completely unrelated to downsizing. She's decided that she is not even going to bother looking again until the unemployment checks stop coming. ... But gotta love the government paying for not even trying, right?

Posted by: midoreigh | August 20, 2009 9:46 AM

If you are fired, you don't get unemployment. If you quit, you don't get unemployment. Only Layoffs count. If you are unemployed for a length of time, you are counted as "not looking", the checks stop and you fall off the radar, as others have mentioned.

As a result, Unemployment Compensation is the Mother of All Business Bailouts. It helps non-human entities (businesses) through Economic Contractions by making the formerly employed somebody else's problem (that would be the Government). The "Pain of Unemployment" for corporate entities consists of making an insurance claim - against their "no fault" insurance.

Why Wall St. even pretends to care is a mystery.

Posted by: gannon_dick | August 20, 2009 4:50 PM | Report abuse

Another, really - really bad day for the DEMOCRUDS.

Posted by: hclark1 | August 20, 2009 5:23 PM | Report abuse

So much all of Obama's ballyhoo last month that the recession was over! We are headed for double digit national unemployment before the end of this year!

Posted by: davidwayneosedach | August 20, 2009 9:12 PM | Report abuse

Actually double digit employment is here. Anyone who believes in the government unemployment numbers also believes in the tooth fairy.

Support HR 1207 to audit the Federal Reserve. Demand that mark to market be dropped and accounting standards be restored. Mark to market is the fiction that has allowed banks to give the appearance of health. The massive bonuses handed out by the banks using taxpayer money is disgusting. The taxpayers continue to be sold out to our elitist government and their friends.

We need a new government.

Posted by: Bubbette1 | August 21, 2009 11:28 AM | Report abuse

The comments to this entry are closed.

 
 
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