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

New Jobless Claims Drop, Housing Starts Hit Expectations

New jobless claims dropped by 12,000 last week, beating expectations and new housing starts hit expectations, in two good pieces of news for the economy released moments ago.

According to the Labor Department, 545,000 people filed new jobless claims last week, down form a revised number of 557,000 the week before. Forecasters expected the number of claims to increase last week to 560,000.

Continuing jobless claims rose from 6.1 million to 6.23 million. This number is troublesome, because it indicates a jobless population unable to find new work, or one that has given up looking for work. U.S. unemployment now stands at 9.7 percent and rising, and forecasters and the White House expect it to crest over 10 percent. But don't expect it to start going down as soon as it hits 10 percent; it could hang up there -- at European levels -- for months if not years.

On the housing front, starts were up 1.5 percent from July to August and building permits -- a good sign post of the recovery -- were up 2.7 percent, month-to-month.

Housing starts hit expectations, with 598,000 recorded in July; forecasters expected 600,000.

-- Frank Ahrens
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By Frank Ahrens  |  September 17, 2009; 8:49 AM ET
Categories:  The Ticker  | Tags: housing starts, jobless claims  
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Comments

6.23 million people out of work and 545,000 new claims for those just recently out of work. Boy; that is GREAT news...............Keep up the good work Team Obozzo!!!

Posted by: Bcamp55 | September 17, 2009 9:45 AM | Report abuse

Maybe it is just me but I am running out of patience with the press and your attempts to spin really bad news and frustrated with your failure to report what the particular data crumb means and its' implications to the public. Want to know why your papers are disintegrating and filing for bankruptcy all over the world? Relevance and competitive sources. You regurgitate what NGO's and agencies "feed" you and you never, never look behind the numbers and deliver perspective. The Washington Post, the WSJ and the NYT all used to be my "first reads" in the early AM on the train in to Boston and by the time I arrived at the John Hancock tower I was pretty sure I "knew" most of each subject and the news around it. Now I get my news feeds with your snippets and I can shop to find who does the better job. Today, when you regurgitated the half a million (that's right, half a million - see any shock or RELEVANCE to your readers around this number?) jobs lost that's all you did. You didn't remind anyone of the addition of a half million more unemployed to the 14.5 million already out of work or the 11 million who have settled for part time just to bring something into their households or the hundreds of thousands who have "just plain given up looking" did you? I "shopped" this one headline from Bloomberg, AP, Marketwatch, Reuters, Washington Post, RTT News, 24/7 Wall Street and NONE of you called out the government on the abysmal condition we are in! The President and Congress are pushing healthcare and billions around bailouts and bragging about a million or so jobs "saved or created" and you let them get away with it? The real unemployment numbers are more like 14% and you, especially you guys (I fell in love with the Washington Post because you used to not take crap from anyone without backup)should be taking everyone of the jerks "to the woodshed" and give them a good "switching"! The Post is in the best place to truly disclose all that is going on in Washington in this most important period of the nation’s lifetime! When I was running my company in Arizona and before I returned to the "right coast" we had one term for the competitive intel my guys did - "Hang 'em high" with the details. Get to work boys and girls; the sun is setting on the Washington Post, and sooner than you think.

Posted by: walkerrussellc | September 17, 2009 9:48 AM | Report abuse

Looks like the Bushed Recession may last as long as its creators took to create it. Great job, George and Dick, you scumbags!

Posted by: TalkingHead1 | September 17, 2009 5:00 PM | Report abuse

Great Post Bcamp55!!!....I can't say it any better....The economy has turned to crap for millions while Wall Street bankers continue raking in the bucks. Trillions in Gov't guarantees but reforming the system is too much trouble. The Fourth Estate has failed again. I guess we’ll have to bring back the guillotine.

Posted by: Bill31648 | September 17, 2009 5:25 PM | Report abuse

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