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

New weekly jobless claims rise by 25,000, surprising forecasters

New jobless claims filed last week rose by 25,000 to 471,000, the government reported moments ago, defying predictions that they would drop. It's the largest rise in three months.

The four-week moving average of new jobless claims, which smooths out week-to-week volatility, rose 3,000 to 453,500.

The official U.S. unemployment rate in April was 9.9 percent, up from 9.7 percent in March. But 290,000 new jobs were added to payrolls, encouraging those who believe a recovery is underway.

Today's news is less encouraging. Economists say that substantial new job creation won't happen until the new weekly jobless claims number gets down into the low 400,000s or upper 300,000s and stays there. Right now, it remains frustratingly stuck in the mid-400,000s.

The number of continuing claims -- the long-term unemployed -- actually dropped last week to 4.63 million from 4.67 million the week before, so that's a bit of good news.

By Frank Ahrens  |  May 20, 2010; 8:52 AM ET
Categories:  Unemployment  
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Comments

it will get worse

Posted by: SofaKingCool2009 | May 20, 2010 9:14 AM | Report abuse

The reason long-term enrollees dropped is because the time limit is expiring for them. They are now seeking work, and thus we see a transfer of numbers from enrollees to job seekers.

The failure to note this illustrates the disconnect between the real world and the academics and so-called professionals who are quoted in the financial stories.

I say so-called because the truth is that the whole of them missed the coming of The Great Depression II and still want to minimize their error by calling this merely The Great Recession.

The sovreign debt crisis is the next shoe to drop in this continuing Depression. Couple that with record high foreclosure and late mortgage payments, and permanent loss of US jobs with no plan to tranfer those workers to new - and in-demand - skill sets, and you can see that talk of recovery is just that: talk.

Don't be surprised by a reality check in the next few months when the truth of the continuing Depression is unavoidable.
-30-

Posted by: KennethELamb | May 20, 2010 9:31 AM | Report abuse

My brother-in-law who has been unemployed for over 2 years (because he chooses to not work) finally realized yesterday that he must start looking for a job because his benefits run out in about 12 weeks. I can't believe how he has just been sucking off the system. I bet there are a lot of other people who are doing the same thing. Then there are those who are on unemployment benefits and are actively seeking full-time employment.

This news of an increase in unemployment benefits doesn't surpise given the economy. There are a lot of companies out there who are laying off employees every day.

Posted by: RenaVA | May 20, 2010 9:43 AM | Report abuse

Yes, it will get worse, because we are rapidly approaching the expiration of all four tiers for most of the long-term unemployed. They are already starting to withdraw from the consumer economy, and employers will be left no choice but to lay others off. The numbers will begin to look even worse as Census jobs come to an end over the next few weeks. The best things Congress could do now, to ensure consumer confidence for those receiving benefits, and to keep demand sustainable, is to extend unemployment benefits through 2010 with a new Tier V for those who have exhausted benefits.

Posted by: RBinTN | May 20, 2010 9:50 AM | Report abuse

The reason the number won't budge is because that is the number of illegal immigrants flooding into the USA each month, displacing American workers. Until the US enforces its immigration laws, unemployment will remain painfully high.

Posted by: AnnsThought | May 20, 2010 9:51 AM | Report abuse

I was laid off about 6 months ago. And it was definitely a tough time in my life. I hadn't been in the job market in many years - and now I found my self in a very competitive one.

I one piece of advice is to have your resume professionally done. It is what gets you in the door with hiring managers. There are a number of services out there. They range in prices from $40 to $150. I went with a service that charged $49 and was very happy - so you don't have to spend and arm and leg to get this done. I do believe it was worth it to me. I am employed now and quite relieved! I wish the best for all others job hunting out there.

The service I used was ResumeSolutionsPro.com.

Best of luck you you all!

Posted by: johngolf | May 20, 2010 9:55 AM | Report abuse

Yes, it will get worse, because we are rapidly approaching the expiration of all benefits for the long-term unemployed. They are already starting to withdraw from the consumer economy, and employers will have no choice but to lay others off. The numbers will look even worse as Census jobs come to an end over the next few weeks. There are still 6 jobseekers for every available job in the market. To those who oppose extending additional benefits, as at least one above, all we accomplish is the encouragement of new layoffs, and transitioning most of the long-term unemployed to food stamps or other public assistance. The best things Congress could do now, to ensure consumer confidence for those receiving benefits, and to keep demand sustainable, is to extend unemployment benefits through 2010 with a new Tier V for those who have exhausted benefits.

Posted by: RBinTN | May 20, 2010 9:56 AM | Report abuse

They were surprised last week by the "unexpected" drop - just before Obama's speech on how things are improving. They are surprised this week by the "unexpected" largest rise in three months..... Couldn't be that the unexpected rise is correcting the fudged figures from last week, could it? No one in DC would fudge figures for political purposes, would they? Of course, it could simply be we get all these "unexpected" results because no one knows what to "expect" - which makes all the predictions useless - and lies. Either way, something stinks.

Posted by: quark1 | May 20, 2010 10:14 AM | Report abuse

Obama said we had to have a huge stimulus bill signed before anyone could bother to read it, or else unemployment might reach 8%. What did this bill stimulate, other than a coming debt crisis like we are seeing in Europe today?

Posted by: HerbF1 | May 20, 2010 10:41 AM | Report abuse

If you are laid off with any type of severance, DC unemployment will deny your claim. So, people in white collar positions are not necessarily being counted, at least right away. My husband was told he would receive benefits after his 3 months of severance. Never happened.

johngolf is right. Use a pro service. My husband did pay more than this, but it was well worth the effort. No offers yet, but tons of interviews after nothing before the new resume.

Posted by: EditorMom | May 20, 2010 10:46 AM | Report abuse

My brother-in-law who has been unemployed for over 2 years (because he chooses to not work) finally realized yesterday that he must start looking for a job because his benefits run out in about 12 weeks. I can't believe how he has just been sucking off the system. I bet there are a lot of other people who are doing the same thing. Then there are those who are on unemployment benefits and are actively seeking full-time employment.

This news of an increase in unemployment benefits doesn't surpise given the economy. There are a lot of companies out there who are laying off employees every day.

Posted by: RenaVA
-------
Actually it is the employer who paids in to it but in reality I was told last year the worst in trying to find a job (1 opening in 6 trying to apply). Your brother-in-law made the conscious decision to do that and now forced to do something about it.

Posted by: beeker25 | May 20, 2010 10:46 AM | Report abuse

But, how can this be? We were assured that the spending of 750 Billion of taxpayer money in Obama's Stimulus Package would heal the wound of ever larger unemployment numbers( which is now at 17% according to the BLS-U-6 figures). It is possible that we are being flim-flammed by the apostles of "change" in the White House?

Posted by: ronmomel163 | May 20, 2010 11:10 AM | Report abuse

Got Hope?

Posted by: GRILLADES | May 20, 2010 11:16 AM | Report abuse

beeker25, the first 26 weeks (state)
unemployment insurance funds are generally funded by employer taxes, except in some states like NJ, where it is funded by a direct employee tax (in NJ, it's the SUTA). Yet, employees pay one way or the other. As employers pay unemployment taxes (or any other tax, for that matter) that cost is factored into the cost of doing business. Reinvestment into the business and investment in employees (salaries/wages) come out of what is left. In any event, the only real surprise in these statistics is that employers continue to lay off so many employees. At some point, weekly claims should have started to decrease a lot more a lot sooner, since so many economists said employers "overreacted" to the recession. It's looking more and more as if they did not lay off enough initially to cover their costs. And it will only get worse, until Congress and the Administration either respond by diverting "stimulus" funds to genuine, public sector jobs, or to extensions of unemployment benefits and a new Tier V for those still out of work.

Posted by: RBinTN | May 20, 2010 11:25 AM | Report abuse

What ever happened to the $trillion that the Dems spent on their friends to hold unemployment to 8%?

Posted by: jdonner2 | May 20, 2010 11:27 AM | Report abuse

Wasn't it only a week ago or so that the headlines said the job numbers were better? How are we to plan for the future invest etc. with all this crazy whip sawing? Until it's honestly reported with no political intent that the economy's getting better with actual numbers to back it up, the economy will continue to slide.

Posted by: thebink | May 20, 2010 11:30 AM | Report abuse

Oh, it's going to get a lot worse. I model this thing and we are staring at a global DEPRESSION that is going t make the Great Depression look tame. Worse, every move made thus far by is Administration and by that herd of lemmings on Wall Street is leading to catastrophe. The crux of this whole matter is the "global economy". No one want to let go of that tigers tail for fear of "loosing out" and it's killing them as sure a heroin will kill an addict. It's much much too late to avoid a DOW below 7,000 next year, real 30% unemployment, a severer economic downturn. However, if globalization is kept in place we are going to end up in a series of global wars and you WILL see nation wide strikes and revolts, government over-reaction using their Patriot Act, and escalating level and *quantity* of violence, assassinations, lots of dead Wall Street brokers and bank and corporate executives, riots in the streets, troops firing into crowds and troops *joining* the mobs.... in other words a full scale revolution ala pre-Reveolutionary France that will rip this country apart. Choose VERY CAREFULLY, you're in for the ride of your life.

Posted by: mibrooks27 | May 20, 2010 11:34 AM | Report abuse

Hey, now let's just make another 12-30 million illegal's honest to goodness Americans and we'll have a better place to find jobs and more people 'owed' benefits at the expense of the few left working! Riiiight.

Posted by: gunnysgt77 | May 20, 2010 11:36 AM | Report abuse

But...but...but...the great Messiah said things are getting better??? How can this be? I thought all the massive spending was supposed to fix this and bring jobs back?

Posted by: jollyroger2 | May 20, 2010 11:40 AM | Report abuse


A new report comes out every day and nothing is anything but contradiction piles on top of uncertainty. Investors don't know what to do, capital flows from "legitimate" resources are hung up on the uncertainty, and the cash flows we're seeing now are mostly under-the-table and back-room financiers, the so-called "dark markets".

At least the Europeans are catching on about the folks playing games with naked shorting. Oh well and we were having such fun.

As the legitimate credit becomes more reined-in and the dark-markets become illuminated by regulatory changes, employers are reluctant to hire and indeed are having some difficulties with inventory, both selling it off or getting it shipped in. In this sort of uncertainty and extremely variable business-prospects forecast, it's not enough to carry an umbrella. They need to wear their galoshes as well and also to carry sun-screen and a jacket in case of strong winds. It's too much equipment to carry around so the sensible businessman just stays home.

25,000 new jobless claims is nothing, a bare blip on the radar compared to the losses seen last year in this season. No, it's not encouraging but if the so-called "recovery" was actually REAL, we'd be seeing hiring at the rate of 500,000 per month. We're just not seeing that, because this isn't a real recovery, this is still part of a dead-cat bounce in the middle of a stumble. We're not likely to see real recovery until next spring at the earliest, and that will be only if ever last incumbent in Congress is replaced in November.

Posted by: thardman | May 20, 2010 11:41 AM | Report abuse

Over a million have exhausted the Benefits and they are claiming that unemployment is dropping. What a crook of poop!

Join the 28,000 that have sent theit voice to Washington
http://www.change.org/petitions/view/the_99ers_need_a_tier_v_added_to_unemployment_benefits

Posted by: Tim_incubator | May 20, 2010 11:41 AM | Report abuse

Someone tell Obama, Reid and Pelosi that their policies are wrecking our country. They spent/borrowed $1 trillion of our money, our kids and their kids future earnings...for what??!! Obama and company are destroying our nation from within.

Posted by: NO-bama | May 20, 2010 11:46 AM | Report abuse

We have a president who hasn't a clue on how to solve the unemployment problem! It is almost as if he wants this problem. Anyone with common sense knows that all his talk about jobs being his number one priority is just that, TALK! He has refused to use any of the techniques that have been used successfully by administrations in the past to create jobs, such as tax cuts for small businesses! How many times have we heard him even talk about jobs recently? He has succeeded in turning America into a country of dependency on the government for everything! Two and a half more years of this man in office will result in much pain for everyone, including future generations. Our debt is now 13 trillion dollars, 15 million out of work, those working fear for their jobs, our border out of control, and enemies that our administration cannot call them what they are. An administration that criticizes and downgrades our own country in front of foreigners needs to be thrown out of office ASAP!

Posted by: donn09 | May 20, 2010 11:46 AM | Report abuse

This is for No-Bama & donn09 you two SUCK. Obama didn't create this unemployment issue Bush, Outsourcing & Wall Street did. So he isn't the only one without a clue. You two DONKEYS don't either

Posted by: access11 | May 20, 2010 11:55 AM | Report abuse

Why can't the rich and government employees kick in their money instead of tax dollars and take a 'legal sponsorship' of all these illegal's they want here? They could pay for their housing, travel, food medical and education expenses instead of wanting me to pay for their 'wants'. Then my tax dollars would maybe go to the areas of government they were meant to go.

Posted by: gunnysgt77 | May 20, 2010 12:20 PM | Report abuse

Access11, you're right in part, President Obama did not cause this mess, but neither did Bush. We are witnessing the results as a country of living far beyond our means. That preceded Bush by several years, and I am well aware of it, after working as a mortgage processor in Florida in the 90s. Many Americans racked up record amounts of consumer debt, rolled them into "stated income" and "no income verify" mortgages, and walked off. "Wall Street", pension plans, investors (including millions of us through our 401(k)s), fellow homeowners, and banks were left holding the bag. Who could blame banks for reducing lending? We will be dealing with the ramifications of this for years. President Obama and the Democrats do have the ability to help, and for their unwillingness to help at this time, and for only that, they are to blame. Millions of innocent Americans, many who had nothing to do with this, are losing everything. For them, Congress and our President need to do the right thing and at least ensure they can feed their families. That is the least we can do for them, and for those of us who are still working and know we cannot afford to lose 16,000,000 participants in the consumer economy. Whether they redirect stimulus funds or use emergency spending provisions or a combination, they should extend unemployment benefits through 2010 at the least, and add at least a Tier V.

Posted by: RBinTN | May 20, 2010 12:23 PM | Report abuse

Wow!!!! Another increase in the ranks of the unemployed.

When you add that to increasing home foreclosures, bankruptcies, bank closing, and the ever increasing deficit - I can see why Obozzo and his pack of tax cheating czars are held in such high regard by their truly ignorant constituents.

So when does it get "bad" folks, when the welfare checks bounce?

Posted by: Bcamp55 | May 20, 2010 12:29 PM | Report abuse

I think people are finally realizing that the nearly 1 Trillion dollar Obama stimulus, the one that was supposed to prevent unemployment from growing above 8%, was a massive pay out of tax payers money to liberal special interest groups and had nothing to do with stimulating the economy or creating jobs. Now the Democrats want stimulus II to spend more money the government doesn't have on more liberal special interest programs that won't create one single job. Don't they ever learn.

Posted by: RobT1 | May 20, 2010 12:45 PM | Report abuse

Is this the "hope and change" obozo the clown was talking about. I hope you people that voted for obozo are happy with your choice. You and your kids have no future now because of you voting democrat.

Could there be a more stupid class of people than the democrats? Doubt it.

Posted by: charlietuna666 | May 20, 2010 1:14 PM | Report abuse

Blame Obama and the Dems for the deficit , the bailout and stimulus ? Do you idiots even know who was in charge before Obama and the deficit he / they created and who closed their eyes to all of the fraud and insanity going on in the finance sector which lead to the collapse ? Who began the bail out before Obama ever got into office ? Gimme a break . The politicians , all of them / both sides , took care of the Wall Street fat cats who created this mess to begin with but that's all they did . Watch the news , as well as the stock markets are doing good all is just beautiful .I've been unemployed for over a year now , 59 years old and first time on any benefit , have worked all of my adult life , at my age and given my background ... all in the construction trade , I cannot find a job and I have been trying to the point that some have told me to stop ( bothering them ), we'll call you . Logically it's tougher for us older people to find work . I too get burned up about people milking the system but I do think they are a small percentage and I am definitely not one of them . They tried to "fix" this disaster from the top down , just like the trickle down BS , it doesn't work but for the haves and the ones who are sitting pretty as it is . When Joe six pack doesn't have any $ , there is no demand and no demand means no work , no jobs and you have an economy that's going no where , it's that simple .Irks me to no end that all the illegals are still here being hired and taking jobs and the government does not have the integrity or the guts to simply enforce existing law and go after employers who hire illegals which would solve the problem , no hiring , no jobs they simply return home . The whole damned government , the entire system is so corrupt that it's unbelievable ,not to be giving Obama a free pass or an A grade ( I cannot ) but it's not Obama's fault , look who who he has to deal with / work with , he's not dictator and doesn't have a magic wand , can only do so much .The President walked into a nightmare thanks mainly to Bush and the Republicans , put the blame where it belongs . I would not want his job I'll tell you that .I do not expect things to get better , if anything they'll get worse , that's my prediction .

Posted by: Koom | May 20, 2010 1:21 PM | Report abuse

This is a surprise. I thought we added jobs.

Posted by: forgetthis | May 20, 2010 2:05 PM | Report abuse

Posted by: access11
This is for No-Bama & donn09 you two SUCK. Obama didn't create this unemployment issue Bush, Outsourcing & Wall Street did. So he isn't the only one without a clue. You two DONKEYS don't either
*****************************************

..... and this post shows the ignorance of Obama supporters better than anything I can say. The fact that the "Blame Bush" mantra is still being trotted out by liberals to defend Obama shows the depth of their desperation. We are now in fully in the era of "Blame Obama". You Kool Aid drinking liberals had better get a clue and realize Obama is now the worst president in the past 150 years or maybe even of all time. Obama's socialist vision of America is killing our economy and taking away our rights give to us by The Constitution. At the rate Obama is failing, look for him to pull an LBJ and not even run in 2012.

Posted by: MikeJ9116 | May 20, 2010 2:07 PM | Report abuse

How is it good news that continuing claims are falling? Those are people falling, falling off the charts when their unemployment runs out.

Posted by: Itzajob | May 20, 2010 2:31 PM | Report abuse

In Spain, the SOCIALIST PRIME MINISTER has decided to cut bureaucrats' wages and benefits by 5%.

In Greece, the SOCIALIST PRIME MINISTER has decided to fire many useless bureaucrats.

In the U.K., the new government -a coalition of CONSERVATIVES AND LIBERALS- is working around the clock on an emergency budget in order to cut the deficit to reasonable levels.

In the U.S., the do-nothing socialist intern from Chicago....

Posted by: tropicalfolk | May 20, 2010 4:05 PM | Report abuse

Who was surprised?

I think we should get rid of those "leaders" that find this data surprising.

Obviously, those "leaders" were not considering all the data... and were just listening to the liar and his comrades in the WH.

Posted by: docwhocuts | May 20, 2010 4:51 PM | Report abuse

Gee, I could have sworn that just the other day President Obama said that we were in positive job growth. And that it was going to improve every month from now on. Maybe that was just rhetoric prior to the primaries. What about the stimulus? I thought that fixed everything. Guess not. I just can't believe that President Obama could be wrong. Let us not worry, Senator Reid, Speaker Pelosi, and President Obama will save us from ourselves yet. Just wait.

Posted by: bobbo2 | May 20, 2010 5:43 PM | Report abuse

Pres. Calderon gave us a brilliant model, Mexico, to aleviate our economic woes. First, following Mexico's example we should encourage Americans to migrate, 5%-10% of population to Canada, where they would get socialized medicine and welfare. The federal government should avail US citizens with financial incentive and education to navigate Canadian government-aid network. It should also demand free education for US citizens. Once there, American citizens, should be assisted by "the American lobby" to demand more entitlement than Canada's citizens. Congress should also adopt Mexico's immigration policy, legal and illegal, for America. Also, American media should condemn any attempt by Canada to control this migration by using "Nazi" and "xenophobic" to counter criticism. Rather, than go bankrupt, many Americans might be able to send money home and our economy would benefit. Mexico is an excellent example!

Posted by: mgregory29 | May 20, 2010 6:11 PM | Report abuse

June 9, 2010 will mark the one year anniversary of my favorite Obama quote.

Obama quote:
"I will save or create 600,000 jobs by the end of summer"

Absolutely Priceless !

Posted by: dashriprock | May 20, 2010 6:17 PM | Report abuse

I got a plan! The Senate is essentially useless; the Republicans are actively working against our government, are essentially traitors to America and their oath of office, and are captives of their corporate sponsors, party enforcers, and religious charlatans; while the Democrats are merely corporate lackeys and cowards. This elite body is the antithesis of representative democracy with most Senators "representing" fewer people than in our top 100 cities! These people have ridiculous perks, attitudes of royalty, and criminal irresponsibility! End this corrupt criminal organization... join our State based Constitutional Convention! movement!!

Posted by: Chaotician | May 20, 2010 6:25 PM | Report abuse

The fact that any economist is surprised that the unemployment rate went up just goes to show you how ignorant these guys are to what is really happening in the economy.

The mention that the long term claims have dropped is an accounting trick. The fact is, hundreds of thousands of people have run out their extensions, making the numbers drop due to attrition, not due to jobs being added.

It's still harsh times for millions of Americans who aren't working, but all we get from the government is a recorded message with the faint sound of the Band Playing On...

Posted by: bryangalt1 | May 20, 2010 6:32 PM | Report abuse

Obama has done nothing to stem unemployment except throw away money and increase the budget deficit. Obama has taken a very bad situation and made it much worse.

Posted by: Realist20 | May 20, 2010 6:46 PM | Report abuse

scenario-

first, people give up cell phones (if they have a land line and maybe can't have that one either)
second - they can't pay cable (and if you bundled, it's a double whammy)
third - internet goes, so no one can apply online. Which everything is going "online to apply".
fourth - electricity payments can't be made, so people live in the dark (hey, it's happening already)

fifth - car payments go, so there goes that car.
sixth - credit cards can't get minimum payments so you do what you can and send something, but still it goes on the credit report.
seventh - no one in America will have a good credit report. And all "borrowing" or taking out of a loan is dependent upon the credit report (that is a paradox)
eighth - Mortgages - if you have a seoncd mortgage (home equity line of credit-HELOC), it's taken up by your first mortgage (purchase money mortgage). HELOCs are also used for paying kids education. No one is going to college cause mom and dad can't pay for it. ANd remember, second mortgages can seize your belongings and go after you in civil court.
ninth - the house that you have your first and second mortgage on, lost 25,000 to 50,000 in LCValue and you are under water. Can't count on the HELOC, second mortgage. THey froze that 3 months before they started foreclosing procedures.

It is bad, also, because June 30th marks the end of what is called "a program year". Every one who was getting funded by grants or their "books" close on June 30th....find out they have no money to begin the new program year on July 1st.

SO - in May, companies start the cut back, knowing they won't be able to pay you come July 1st. Company just may go under too.
Specially non-profits.

And this oil spill will raise gas prices sky high.


Posted by: TheBabeNemo | May 20, 2010 6:56 PM | Report abuse

If you owned a businesses and the government was going to force you to spend big on entitlements, cap and trade, and other favorite "rights", would you hire an American or outsource as much of your businesses as possible?

Exactly.

Perhaps our brilliant president could tell people "Don't worry, if you manage to get a job, the benefits will be terrific because of me!"

Posted by: Ombudsman1 | May 20, 2010 8:16 PM | Report abuse

What a surprise. Everything is made in China. There is hardly an industrial base left in this country. Even spare parts for American cars are copied and made in China. They are utter garbage but people don't care. The Walmart mentality is sinking this country.

Posted by: mackmarks | May 20, 2010 8:34 PM | Report abuse

Obama stimulated fat bonuses for failed bankers and stock brokers.

He has done nothing for the common man and small business.

He should further extend unemployment benefits at least through the November elections and maybe 2012.

Posted by: llrllr | May 20, 2010 8:51 PM | Report abuse

So ? No big surprise! Incompetent Congress equals no big job gains. Small businesses are still hurting, and until this Congress stops playing politics, I predict that the status quo will remain the same!

Posted by: SeniorVet | May 20, 2010 9:35 PM | Report abuse

The tendency by some to blame 1 person for this mess is insanity at it's prime! There ARE jobs...agriculture and others...that unfortunately do not pay the big bucks that many unemployed want in order to even consider taking a job...but there should be more enforcement of job seeking by the unemployed...Walk any mall.."help wanted" signs...most restaurants "help wanted" signs..even some smaller industries...the same. They don't pay 40 bucks an hour..but 10-15 would put some people back to work. The standard of living has changed and people are having a difficult time adjusting...however, it can be done.

Posted by: Mamanomia | May 20, 2010 9:42 PM | Report abuse

If a recovery is underway it is a feeble one which will take months if not years to reverse the current high level of unemployment.

We still have a huge amount of bad debt sitting in foreclosed and underwater mortgages. That is a drag on the ability of financial institutions to begin lending to small businesses and new home buyers because their balance sheets are in such bad shape, they will not take on any more risk regardless of whether or not it might be a lesser one than that which they assumed and got them into their current predicament.

Companies will continue to operate profitably if they watch their expenses and do not overcommit and that means hiring of new employees will come late in any recovery cycle.

There is more pain coming both to workers and investors. And, the Federal government has just about exhauste its ability to shore up the system with short term fixes. At some point we are going to ahve to admit this recession is not like others and may come to redefine the new reality of what we consider full employment and normal growth.

Posted by: bobfbell | May 20, 2010 9:51 PM | Report abuse

Ah yes, the jobless recovery. Kind of like the "fundamentals of the American economy being strong." Credits for that comment to GW Bush.

Posted by: gce1356 | May 20, 2010 10:52 PM | Report abuse

stimulus = trillion dollars down the drain.

way to go barry

Posted by: dummypants | May 20, 2010 11:13 PM | Report abuse

The economy and unemployment are not getting better for average Americans, regardless of what pundits and political partisans assert. Unfortunately, most are reluctant to admit that there is a 6:1 ratio of jobs across America. While opponents of a Tier V or other unemployment extension claim use anecdotal evidence to claim otherwise, my friends facing long-term unemployment know firsthand that jobs are not available for 83% of the unemployed-- regardless of the pay, the level, or part-time/full-time status. That is the new reality, and one we will face for years to come. We can and should mitigate some of the effects now with unemployment extensions through 2010 and a Tier V, but ultimately, we need private sector job creation.

Posted by: RBinTN | May 21, 2010 8:25 AM | Report abuse

It is crazy that they did not add more weeks. It seems that the unemployed are being forgotten by both Congress and the Media. The highest jump in unemployment in 3 months and they are not having this as front page news? It is going to Jump again this month as the Census jobs are now gone.

Support the voice of the unemployed at http://www.change.org/petitions/view/the_99ers_need_a_tier_v_added_to_unemployment_benefits

Posted by: Tim_incubator | May 23, 2010 11:30 AM | Report abuse

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