Jobless claims in another surprise surge (up 24,000 from previous week)

Jobless claims in another surprise surge

http://money.cnn.com/2010/04/15/news/economy/initial_jobless_claims/index.htm?cnn=yes&hpt=T2

By Chavon Sutton, staff reporterApril 15, 2010: 9:35 AM ET

NEW YORK (CNNMoney.com) -- The number of Americans filing for unemployment insurance for the first time jumped for the second week in a row, according to government data released Thursday.

There were 484,000 initial jobless claims filed in the week ended April 10, up 24,000 from an unrevised 460,000 the previous week, according to the Labor Department's weekly report.

Economists surveyed by Briefing.com had expected new claims to fall to 440,000 in the latest week. The number of new claims was the highest since the week ended Feb. 20, when initial claims totaled 486,000.

The Labor Department also tracks the four-week moving average of initial claims, which smoothes out volatility in the measure. That number reached 457,750 for the week, up 7,500 from the previous week's downwardly revised average of 450,250.

The Labor Department attributes the jump in initial claims to volatility related to the Easter holiday and other so-called "administrative" factors.

I'll be much more likely to see the glass as half empty if NET jobs are lost. Right now we are seeing a lot of churning activity with people getting into and out of the work force, and initial claims only look at those who are beginning a claim, not those who are ending one. If we lose jobs in April overall then I'll start getting a bit more pessimistic, but this is not enough on its own.

BTW anybody notice that +24K is a "surge" and -24K is a "drop slightly" when it comes to initial claims? Shouldn't an equal drop be a "plummet", or an equal increase a "slight increase"?

I was reading a financial blog yesterday and they quoted an aphorism about Wall Street economists: "Bear equals unemployed."

you keep on wearing those rose colored glasses.

as Rome around you burns

And nothing of any use.

What a shame.

you replied to had a fairly balanced reply, yet your response was both personal and out of proportion.

It really does seem that many DU'ers are heavily invested in seeing things in the most negative light. Cynics don't like acknowledging progress, doing so would refute their world view.

of course I have a point of view on this issue.

Investors love it and managers are reluctant to increase payroll when things are going "good". I think there needs to be some incentives to companies to encourage them to begin hiring again or we may be stuck at 10% unemployment for quite some time.

no healthcare and can easily lay them off when not needed.. Not a good situation for workers now.

that is a good idea. another is that the government has got to pump up infrastructure and alternative energy jobs big time. the economy is going to inflate and the only way to keep it under control is to get oil prices manageable. Policing the world for resources is getting too expensive. although it will continue. Prices are going up for everything either way. Cost of finding oil will create diminishing return. Super expensive energy before we are ready is going to make for big changes. I do not think the government can afford a depression now. Hell will break loose in that case. the old economy is toast and the old wall Street is toast. Obama seems to see that. He has got to get moving though or he will be toast. Then we get a crazed Republican wanting to turn back the clock.

unless you shed ever more and more workers?

Ah well ,it all comes out in the end, after it is too late to do anything about it.