Jobless claims drop top expectations

Job seekers attend a career fair at Rutgers University in New Brunswick, New Jersey, January 6, 2011. REUTERS/Mike Segar

U.S. initial jobless claims fell more than expected last week and showed their biggest decline since February, in a hopeful sign for the U.S. labor market.

The number of Americans filing for first-time unemployment benefits dropped sharply to 404,000 from a downwardly revised reading of 441,000 in the prior week, the Labor Department said on Thursday.

The 37,000 drop in claims was the biggest since the week that ended Feb 6, when claims fell by 51,000. Analysts had expected weekly jobless claims to fall to 420,000.

A Labor Department official said the larger-than-expected decline was partly explained by jobless claims returning to trend after the big rise the earlier week, which may have been skewed by the holiday season.

The four-week moving average of new claims, which strips out short-term volatility, dropped by 4,000 to 411,750.

Continuing claims fell to 3.86 million in the week ended January 8, the lowest level in over two years.

However, the total number of Americans on benefit rolls, including extended benefits under emergency government programs, jumped to 9.6 million in the week ended January 1 from 9.2 million the prior week.

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12 Responses to "Jobless claims drop top expectations"

  1. woody188  January 20, 2011 at 12:31 pm

    You know it’s bad when they tout fewer people applying for benefits as a good thing. They have no good numbers to report like jobs created. They also fail to say why continuing claims dropped. It’s because they maxed out the benefit and are no longer counted.

    Best estimate has us at some 25 million unemployed total. Housing has now declined value/percentage wise below the 29% loss of the Great Depression. Still they have not addressed the reasons for the crash. Indeed, the same people that wrecked the world economy are currently lavishing more bonuses on themselves.

    On the bright side, we’ve only some 4 years or so left to go before we see some upward pressure, but that is assuming market forces are allowed to clean out the garbage banks and loans. If they keep interfering, we could be mired in this mess for another decade. And so long as those same bankers and politicians are in charge, we can expect more of this downward spiral.

    • woody188  January 20, 2011 at 3:47 pm

      My 29% should be 25.9%, we’ve declined to 26%, more than the Great Depression.

  2. Carl Nemo  January 20, 2011 at 1:50 pm

    “However, the total number of Americans on benefit rolls, including extended benefits under emergency government programs, jumped to 9.6 million in the week ended January 1 from 9.2 million the prior week.” …extract from article

    The last paragraph pretty much sums up the continual propagandist crap we are fed from our failing government via their MSM outlets. The following quote includes government statistics to support a failing political paradigm.

    *****

    “If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.” …Josef Goebbels

    *****

    Carl Nemo **==

  3. Almandine  January 20, 2011 at 2:59 pm

    As the song goes… deny, deny, deny.

    http://neithercorp.us/npress/

  4. bogofree  January 20, 2011 at 4:11 pm

    Too much negativity by you folks.

    • woody188  January 20, 2011 at 4:46 pm

      OK, then list the positives of the last Labor report.

      I read some where we’d need 15 million new jobs created just to reach employment levels of 2000. Seeing how at the best of times 300,000 jobs created per month was near the top creation, how many years will it take for the currently unemployed to get employed again? Is 20 years to reach par with the year 2000 a negative job outlook or a realistic one?

      Considering many of the “99′ers” are in their 50′s, can they really wait 20 years to find a job? Aren’t we basically saying these people will be on welfare for the rest of their lives? When the funding dries up, what will these people do for food and shelter?

      Isn’t it criminal to not address these things and instead put on a happy face and dance like monkeys because we’d rather feel good about ourselves and not face the hard truth?

      Sooner or later, the hard truth will be in our faces whether we like it or not.

    • Carl Nemo  January 22, 2011 at 3:04 am

      Thanks bogo for the ‘pick me up’ presentation. I actually watched it through, but it took 4 shots of bourbon prior to the viewing to truly enjoy its impact. / : |

      I’m cheered up good buddy… : )

      Carl Nemo **==

    • Almandine  January 22, 2011 at 11:22 am

      All right… what the hell ya done with bogofree?

  5. b mcclellan  January 20, 2011 at 6:47 pm

    The naked startling negativity comes from those in power that do have a choice to put this country to work Bogo.
    May I borrow from you Al ?
    Deny, deny, deny.

    I have ten students whose average age is twenty seven.
    Average wage, ten bucks an hour.
    Of these ten, two are unemployed due to lay off and two are recently laid off. From here, that is forty percent disenfranchised.
    I’m training journeymen Weldors whose only recourse for sustenance will be to take what they can get, hoping the line is not too long for the opportunity to push shopping carts out of this deluge of corporatism and into the foreign reign of Wal Mart ?
    How can any defend a lie but repeat it ?

    • bogofree  January 20, 2011 at 7:26 pm

      Take my post in context of the accompanying video I had. Then consider the time that the video took place in and connect it to today and the title of this news story.

      Amazing how manufacturing has been neutered in this country. Machine shops use to be a big thing and now are virtually gone. Even something as simple as a sewing needle no longer has domestic production.

      Here is an example of an American company surviving the rigors in a field that is dominated by foreign product. K’Nex Toys. Look them up.

  6. griff  January 20, 2011 at 8:02 pm

    It’s pretty sad when they paint “only” losing 404,000 jobs as a good thing. What a joke.

    Great news! We thought another 37,000 people were going to apply for unemployment last week. Less than one-tenth of a percent of the total claims!

    Oh well, there’s always next week.

    Pat yourselves on the back Hill People. You deserve it. Go tip a few after work today. We’ll pick up the tab.

  7. b mcclellan  January 20, 2011 at 9:14 pm

    Timely,
    they who be hysterically pushing the norm
    in all knowing
    find a fairness adjourned.

    How bout a good ole whiskey rebellion?

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