New jobless claims rise in sign of weak job market

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New jobless claims rise in sign of weak job market

WASHINGTON – Initial claims for unemployment benefits rose for the second time in three weeks last week. The potential rise in layoffs comes as Congress remains stuck at an impasse over extending federal jobless aid.

The Labor Department said Thursday that new claims for jobless benefits jumped by 13,000 to a seasonally adjusted 472,000. The four-week average, which smooths fluctuations, rose by 3,250 to 466,500, its highest level since March.

Claims have remained stuck above 450,000 since the beginning of the year. That has heightened concerns among economists that jobs remain scarce even as the economy has begun to recover from the worst recession since the 1930s.

"We find the level and direction in jobless claims somewhat troubling and the increase is likely to feed double-dip fears," said John Ryding, an economist at RDQ Economics in a note to clients.

http://news.yahoo.com/s/ap/us_economy

why is obama running around proclaiming the good news about job growth?
 
US Manufacturing Sector Grew More Slowly During June

The U.S. manufacturing sector grew in June for an eleventh straight month but at a slower rate than expected, according to an industry report released Thursday.


AP
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June marked the second straight month of slower growth.

The Institute for Supply Management said its index of national factory activity fell to 56.2 in June from 59.7 in May. The median forecast of 72 economists surveyed by Reuters was for a reading of 59.0.

A reading below 50 indicates contraction in the manufacturing sector, while a number above 50 means expansion.

The report's employment component fell to 57.8 from 59.8. New orders also fell to 58.5, suggesting growth may be moderating.
 
Yurt said:
why is obama running around proclaiming the good news about job growth?
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Because that's what politicians do. Christ, just the other day you posted some shit that blamed Obama for the economy because his administration was too negative. What do you want?

The fact of the matter is that, to the extent there has been any recovery, it has been weak at best and there is a very real danger of a double dip and prolonged recession but no one really wants to do anything about it. Instead, they prefer to worry about long-term deficits and fears of fears of non-existent inflation.
 
NigelTufnel said:
Jarod - It isn't good news. The trend looked good for a while, but now it is flattening out and there are very real fears that the trend will revert back to decline.
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agreed. Tomorrow we will see how the numbers shape up. The Census jobs propped up the numbers for a couple months and now will begin to work against them. It looks to be an overall negative for jobs for the month due to the Census jobs.
 
NigelTufnel said:
Because that's what politicians do. Christ, just the other day you posted some shit that blamed Obama for the economy because his administration was too negative. What do you want?

The fact of the matter is that, to the extent there has been any recovery, it has been weak at best and there is a very real danger of a double dip and prolonged recession but no one really wants to do anything about it. Instead, they prefer to worry about long-term deficits and fears of fears of non-existent inflation.
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not a true correlation....further, bush was bashed because he was doing exactly as obama is doing...yet the same bashers are utterly silent now...

put shovels to the ground now....

edit...and until i see exactly what i said, i give little, if any credence, to your claim
 
Yurt said:
not a true correlation....further, bush was bashed because he was doing exactly as obama is doing...yet the same bashers are utterly silent now...

put shovels to the ground now....

edit...and until i see exactly what i said, i give little, if any credence, to your claim
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You asked why and I'm telling you why: because he's a politician. Bush has nothing to do with your question or my response.

This is what you posted the other day:

Two overarching reasons explain the failure of Obamanomics. First, administration economists and their outside supporters neglected the longer-term costs and consequences of their actions. Second, the administration and Congress have through their deeds and words heightened uncertainty about the economic future. High uncertainty is the enemy of investment and growth.
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NigelTufnel said:
You asked why and I'm telling you why: because he's a politician. Bush has nothing to do with your question or my response.

This is what you posted the other day:
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so i didn't say it...it was in an article i posted and it doesn't say what you claim at all...nice cherry pick, a bit dishonest, but nice try....

it was not about being negative, it was about uncertainties, just admit you're wrong...
 
We had to take the country through some pretty tough steps to pull us out of the freefall that we faced when I took office, and I know that sometimes people don’t remember how bad it was and how bad it could have been.

But, when I was sworn in, we were losing 750,000 jobs a month.

Every month, we were losing 750,000 jobs. The economy was shrinking at 6 percent.

It was contracting by 6 percentage points.

That’s faster than it had in decades.

Today, it’s growing again.

Today, we’ve added private sector jobs for five months in a row.
 
I love how the policies of GWB, which took 8 years to get us into this mess are now blamed on President Obama a year and a half into it.
 
So the economy is headed in the right direction, but for a lot of Americans, it’s not heading there fast enough.

Not if you’re out of work.

Not if you can’t pay the mortgage.

Not if you can’t take care of your family, and the truth is, from the day we walked into the White House, we knew that the crisis we faced was so severe that it was going to take months, and maybe even years, to fully heal, to dig ourselves out of one of the worst recessions in our history, and that’s why I’ve been fighting, in addition to everything we’ve done, for additional steps to speed up this recovery and keep the economy growing. We want an extension of unemployment benefits for workers who lost their job through no fault of their own.
 
We want to help small business owners get the loans they need to keep their doors open and hire more workers

We want relief for struggling states so they don’t have to lay off thousands of teachers and firefighters and police officers.

Now, you’d think this would be pretty straightforward stuff, but I’ve got to say that lately we’ve been having to wrangle around what used to be pretty noncontroversial things, providing loans for small businesses, extending unemployment insurance when 8 million people lost their jobs during the recession.

But lately, there’s a minority of senators from the other party who’ve had a different idea.

As we speak, they are using their power to stop this relief from going to the American people, and they won’t even let these measures come up for a vote.

They block it through all kinds of procedural maneuvering in the Senate.
 
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