New jobless claims rise more than expected

[ByLoSellHi]

Jul 30, 9:18 AM EDT

New jobless claims rise more than expected


WASHINGTON (AP) -- The government says the number of newly laid-off workers filing first-time claims for jobless benefits rose last week, though the increase was mostly due to seasonal distortions.

Graphic shows change in weekly jobless claims and employment level

The Labor Department says new claims for unemployment insurance increased by 25,000 to a seasonally adjusted 584,000, above analysts' estimates of 570,000.

A department analyst says the increase comes after claims were artificially lowered earlier this month by the timing of auto factory shutdowns, which happened earlier this year than usual.

 

[Ivanovich]

Yet again, doesn't look like the market cares one bit.

 

[milktruck]

so when the ridiculous positive seasonal adustments are taken away they are all of a sudden artificial?

 

[morganist]

Quote from milktruck:

so when the ridiculous positive seasonal adustments are taken away they are all of a sudden artificial?

that is disturbing.

 

[Kassz007]

Quote from ByLoSellHi:

Jul 30, 9:18 AM EDT

New jobless claims rise more than expected


WASHINGTON (AP) -- The government says the number of newly laid-off workers filing first-time claims for jobless benefits rose last week, though the increase was mostly due to seasonal distortions.

Graphic shows change in weekly jobless claims and employment level

The Labor Department says new claims for unemployment insurance increased by 25,000 to a seasonally adjusted 584,000, above analysts' estimates of 570,000.

A department analyst says the increase comes after claims were artificially lowered earlier this month by the timing of auto factory shutdowns, which happened earlier this year than usual.

You conveniently left out the part of the report that said continuing benefits unexpectedly declined. Why? Becaues it doesn't support your thesis of a worsening economy.

 

[kxvid]

Quote from milktruck:

so when the ridiculous positive seasonal adustments are taken away they are all of a sudden artificial?

Are you talking about non adjusted data that shows 700k+ monthly jobless claims? Disturbing is right.

I remember when 550k was considered "disastrous" and a "number that should've sent the DOW below 8000). (the DOW was close to 8000 at the time.) Now after months of much worse numbers, the market has rallied and rallied hard. Makes me wonder if this is like 2007 when the DOW was hitting 14k and the economy was already in recession.

 

[milktruck]

I may have read that wrong, I didnt get much sleep last night.

 

[Eliot Hosewater]

Quote from Kassz007:

You conveniently left out the part of the report that said continuing benefits unexpectedly declined. Why? Becaues it doesn't support your thesis of a worsening economy.

According to Denninger many people rolled off the 13 week unemployment to the extended plan. These were not counted. The real number still collecting payments is 8.718 million.

http://market-ticker.org/archives/1272-Unemployment-Report-FAR-Weaker-Than-Claimed.html

 

[Arnie]

Here's all you need to know about "bad" news and the market:

If it's supposed to go down, and it doesn't, it's going up.