22.10.09

New jobless claims rise more than expected to 531K

How transparent is transparent?

By CHRISTOPHER S. RUGABER, AP Economics Writer Christopher S. Rugaber, Ap

WASHINGTON – The number of newly laid-off workers filing claims for jobless benefits rose more than expected last week, as employers remain reluctant to hire even with the economy showing signs of recovery.

Claims had fallen in five out of the previous six weeks and most economists expect that trend to continue, but at a slow pace, as jobs remain scarce.

The report is "slightly disappointing," Ian Shepherdson, chief U.S. economist at High Frequency Economics, wrote in a note to clients, "but it does not change the core story, which is that ... a clear downward trend in claims has emerged" over the past two months.

The Labor Department said Thursday that new jobless claims rose to a seasonally adjusted 531,000 last week, from an upwardly revised 520,000 the previous week. Wall Street economists had expected only a slight increase, according to Thomson Reuters.
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This of course goes against what the administration says, via the man-gods representive and head of the Federal Reserve Ben Bernanke said Tuesday setember 15th that the recession has ended, at least based on the numbers.

"From a technical perspective, the recession is very likely over at this point," Bernanke told a conference at the Brookings Institution. But "it's still going to feel like a very weak economy for some time." more...

This is the most clear pipe dream I have seen since Bag Dad Bob during the Iraq invasion telling reporters that the Iraqi forces were on the verge of a major victory as US tanks rolled down the street behind him.

Dieu le Roy!
Brantigny

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