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The Labor Department reported that weekly jobless claims fell by 6,000 last week to 462,000. This was slightly worse than analysts predictions of 460,000.
The four week moving average showed a bit of caution with claims rising by 5,000 to 475,000.
The number of people receiving aid after the initial week rose 37,000 to 4.56 million during the week ending February 27. The report also stated that the number of people on extended unemployment benefits fell in the week ending February 20. This number is not all reliable because it does not include the number of persons who have exhausted their benefits.
Notwithstanding these numbers, another report government data showed that jobs opened up in January at the fastest pace in nearly a year.
In a separate report the Commerce Department reported that the US trade gap shrank 6.6% to $37.3 billion dollars.
The only thing that we can say about this report is that it is not conclusive. The numbers show that unemployment is sloshing around near the lows of the range. We need a strong uptick in job creation for several months before we can safely say that we have turned the corner.
Do you see stronger job growth later this year?
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Reader Comments (Page 1 of 1)
3-11-2010 @ 6:49PM
Pamela said...
Great article by Madon. I don't see job growth this year and I have no reason to believe the stimulus job bill is going to work based on the fact that there is no accountability for the funds that have been given out. If they are not being used in the manner they were intended, how can it work? Who is tracking this money?
If you want yet another example of how the job stimulus money is not working, go to TBO.com and click on investigation. Tampa Bay Work Force Alliance steals stimulus job money and goes on spending spree. No way to pay it back except with taxpayer money, making us pay twice...Steve Summers, Reporter for Channel 8 News uncovered this fraud.
So tell me and all Americans...how is this money being used? Who knows if the information being sent in is even accurate?
Is the the same Tampa Bay Work Force Alliance being praised on Recovery.gov???
3-11-2010 @ 11:01PM
Cathy said...
These figures are total BS. Out in Silicon Valley, CA the only f-rs getting jobs are all the Apbu's with H1b Visa's.
You can go all the way back to 2006..They gave away 385,409 of our jobs to these Gonzo's, Next, 2007 326,596...In 2008, 405,644 jobs. Then here's Bill F'nGates whining and crying before congree how he needs a higher quoto for 1008, and back again in 2009 with the same spin. Can't find enough American workers to fill all the positions he has. Why that no good SOB was asking for more of them because he'd already filled up all the opening he had with these monkeys by February/March of every year. Yet there is no shortage of unemployed engineers lined up around all our unemployment offices, many sent there due to all the layoffs in this country.
And that new H1b Visa Bill Obama just signed last month is one of the biggest jokes ever, thing is totally useless at putting a stop to it. @$*~Lobbyist have already gotten to the thing in put into the bill all kinds of exemptions so they can keep these workers. So, its back to business as usual folks for the corporations.
3-12-2010 @ 8:09AM
matt said...
Why is it that these stories omit the word "NEW".
These are claims from people who lost their jobs in the last week.
Add to that number all the others already being processed in the system.
The average length of time that "benefits" are offered is 26 weeks, so multiply the 26 times the 460,000 and you get well over 12 MIllion people collecting unemployment insurance at any moment (actually the figure is higher, much higher).
The headline should read "NEW CLAIMS"