Thursday, August 05, 2010

Jobless Rate Springs Upward Higher than highest estimates

Bloomberg has the bad news:
More Americans than projected filed applications for unemployment insurance last week, indicating firings remain elevated as the recovery moderated. Initial jobless claims climbed by 19,000 to 479,000 in the week ended July 31, the most since April and exceeding the highest estimate of economists surveyed by Bloomberg News, Labor Department figures showed today in Washington. The number of people receiving unemployment benefits dropped, while those getting extended payments rose.

Bloomberg softens the news above the fold, but deep into the story comes just how badly the economy is misfiring:
Economists forecast claims would fall to 455,000, according to the median of 43 projections. Estimates ranged from 444,000 to 470,000. The government revised the prior week’s total to 460,000 from a previously reported 457,000
Instead, 479,000. Hmmm...... Of course, Bloomberg keeps whistling past the graveyard in the final paragraphs, quoting "experts" that the bad numbers don't mean anything........

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