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10/28/2010 06:17 PM ID: 86039 Permalink   

Sharp, Unexpected Drop in U.S. Unemployment Claims


In an unexpected development, first-time unemployment claims dropped for the second week in a row, this time by 21,000. Seasonally adjusted, there were 434,000 claims for the week ending Oct. 23.

That is the lowest number of claims for any week this year excluding the week ending July 10, which contained the Independence Day holiday when state offices were closed. Claims have been around 450,000 per week all year long.

An economist at Moody´s Analytics said that while the development is promising, it will not signify an improvement in the labor market unless it continues in the weeks ahead. The October jobs report will be released Nov. 5.

    WebReporter: Ben_Reilly Show Calling Card      
ASSESS this news: BLOCK this news. Reason:
only because people are running out of extensions !!!
  by: mikkitaz   10/28/2010 07:17 PM     
It would be pretty weird if first-time applicants for unemployment were running out of extensions, wouldn´t it?
  by: Ben_Reilly     10/28/2010 07:20 PM     
All this means is less jobs were lost this month, probably due to it being the holiday season, which is the same every year.

This relates to new claims, not unemployment rate, which yes would be skewed. Real unemployment for able bodied adults is over 30%. They just only count people receiving benefits when citing unemployment rates on most media outlets.
  by: Tetsuru Uzuki     10/28/2010 07:39 PM     
  There are plenty of McJobs to go around!  
America is slowly becoming a 3rd world state and instead of good high paying jobs, more and more people are resorting to working 2 or 3 McJobs... Its like a return to the 19th century in terms of working hours for people that are not white collar.
  by: slavefortheman     10/28/2010 07:52 PM     
  Me thinks TU is on it...  
Seasonal hiring. The retail market is already hiring for the holiday season. Between Halloween and Christmas they are the biggest retail holidays of the year.

After the xmas selling season the layoff will more than make up for the difference.
  by: valkyrie123     10/29/2010 03:40 AM     
we all knew that dear old Bush had put America through the grinder and was the cause of so much unrest throughout this world. How on earth does anyone expect anything to improve by now.

Poor old Bush was on TV here last night, now admitting he had made mistakes, maybe he will be back running things soon as all will be forgiven.

Funny how people have such a short memory!

You can´t cover a gaping big hole with a tiny plaster, it will take a hell of a lot more than that.
  by: captainJane     10/29/2010 11:33 AM     
Why would it be unexpected drop when every year at this time temp hiring takes place. This article almost makes one believe we are on our way to some sort of recovery.
  by: hellblazer     10/31/2010 08:23 PM     
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