Free Markets, Free People

Another “unexpected” jump in unemployment numbers

Jobless claims again surprised the “experts” with an “unexpected” jump.

The number of people who filed for unemployment assistance in the U.S. last week rose unexpectedly, official data showed on Thursday.
In a report, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending August 19 rose by 5,000 to a seasonally adjusted 417,000, confounding expectations for a decline to 405,000.

The previous week’s figure was revised up to 412,000 from 408,000.

Continuing jobless claims in the week ended August 13 fell to 3.641 million from a revised 3.721 million in the preceding week. Analysts had expected continuing jobless claims to decline to 3.700 million.

Tyler Durden provides the Bureau of Labor Statistics justification for the unexpected rise:

Naturally, the BLS is there to provide a justification for the spike, with 8500 jobs apparently "lost" due to the Verizon strike: "Special Factor: As a result of a labor dispute between Communications Workers of America and Verizon Communications, at least 12,500 initial claims were filed in the week ending 8/13/2011 and at least 8,500 initial claims were filed in the week ending 8/20/2011."

Durden also points out why the unemployment total percentage isn’t worse:

In other news, continuing claims came below expectations of 3700K at 3641K, a number that will be revised higher as was last week’s from 3702K to 3721K. The collapse in extended benefits, as the 99 week cliff claims more and more, means that 20K people fewer collected post Continuing Claims benefits, with those on EUC and extended benefits down from 5.8 million a year ago to 3.6 million: this is 1.2 million Americans that no longer can collect anything from Uncle Sam.

It also means they’re no longer counted among the unemployed in the official numbers.

Yeah, it’s worse than you thought – and getting worse still.   Can’t wait to see Obama’s jobs plan — after he has his vacation, of course.

~McQ

Twitter: @McQandO

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12 Responses to Another “unexpected” jump in unemployment numbers

  • It was wonderfully expected if you know your ass from a cypress stump respecting economics.
    Which kinda tells us something about most reporters…

    • Obama’s big book of words and phrases:-
       
      Unexpectedly, Vacation, I inherited, let me be crystal clear, I won, saved or created, shovel ready, eat your peas.

  • Well the Verizon number’s about to disappear and that should make it just super then right?  They went back on Tuesday (no contract yet, but they’re back).

  • Who are thes worthless “experts” that seem to have been blindsided by every bad piece of economic news since Obama took office?  Because if the only thing expected is that bad news catches them unexpectedly, them who the eff cares what they have to say about anything!??!?!

  • It looks like Bad Luck Barry MAY be about to get his own Katrina.
    Will it be enough to please the Krazy Paul Krugman…???

    • Wrup – broken window theory for New York?  Bad news, though it does keep us from deriding Barry and Michelle’s Excellent Vacation 35 – Another go at the Vineyard.

  • McQCan’t wait to see Obama’s jobs plan — after he has his vacation, of course.

    Didn’t you know?  The “plan” has been downgraded to an “outline.” If Bad Luck Barry is true to form, it will be something along the lines of a speech in which he claims to want to create X millions of jobs through implementation of various unspecified programs, but can’t so long as “some people” won’t play ball.  This will be reported by MiniTru as a “plan” to create X millions of jobs, and the Tea Party / GOP will be villified for getting in the way.

    • And Erb (and other brainless talking points spewing bobosos) will show up and claim the plan was carved in stone and the Republicans fractured it.

      • Yeah, I know.  Funny how Bad Luck Barry can mutter a few generalities, do the Mussolini chin tilt, and his supporters will treat it as if he was Moses coming down from the Mount.  Wasn’t it Tottenberg who also did that back during the debt ceiling debate?

  • Do strikers get to claim unemployment benefits?
    btw…  Tyler Durden is a pseudonym for a group of people.

  • Man eats 3000 calories a day – unexpectedly gains weight

    Woman sleeps with different guy each night – unexpectedly contracts a veneral disease

    Man skips all college classes and sells his textbooks for crack – unexpectedly fails his classes

    Woman refuses to pay high prices for gasoline – unexpectedly runs out of gas

    Man replies to email from Nigeria – unexpectedly gets scammed

    ***

    If these people don’t *expect* these economic reports by now, it’s time they found another job!

    • They’re like my sons used to be Billy – every day they wake up and the tablet is clean – things that happened yesterday no longer apply and they’re free (in their minds) to ‘expect’ things to be different today.