Initial Jobless Claims Hold at High Level

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Thursday, June 10, 2010 at 12:18 pm

This morning, the Department of Labor announced that weekly initial jobless claims remained high, at 456,000. That is a decline of 3,000 from last week’s claim, upwardly revised to 459,000. The four-week average ticked up to 463,000. Economists had expected initial claims to fall to 450,000. I’ll repeat what I noted last week about the ill effects of the stall-out in the decline in unemployment:

Starting last spring, weekly initial jobless benefit claims slid downward. In the past few months, that decline has stopped. Essentially, the economy is improving but not adding nearly enough new jobs to bring the unemployment rate down, and if the unemployment rate does not come down, it slows down the recovery. Here is a chart of the claims since January 2008, with the stabilization around 450,000 on the right-hand side:

One good note in the report: The number of people claiming ongoing unemployment benefits — not those claiming extended state or federal benefits, and therefore people between the first and 26th week of unemployment — fell to the lowest level since 2008. The number of claimers fell 255,000 in a single week, to 4,462,000.

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TimOregon
Comment posted June 10, 2010 @ 4:29 pm

I am not one of the unemployed however see the need for Unemployment extensions…
… Congress needs to be held accountable for the their failure to create a jobs bill and a jobs market.

extending Unemployment is not the answer however it what is needed. the Answer is to create jobs, which will take Congress to place hire taxes on any company that out sources jobs over seas, higher taxes on any funds leaving the US and higher tariffs on imports.

Until then we have to pay out unemployment for the failure of our leaders.

Support unemployment here, it is one of Change.org highest all time petitions.

http://www.change.org/petitions/view/the_99ers_…


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Voxpopuli
Comment posted June 10, 2010 @ 5:29 pm

I agree, I read this a few days ago:

Lawrence Mishel, the President of the Economic Policy Institute, argues for the extension of unemployment benefits extension based on three economic reasons.

First: We Can’t Afford It

Perhaps one of the most effective ways to stimulate the economy is to sending money into the economy through unemployment benefits. UE helps create a tax base that helps off-sets its own deficit, and will increase spending by people who would otherwise not have any money to spend. The spending in turn creates a larger demand, which will increase production.

Second: UE Doesn’t Promote Economic Recovery

Mishel has estimated that unemployment benefits could possibly create over 900,000 jobs in a single year. The money provided by the benefits also raises demand for goods and services, this demand in turn makes the employers more apt to hire new people to keep up with the demand, the new workers will spend their paycheck, creating even more demand…see where this is going. He says these demands are immediate and measurable.

Third: UE Actually Increases the Unemployed

Aside from the fact that there are 5.6 people trying for every job available, there are many more compelling reasons to get that job that pays more than UI, these reasons can be economic, personal, or societal. Mishel says, “The problem is not a lack of willingness to work on the part of Americans; it’s a lack of available work, period. The failure to recognize this betrays a profound inability to imagine what it is like to be unemployed in an economy with roughly 10% unemployment.” Here he goes by the deflated rate that the Feds often post, the actual unemployment rate economists say is somewhere in the area of 18%.


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