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Initial Jobless Claims Rise

Jobless claims rose - wait for it - unexpectedly. And get the excuse the administration is peddling:

The number of U.S. workers filing new applications for unemployment insurance unexpectedly rose last week as claims delayed from the year-end holidays were pushed through, government data showed on Thursday.

Initial claims for state unemployment benefits rose 36,000 to a seasonally adjusted 482,000 in the week ended January 16, the Labor Department said, rising for a third straight week.

Economists polled by Reuters had forecast claims dipping to 440,000 from a previously reported 444,000. The weekly claims data covers the survey week for the Labor Department's January payrolls report, which is scheduled for release February 5.

A Labor Department official said the rise in claims was administrative rather than economic as claims that were not processed over the holidays were now being attended to.

So, it's MLK's fault. At least they didn't blame Bush this time

Update: As the first commenter noted, the Labor Department Official's comment referenced the Christmas holidays, not MLK holiday that just passed. So, it's Jesus' fault?

Ed Morrissey writes that it's time for a different adverb to describe the month over month bad economic news. (link fixed)


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Comments (24)

Not MLK, but Christmas and ... (Below threshold)

Not MLK, but Christmas and New Years

Damn Bush...reaching out fr... (Below threshold)

Damn Bush...reaching out from Crawford and squashing the wonderfulness of Lord Obama's revival of America!

p.s. to those who remember the bill for my broken garage door opener that I sent to Bush (cause EVERYTHING'S his fault) I STILL haven't heard back!

I know 3 guys that got let ... (Below threshold)
Pretzel Logic:

I know 3 guys that got let go after Jan 1. $150k plus guys. I have also heard of several small businesses that held on for the holidays but now need to close shop. I don't think the next few months are going to be good.

Not to worry here in Florid... (Below threshold)
Oyster:

Not to worry here in Florida! We've just gotten news that tens of thousands of new jobs will be coming to our state - government jobs!

Cap'n Ed link lacks an H at... (Below threshold)

Cap'n Ed link lacks an H at the beginning.

Fellow Conservatives!... (Below threshold)
nehemiah:

Fellow Conservatives!

Please see that this is planned by team Obama. This is actually genius. They are planning on increasing unemployment to over 50%, then it can't but start going down -- then when it's at 35% in 5/2012, they can say, "The President has reduced unemployment in the past year by 15%!!!".

the new unemployment rate w... (Below threshold)
Justrand:

the new unemployment rate will be released the week AFTER Obama's State of the Union teleprompter recital.

I am very afraid it is gonna be BRUTAL! 10.4 or higher would not surpise me one bit...but would deeply sadden me for the prospects of my kids and grandkids!

From a previous thread yest... (Below threshold)
Eric:

From a previous thread yesterday John said:

When are you guys going to start talking about how the stock market is having its biggest drop in 3 months on Scott Brown Day? Certainly you haven't hesitated to associate past market drops with activity by Democrats.

So I think this provides the answer. The biggest drop in 3 months was not because of Scott Brown, it was because of today's jobless numbers.

And before you make the argument about yesterday vs. today. I used to work for a brokerage house, that kind of info is always leaked ahead of the public announcement.

Also,don't forget that the ... (Below threshold)
Dr Carlo Lombardi:

Also,don't forget that the media has told us that unemployment under the 0bama regime is now termed "funemployment".

Eric: "And before you make ... (Below threshold)
Drago:

Eric: "And before you make the argument about yesterday vs. today. I used to work for a brokerage house, that kind of info is always leaked ahead of the public announcement."

Absolutely true.

There was also some significant "bad economic news" yesterday morning with the housing starts report which showed an "unexpected drop", signalling less economic activity than was previously thought.

That fact, along with a few others (including the "rumor" of todays unemployement numbers filtering out yesterday) is what drove the drop in the market.

Have you noticed that the way it works in the establishment media is:

Republican President: good news = unexpected!
Democrat President: bad news = unexpected!

This is a corrollary to how the establishment media treat conservative authors:

Conservative authors: large sales = surprising!
Liberal authors: small sales = surprising!

It shall always be thus.

BTW, isn't there a "hep-cat" called Hoosen around here that was talking up the "recovery" last spring and saying that everything was tracking just like it should?

Ed Morrissey writes that... (Below threshold)
Tim:

Ed Morrissey writes that it's time for a different adverb to describe the month over month bad economic news. (link fixed)

How about "unprecedented"?

"...claims that were not pr... (Below threshold)
GarandFan:

"...claims that were not processed over the holidays were now being attended to."

Was the holiday also "unexpected"? Don't competent administrators plan for such events?

While I realize that incompetence has been the hallmark of the current Administration (one might ever argue it's a requirement to get hired), can't they start firing the bastards who keep having their prognostications come up short?

I have a feeling the Democrats are going to have UNEXPECTED election results this November.

Drago,Also compare t... (Below threshold)
Eric:

Drago,
Also compare the tone of the articles from when Bush was president vs. Obama. During Bush, all good economic news was tempered with a but...there is bad news on the horizon. Now, all bad economic news is tempered with a but... there is good news on the horizon.

The actual fact is that all presidents are credited or blamed far more than they should for the economy. Presidents don't have that much influence or control over the economy, Congress does. It is Congress that raises or lowers taxes, controls all federal spending, and pass laws that effect businesses. Congressional hearings alone can affect the economy.

Obama and the Democrats talk about the economy they inherited. Well the economy was a hell of a lot better on the day that the Democrats took control of Congress in January 2007 than it after 3 years of Democrat control.

January 2007
Unemployment: 4.6%
DJIA: 12,500
Real GDP: 4.8%
Federal Debt: $8.8 Trillion

January 2010
Unemployment: 10%
DJIA: 10,500
Real GDP: 2.8%
Federal Debt: $12.3 Trillion

Christmas, MLK day... eithe... (Below threshold)
SCSIwuzzy:

Christmas, MLK day... either way, thou shalt not place any other messiah or black man before the Obey Won

Tax, tax, tax, talk ,talk, ... (Below threshold)
914:

Tax, tax, tax, talk ,talk, talk..What did We do to deserve this fool?

GarandFan, you nailed it. ... (Below threshold)

GarandFan, you nailed it. The superior intellects in the Obama White House, who long for the chance to oversee the government-managed redistribution of our nation's wealth through enlightened central planning, shouldn't be making mistakes. They're too smart for that ... or are they?

Pretzel, I agree about unemployment during the next months. Spending was way down in 2009, which means that a lot of small businesses will be closing down during the first quarter of 2010. Banks aren't lending, which means that businesses can't get capital for expansion, so they aren't hiring. Unemployment will remain high through the first half of 2010. We can only pray we don't see a double-dip if spending decreases further because of higher or prolonged unemployment.

"...claims that were not... (Below threshold)
Oyster:

"...claims that were not processed over the holidays were now being attended to."

Yeah, so what if there are thousands upon thousands waiting for their unemployment claims to be processed so they can do stupid things like, well, eat and pay for heating. Government employees need to take the holidays off!

When do we get the new adjusment showing all those folks who were laid off again after the temporary holiday hiring?

Speaking of government employees, I had the distinct displeasure of spending my Tuesday afternoon at the DMV with the most inept and cheerless woman in the world. Thank goodness I don't have to renew every year.

Justrand,... (Below threshold)
Kenny:

Justrand,

I am very afraid it is gonna be BRUTAL! 10.4 or higher would not surpise me one bit...but would deeply sadden me for the prospects of my kids and grandkids!

In reality it'll be more than 10.4% (it already is).

But after they do the birth-death adjustment, and the adjustment for all the unemployed who have stopped looking for work (So hey, you know we can't count them!), it'll magically end up at 9.9%

Then more MSM cheering for how much better things are under Obama!

More interesting economic n... (Below threshold)
Jlawson:

More interesting economic news...

FT.com / Currencies - Russia diversifies into Canadian dollars

Russia's central bank announced on Wednesday that it had started buying Canadian dollars and securities in a bid to diversify its foreign exchange reserves.
Of course, it's probably Brown's fault. Or Bush's. But not Obama's!
The Bush tax cuts expire th... (Below threshold)
klrtz1:

The Bush tax cuts expire this year. That means if you have a job your taxes will go up. Millions of people who won't owe taxes this April will "unexpectedly" owe them in April 2011.

Democrats and a lot of moderate Republicans are basically economic idiots.

I'm lookin at you, John McCain.

Why is it that the economy ... (Below threshold)

Why is it that the economy always "unexpectedly" gets worse under Obama and for years it "unexpectedly" improved under Bush?

I can see the MSM headline ... (Below threshold)
GarandFan:

I can see the MSM headline now:

November 2010:

NATIONAL ELECTION RESULTS "UNEXPECTEDLY" BAD FOR THE DEMOCRATIC PARTY - FOR REASONS UNKNOWN

Oh, goody, the boy-king is ... (Below threshold)
Les Nessman:

Oh, goody, the boy-king is going to slam the economy even more:

"AP - Embracing Depression-era policy and populist politics, a combative President Barack Obama chastised big Wall Street banks Thursday and urgently called for limits on their size and investments to stave off a new economic meltdown.
Investors responded by dumping bank stock.
...

Markets tumbled on the news, the Dow Jones industrial average losing 213 points and continuing this week's slide that has erased the Dow's gains for 2010 and provided yet another dire sign for recovery...."

Heckuva job, Barry.

Friday's news: Even AP cou... (Below threshold)
GarandFan:

Friday's news: Even AP couldn't spin this for Barry:

Unemployment rates rose in 43 states last month, the government said Friday, painting a bleak picture of the job market that illustrated nationwide data released two weeks ago.

The rise in joblessness was a sharp change from November, when 36 states said their unemployment rates fell. Four states -- South Carolina, Delaware, Florida and North Carolina -- reported record-high jobless rates in December.

Kalifornia is 12.4% - NOT COUNTING those who have given up looking for work.

Stock Market in it's 3rd day of free-fall as Barry continues to push for additional taxes on Banks. Mayor Bloomberg has come out, asking Barry 'HAVE YOU LOST YOUR FUCKING MIND?'




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