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In the week ending June 12, the advance figure for seasonally adjusted initial claims was 472,000, an increase of 12,000 from the previous week’s revised figure of 460,000.
The number of workers filing new applications for unemployment insurance unexpectedly rose last week as the manufacturing, construction and education sectors shed employees, adding to worries that the economic recovery is slowing.
BREAKING -- OBAMA, BIDEN DECLARE “RECOVERY SUMMER”: Vice President Biden today will kick off “Recovery Summer,” a six-week-long push designed to highlight the jobs accompanying a surge in stimulus-funded projects to improve highways, parks, drinking water and other public works. Biden will present President Obama with a report laying out a spike in stimulus activity this summer, and how it will contribute to a steady climb to a total of 3.5 million Recovery Act jobs by the end of the year.
Twilight Zone.
They will actually be claiming they have created or saved 3-4 million jobs in the fall.
BREAKING -- OBAMA, BIDEN DECLARE “RECOVERY SUMMER”: Vice President Biden today will kick off “Recovery Summer,” a six-week-long push designed to highlight the jobs accompanying a surge in stimulus-funded projects to improve highways, parks, drinking water and other public works.
What exactly will resurfacing a highway do to stimulate the economy create jobs in any meaningful way?
There is an intestate highway near me, that has a sign saying "Paid for by the American Recovery and Reinvestment Act." Its twenty miles of torn up road, and all I see is sand, gravel, diesel construction equipment, and at best about two dozen are men working it. Its not a new road, its just a resurfacing of an already existing. This is not like when Eisenhower built highways where non existed before, the economic benefits from this will be negligible.
What does that stimulate? It stimulates one or two gravel and rock companies, some oil companies for the tar and fuel, and a paycheck for a month's work, for a few dozen men. This does not help reopen the shoe factory, does not convince the data processing company to run out an rehire laid off employees, and it does not inspire the folks to run out and buy durable goods.
If you believe what you read the stimulus has, at most, created 3-4 million part time jobs at a cost of over $400 billion. This translates to well over $100,000 per job created, and these "jobs" are part time, they last a few days or a couple months, and then cease to exist.
All this is trying to do is keep down the unemployment numbers until the November elections so things don't look as depressing as they truly are.
I hate that word.."unexpectedly". If these great minds have been reporting these numbers for 2-3 years then they have some serious problems if this is "unexpected" to them.
We need to get some economists who can predict correctly and call a spade a spade so that no one is surprised by numbers the masses have come to "expect" each reporting period while the economists are shocked that we're not in high positive territory.
Roubini/Schiff wouldn't find these numbers "unexpected". If anything these numbers are backing up their current economic predictions.
The fat lady is definitely singin. There are hundreds of thousands of firefighters, cops, teachers, state employees waiting for DC to to fund their jobs.
REP. STENY HOYER (D-MD): “However, What I Said Was, Money That Has Already Been Appropriated In The Recovery And Reinvestment Act That Has Not Yet Been Spent Could Be Spent Now On These Priority Items. Nobody wants to see 300,000 teachers or fire and police laid off. That's not good for the economy; it's not good for our kids; it's not good for the safety of our communities. So the president's absolutely right in terms of this being critically important spending, and we're going to work on getting that. I personally believe that if we have dollars that are not yet expended in the Recovery Act that we can apply to this immediate need and then look to later expenditures in the long term for investments, I think we ought to do that. But we can't -- we can't stimulate and depress at the same time.†abcnews.go.com/ThisWeek/week-transcript-hoyer-boehner-bill-gates/story
The fat lady is definitely singin. There are hundreds of thousands of firefighters, cops, teachers, state employees waiting for DC to to fund their jobs.
It doesn't end there....you forgot the unemployed who need extensions
You also forgot private industries who are now depending on the governement for rebates, incentives and subsidies to keep their industries alive and producing bare minimum profits.
The fat lady ain't singing...she's yelling at the top of her lungs !
I hate that word.."unexpectedly". If these great minds have been reporting these numbers for 2-3 years then they have some serious problems if this is "unexpected" to them.
We need to get some economists who can predict correctly and call a spade a spade so that no one is surprised by numbers the masses have come to "expect" each reporting period while the economists are shocked that we're not in high positive territory.
Roubini/Schiff wouldn't find these numbers "unexpected". If anything these numbers are backing up their current economic predictions.
Maybe it refers to the time of year (in spring and early summer unemployment usually decreases) and to the previous months
Maybe it refers to the time of year (in spring and early summer unemployment usually decreases) and to the previous months
Actually it usually increases with an influx of recent college graduates into the job market and people looking for summer jobs.
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