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BugAC 
LSU Fan
Baton Rouge
Member since Oct 2007
13861 posts
 Online
| Jobless claims rise to 371k (Posted on 1/10/13 at 9:53 am)
LINK
quote:
The Labor Department reported this morning that initial jobless claims last week rose by 4,000 to 371,000. Economists had been expecting a decrease in the number of Americans making their first filing for unemployment benefits. The less-volatile 4-week moving average jumped to 365,750.
Color me shocked. Unemployment #'s are revised up, again. For the what, 30th straight month?
Hope and change.
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Radiojones
LSU Fan
Dutchtown, LA
Member since Feb 2007
4208 posts
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 9:55 am to BugAC)
Just wait until consumer spending slows as almost everyone's paycheck will now be smaller due to tax increases.
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UncleFestersLegs
Columbia MO
Member since Nov 2010
532 posts
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 9:59 am to BugAC)
quote:
Unemployment #'s are revised up, again. For the what, 30th straight month?
The Dec 29 print was actually revised downward for the first time in over 2 years...from 372K to 367K.
I guess the BLS cold streak finally ended. It was quite a run though.
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davesdawgs 
Georgia Fan
Georgia
Member since Oct 2008
10999 posts
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 10:00 am to BugAC)
quote:
Color me shocked. Unemployment #'s are revised up, again. For the what, 30th straight month?
Hope and change.
It will get worse. No way have all employers adjusted for Obamacare and the inevitable economic decline.
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Bard 
LA-Monroe Fan
BR
Member since Oct 2008
12801 posts
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 10:06 am to BugAC)
It always goes up in January, so that's not shocking to me. What will tell the tale is how it goes over the next 3-4 months.
What will also be telling is if Moody's down-grades the US credit rating again. I've said for a while now that once we get down-graded again, that's when you know the real shitstorm is about to hit.
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BugAC
LSU Fan
Baton Rouge
Member since Oct 2007
13861 posts
Online
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 10:11 am to Radiojones)
Bureau of Labor Statistics
quote:
Nonfarm payroll employment rose by 155,000 in December, and the unemployment rate was unchanged at 7.8 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in health care, food services and drinking places, construction, and manufacturing.
So we are barely above population growth rate.
quote:
The number of unemployed persons, at 12.2 million, was little changed in December. The unemployment rate held at 7.8 percent and has been at or near that level since September.
quote:
Among the major worker groups, the unemployment rates for adult women (7.3 percent) and blacks (14.0 percent) edged up in December, while the rates for adult men (7.2 percent), teenagers (23.5 percent), whites (6.9 percent), and Hispanics (9.6 percent) showed little or no change. The jobless rate for Asians was 6.6 percent (not seasonally adjusted), little changed from a year earlier.
quote:
In December, the number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 4.8 million and accounted for 39.1 percent of the unemployed.
quote:
The civilian labor force participation rate held at 63.6 percent in December. The employment-population ratio, at 58.6 percent, was essentially unchanged over the month.
quote:
In December, 2.6 million persons were marginally attached to the labor force, essentially unchanged from a year earlier. (These data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.
This post was edited on 1/10 at 10:12 am
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GumboPot
LSU Fan
Saints Fan
Member since Mar 2009
17409 posts
Online
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 10:13 am to Bard)
quote:
I've said for a while now that once we get down-graded again, that's when you know the real shitstorm is about to hit.
The real financial shitstorm for the federal government hits when the Federal Reserve loses control of low interest rates. If interest rates move up, debt gets expensive thus the federal government get less of it. The federal government is run by debt "these days". I don't know if another downgrade is the final straw, but it's one of many.
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tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
4437 posts
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 10:13 am to BugAC)
quote:
Jobless claims rise to 371k
look gun control....
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UncleFestersLegs
Columbia MO
Member since Nov 2010
532 posts
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 10:20 am to BugAC)
quote:
little changed from a year earlier.
...with Bennie's balance sheet headed to $4 trillion.
This post was edited on 1/10 at 10:21 am
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Taxing Authority
LSU Fan
Houston
Member since Feb 2010
16738 posts
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 10:44 am to Bard)
quote:
It always goes up in January,
SA?
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LSUsCRYSTALball
LSU Fan
Member since Dec 2012
1697 posts
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 10:56 am to BugAC)
FOWARD 
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LSUgusto
LSU Fan
Member since May 2005
15587 posts
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 11:01 am to LSUsCRYSTALball)
I don't see how we avoid the downgrade. If the GOP fights increased spending or taxes, then incompetence will be the excuse. If we do nothing, I've seen reports that the size of the debt alone could be enough to trigger it.
The Tea Party will be blamed either way, of course.
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TenTex
LSU Fan
Member since Jan 2008
13971 posts
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 11:18 am to BugAC)
If Congress would get their act together we would be much better off. Doesn't a 9% approval rating mean anything to Speaker Boehner?
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tigeraddict
LSU Fan
Baton Rouge
Member since Mar 2007
4437 posts
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 11:32 am to TenTex)
quote:
Doesn't a 9% approval rating mean anything to Speaker Boehner?
was about the same when it was Speaker Pelosi.
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BugAC
LSU Fan
Baton Rouge
Member since Oct 2007
13861 posts
Online
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 11:57 am to TenTex)
quote:
If Congress would get their act together we would be much better off. Doesn't a 9% approval rating mean anything to Speaker Boehner?
Let's see. The house has approved and sent at least 4 budgets to the house, and not one of them was brought up to vote on by your Baghdad Bob, Harry Reid. When do you call him out?
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Bard
LA-Monroe Fan
BR
Member since Oct 2008
12801 posts
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 9:36 pm to GumboPot)
quote:
I don't know if another downgrade is the final straw, but it's one of many.
It's not the final straw, it's more a marker on a river that warns you when you are getting close to the waterfall.
I say this because with the crippling amount of debt, the insane annual deficit and the complete lack of enough testicles to make the necessary hard cuts needed in spending, the current is speeding up. Another downgrade is just another sign saying "you are getting closer". With the current state of affairs, I'll give the economy another 6-10 years after another downgrade before it hardcore crashes.
Why? Because another downgrade signals (at least to me) that we have just gone beyond the point of no return. Extraordinary measures may be taken after that (like literally turning the money presses on full bore), but by then it will be too late to keep from going over so all we will be doing is just mitigating the damage we take when we land.
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Turkey_Creek_Tiger
LSU Fan
a Meth lab in Livingston Parish
Member since Dec 2012
1035 posts
Online
| re: Jobless claims rise to 371k (Posted on 1/10/13 at 9:41 pm to BugAC)
FORWARD!!!
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