Weekly jobless claims above 380K for second week

posted at 9:21 am on April 19, 2012 by Ed Morrissey

As if the Obama administration didn’t have enough problems with economic indicators, the Department of Labor gave them another headache.  The upward spike two weeks ago in initial jobless claims doesn’t look like a fluke:

In the week ending April 14, the advance figure for seasonally adjusted initial claims was 386,000, a decrease of 2,000 from the previous week’s revised figure of 388,000. The 4-week moving average was 374,750, an increase of 5,500 from the previous week’s revised average of 369,250.

The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending April 7, unchanged from the prior week’s unrevised rate of 2.6 percent.

The advance number for seasonally adjusted insured unemployment during the week ending April 7 was 3,297,000, an increase of 26,000 from the preceding week’s revised level of 3,271,000. The 4-week moving average was 3,317,750, a decrease of 21,500 from the preceding week’s revised average of 3,339,250.

Officially, the number of initial weekly jobless claims fell last week by 2,000 — but to 386,000 claims, which is 6,000 above the level announced last week.  That number got revised this week, but the real story is in the 4-week rolling average.  Just three or four weeks ago, that number was in the 360K range.  Now it’s close to 375K, roughly the same level as last spring’s stagnant economic conditions.

Reuters headlines the drop, but reports on the disappointing results:

New U.S. claims for unemployment benefits fell less than expected last week, according to a government report on Thursday that could dampen hopes of a pick-up in job creation in April after March’s slowdown.

Initial claims for state unemployment benefits slipped 2,000 to a seasonally adjusted 386,000, the Labor Department said. The prior week’s figure was revised up to 388,000 from the previously reported 380,000.

The four-week moving average for new claims, considered a better measure of labor market trends, rose 5,500 to 374,750.

Economists polled by Reuters had forecast claims falling to 370,000 last week.

Their economists had bet that last week’s results were an outlier, which wasn’t an unreasonable assumption.  This, however, looks like an upward movement in job churn, not a good sign for overall employment.  It’s interesting that we’re seeing that now rather than last month, where jobless reports ran in the mid-360Ks but job creation got stymied at only 120,000 for the month.  If this indicator continues at the mid-380K level or starts rising above it, April’s jobs report may make March look positively cheery.


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I’m feeling like I need a gallon of brainbleach.

MelonCollie on April 19, 2012 at 11:02 AM

President Obama disagrees, he says you need a couple gallons of BBQ sauce…

SWalker on April 19, 2012 at 11:03 AM

The other stat we see frequently is the labor participation rate. Last I read its at 59%. If you want an education check out what the other 41% are doing.

Hint, if they had jobs the LPR would be _____%

dogsoldier on April 19, 2012 at 11:05 AM

Is it to early in the morning to claim I have my beer goggles on and can’t read the “Do not feed the trolls” sign???

SWalker on April 19, 2012 at 10:58 AM

This idiot has been at it for a few days now, It’s either Allah playing a prank on us or I don’t know what.

VegasRick on April 19, 2012 at 11:06 AM

President Obama disagrees, he says you need a couple gallons of BBQ sauce…

SWalker on April 19, 2012 at 11:03 AM

Gallons nothing. You singe the hair off first. Common knowledge. Sheesh.

WryTrvllr on April 19, 2012 at 11:10 AM

President Obama holds a thin 46 percent to 42 percent lead over former Massachusetts Gov. Mitt Romney in a Quinnipiac University national poll released Thursday, even as voters give the Republican a MAJOR edge on such key issues as the economy, jobs and gas prices.

Voters disapprove of Mr. Obama’s handling on the economy by 56 percent to 38 percent.

http://www.washingtontimes.com/blog/inside-politics/2012/apr/19/obama-holds-slight-lead-over-romney-quinnipiac-pol/

Resist We Much on April 19, 2012 at 11:11 AM

Is it to early in the morning to claim I have my beer goggles on and can’t read the “Do not feed the trolls” sign???

SWalker on April 19, 2012 at 10:58 AM

This idiot has been at it for a few days now, It’s either Allah playing a prank on us or I don’t know what.

VegasRick on April 19, 2012 at 11:06 AM

No prank, Allah likes to let them expose themselves…

SWalker on April 19, 2012 at 11:11 AM

Gallons nothing. You singe the hair off first. Common knowledge. Sheesh.

WryTrvllr on April 19, 2012 at 11:10 AM

You have to tenderize the meat, otherwise it’s tough…

SWalker on April 19, 2012 at 11:12 AM

You have to tenderize the meat, otherwise it’s tough…

SWalker on April 19, 2012 at 11:12 AM

So if you want to enjoy it, you have to beat your meat first?

\;-}

MelonCollie on April 19, 2012 at 11:15 AM

MSM:”Recovery Juggernaut Loses a Tiny Bit of Steam”.

Dr. Carlo Lombardi on April 19, 2012 at 11:16 AM

The DOL will somehow fudge the number that will make the unemployment rate go down. They will have the media to cover them, knowing they will never look further than the top line numbers.

djaymick on April 19, 2012 at 11:22 AM

I can’t believe that they can keep getting away with this. How many weeks in a row are they allowed to pull this trick where initial claims are down as compared to the revised number, but up as compared to what was actually reported last week (not to mention that there’s a 99% chance that this week’s reported number will of course be revised upwards next week as well)?

Progressive Heretic on April 19, 2012 at 11:23 AM

Is it to early in the morning to claim I have my beer goggles on and can’t read the “Do not feed the trolls” sign???

SWalker on April 19, 2012 at 10:58 AM

This idiot has been at it for a few days now, It’s either Allah playing a prank on us or I don’t know what.

VegasRick on April 19, 2012 at 11:06 AM

No prank, Allah likes to let them expose themselves…

SWalker on April 19, 2012 at 11:11 AM

The naked truth is: trolls = $$$$$$$$

They are obviously good for traffic, as every refresh adds to the numbers. Good numbers means higher ad rates.

There are 10x the number of troll responses as there are troll posts.

slickwillie2001 on April 19, 2012 at 11:35 AM

Remember this little gem- A tale of 2 Economies in The Headlines.

redridinghood on April 19, 2012 at 11:36 AM

Is “angryed” Hillary or Michelle Antoinette ? I’m trying to decide. Must be Hillary, cause Michelle Antoinette is probably on another vaca, paid for by me.

stenwin77 on April 19, 2012 at 11:39 AM

So if you want to enjoy it, you have to beat your meat first?

\;-}

MelonCollie on April 19, 2012 at 11:15 AM

Ask Obama, he’s the expert… Or according to the rumors I have heard Charles “Eastadickirus” Johnson over at little green balls is quite the expert as well…

SWalker on April 19, 2012 at 11:46 AM

The naked truth is: trolls = $$$$$$$$

They are obviously good for traffic, as every refresh adds to the numbers. Good numbers means higher ad rates.

There are 10x the number of troll responses as there are troll posts.

slickwillie2001 on April 19, 2012 at 11:35 AM

Ok, OK!! I’ll give it a try.

All you flyover folks wouldn’t understand economics if it fell on you. If you really wanted to improve your states finances and unemployment you’d copy the California model. Benefits everywhere, and water for everyone!!!!

Nope sorry. That was painful.

WryTrvllr on April 19, 2012 at 11:46 AM

The New York…er…Rhode Island……er Massachusetts…..Ah the h@ll with it.

WryTrvllr on April 19, 2012 at 11:48 AM

“I blame the warmer than usual winter”
B. Hussein 0bama

jukin3 on April 19, 2012 at 12:03 PM

Barry to the rescue: This plan will solve all of our problems.

http://news.yahoo.com/states-asked-apply-unemployment-test-plan-125932074.html

Philly on April 19, 2012 at 12:03 PM

As Americans continue to suffer from 8 years of disastrous economic policies, flyover country high fives itself.

PS: Where are jobs Jon Boner?

angryed on April 19, 2012 at 9:25 AM

“Look, a squirrel!”

Tenwheeler on April 19, 2012 at 12:55 PM

What a joke! Everybody knows nobody hires around New Year’s Day MLK Day Valentine’s Day St. Patrick’s Day Easter Earth Day.

mankai on April 19, 2012 at 1:32 PM

As Americans continue to suffer from 8 years of disastrous economic policies, flyover country high fives itself.

PS: Where are jobs Jon Boner?

angryed on April 19, 2012 at 9:25 AM

..will someone PLEASE ban this tedious moron?

The War Planner on April 19, 2012 at 1:48 PM

angryed = fake, but accurate just fake just plain tedious.

cicerone on April 19, 2012 at 9:33 AM

..FIFIY..

The War Planner on April 19, 2012 at 1:54 PM

Damn Obama’s economy is awesome.

tom daschle concerned on April 19, 2012 at 3:47 PM

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