Weekly jobless claims at 367K

posted at 8:41 am on May 10, 2012 by Ed Morrissey

Weekly jobless claims came in at about the same level as last week, although once again last week’s level was adjusted upward, this time by 3,000.  Last week, 365,000 new jobless claims were filed:

In the week ending May 5, the advance figure for seasonally adjusted initial claims was 367,000, a decrease of 1,000 from the previous week’s revised figure of 368,000. The 4-week moving average was 379,000, a decrease of 5,250 from the previous week’s revised average of 384,250.

The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending April 28, a decrease of 0.1 percentage point from the prior week’s unrevised rate of 2.6 percent.

The advance number for seasonally adjusted insured unemployment during the week ending April 28 was 3,229,000, a decrease of 61,000 from the preceding week’s revised level of 3,290,000. The 4-week moving average was 3,290,000, a decrease of 10,500 from the preceding week’s revised average of 3,300,500.

This looks like we’re returning to the previous level of jobless claims after a month-long spike.  That’s not really an indication of overall improvement, as the previous level came during a slowdown in economic growth, from 3.0% in 2011Q4 to an initial estimate of 2.2% in Q1.  According to Zero Hedge, Goldman Sachs thinks that level will drop in later revisions, too:

Wholesale inventories increased by 0.3% (month-over-month), less than the consensus had forecast. The result was also below the rate of wholesale inventory growth assumed by the Commerce Department in its advance estimate of Q1 GDP. As a result, the report implies a possible downward revision to Q1 GDP. Based on available data, we now expect that Q1 GDP will be revised down to +1.9% (annualized) from +2.2% originally report (the wholesale inventory report accounts for one tenth of the expected downward revision). Tomorrow’s trade report could also affect expected revisions to Q1 GDP. We made no changes to our tracking estimate of Q2 GDP (still +2.0%).

So far, the markets don’t seem too fazed by the report.  It came within 2,000 of expectations, which is about as close a hit as one gets in these series:

U.S. stock index futures held their earlier gains Thursday, struggling to reverse a string of losses and following the weekly jobless claims report, but investors continued to worry over the ongoing euro zone debt crisis.

Weekly claims for unemployment benefits edge down last week 1,000 to a seasonally adjusted 367,000, according to the Labor Department. Economists polled by Reuters had expected claims inching up to 369,000. The four-week moving average for new claims fell 5,250 to 379,000.

That’s good news for the White House.  The Obama administration wants to talk about anything other than jobs and the economy, and they’re getting an assist from the media.  Even when they’re not chasing shiny-object distractions like gay marriage (dead last on Gallup’s list of voter priorities, even among Democrats) and Seamus the Roof Ridin’ Dog, they aren’t taking a serious look at the actual data from the BLS on jobs.  In my column this week for The Fiscal Times, I point out that the actual numbers of jobs have declined the last two months, data that has largely gone unreported, and it’s not due to massive retirements:

In April, 522,000 people, and in March, 333,000 left before them.  That’s nearly 900,000 workers who have left the workforce in just two months, while at the same time the number of jobs dropped by almost 200,000.

In fact, the civilian population participation rate hit a 30-year low in April, according to the BLS …

Some have argued that this trend shows nothing more than aging baby boomers heading into retirement as expected, but that’s not the case, either. Investors Business Daily reported from the BLS data that employment among workers 55 years of age and older has hit a new high, as boomers put off retirement – perhaps because of economic uncertainty, the debate over pensions, or the damage done to their retirement accounts in the 2008 crash.

The number of jobs for seniors has grown 3.9 million since the beginning of the recession in December 2007, hitting a 42-year high. That means, of course, that those jobs are not getting passed down to younger workers.  The same data shows that there are 8.1 million fewer jobs for those under 55 in the same four-years-plus period.

The decline in workforce participation hasn’t come from natural outflow of workers in the boomer bubble to retirement, but from a lack of jobs in the economy.  Indeed, if the civilian participation rate had remained where it was at in January 2009, the jobless rate today would be 11.1 percent, not 8.1 percent, and no one would be confused about the state of job creation and the economy.

If the media focused on telling the true story of job destruction over the last three years, we wouldn’t be talking about Swiss bank accounts and dog carriers.


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Forward….

Electrongod on May 10, 2012 at 8:43 AM

“We are on the right track”

Electrongod on May 10, 2012 at 8:43 AM

I mean…he has only been President for 3 1/2 years…give him a chance”

Electrongod on May 10, 2012 at 8:44 AM

“Fore more years”

Electrongod on May 10, 2012 at 8:44 AM

More flexible

Electrongod on May 10, 2012 at 8:45 AM

He ate dog.

Electrongod on May 10, 2012 at 8:45 AM

What else is there to say….

Electrongod on May 10, 2012 at 8:45 AM

If the weekly jobless NEW claims is near 400,000, doesn’t that make the monthly job losses over 1 MILLION?

Over 1 million a month are losing their jobs and the clowns in this administration think they need another 4 years to do the same things they have been doing?

belad on May 10, 2012 at 8:46 AM

Yes, but darnit, he just reverted back to the same position he had in ’96. He is brave and is a hero!

dernst2 on May 10, 2012 at 8:46 AM

If the media focused on telling the true story of job destruction over the last three years, we wouldn’t be talking about Swiss bank accounts and dog carriers.

If the media acted like professionals, we wouldn’t be talking about President Barack Obama. Dude would still be slumming it in the Senate.

Doughboy on May 10, 2012 at 8:46 AM

Gays need to eat too!

Electrongod on May 10, 2012 at 8:47 AM

Who cares about this small stuff? The important matter is same sex marriage. Right lsm?

50sGuy on May 10, 2012 at 8:48 AM

None of this matters. Our bold leader just came out (again) for gay marriage, which changes nothing, but still he’s so bold and brave!!!11!!!111

SouthernGent on May 10, 2012 at 8:49 AM

If the media focused on telling the true story of job destruction over the last three years, we wouldn’t be talking about Swiss bank accounts and dog carriers.

Yeppers. Good point, Ed.

Long haired country boy on May 10, 2012 at 8:49 AM

More bedrock FAIL from preezy pantload.

But, like, people flat out giving up trying to find work and ultimately starving is WAY less important than preezy mcDowngreezy re-affirming an opinion on gay marriage he stated in writing over a decade ago. It’s like, historical and stuff.

Just like his historical and stuff speech on Racism he gave back in 2007, which gave us the sole memorable quote of “my grandmother is a typical white person.”

Pathetic, abject, feckless, halitosis ridden, chain smoking failure.

Can we “reset” this moron back on to the street in November please?

GrassMudHorsey on May 10, 2012 at 8:49 AM

I know….

“It’s Boooooosh’s fault!”.

“The problem was bigger than we thought!”.

“The previous administration’s policies caused this!”

belad on May 10, 2012 at 8:50 AM

But enough about our economic implosion… lets talk about gays.

Go RBNY on May 10, 2012 at 8:50 AM

Who cares about this small stuff? The important matter is same sex marriage. Right lsm?

50sGuy on May 10, 2012 at 8:48 AM

That and free birth control.

Never mind people can’t feed their families or put a roof over their heads. Nah that’s not “cool” enough to talk about.

gophergirl on May 10, 2012 at 8:50 AM

Wholesale inventories increased by 0.3% (month-over-month), less than the consensus had forecast. The result was also below the rate of wholesale inventory growth assumed by the Commerce Department in its advance estimate of Q1 GDP.

You’re fired.

mankai on May 10, 2012 at 8:51 AM

50sGuy on May 10, 2012 at 8:48 AM

A caller on a radio show last night was going over the election issues with the host… the host asked him about the economy, taxes, the deficit, the debt, the middle east… and the guy lined up closer to Romney on every issue… but he said that since he is a gay man, he just can’t get past Romney’s view of gay marriage.

We’re doomed.

mankai on May 10, 2012 at 8:53 AM

We have NO major Independent Press. Stop kvetching about it already.

ashiya on May 10, 2012 at 8:54 AM

324,000 women have recently left the workforce, there’s your “War on Women”.

Still Dubya’s fault though.

Bishop on May 10, 2012 at 8:54 AM

As we’ve proven, 365K-370K on initial jobless claims signify a stagnant job market.

As for the jobs number, perhaps it’s time to stop treating the Current Establishment Survey (the “growing” one unless you’re in Wisconsin, where the situation is reversed) as the end-all on jobs numbers.

Steve Eggleston on May 10, 2012 at 8:54 AM

I know….

“It’s Boooooosh’s fault!”.

“The problem was bigger than we thought!”.

“The previous administration’s policies caused this!”

belad on May 10, 2012 at 8:50 AM

Man, how could you forget the Arab Spring?

swinia sutki on May 10, 2012 at 8:55 AM

If the media actually did their job for sure Ed

cmsinaz on May 10, 2012 at 8:55 AM

New normal.

MassVictim on May 10, 2012 at 8:56 AM

mankai on May 10, 2012 at 8:53 AMgophergirl on May 10, 2012 at 8:50 AM

Sometimes I feel this whole country is off it’s rocker.

50sGuy on May 10, 2012 at 8:57 AM

If the weekly jobless NEW claims is near 400,000, doesn’t that make the monthly job losses over 1 MILLION?

Over 1 million a month are losing their jobs and the clowns in this administration think they need another 4 years to do the same things they have been doing?

belad on May 10, 2012 at 8:46 AM

No. Initial jobless claims only measure one half of the job cycle. Depending on who you ask, it is assumed that somewhere between 330,000 and 400,000 (the higher numbers from the presstitutes) people get hired each week.

That’s why the monthly jobs report is key – that measures the net of those let go and those hired.

Steve Eggleston on May 10, 2012 at 8:57 AM

Meanwhile, ND Job Service claims there is in excess of 18,000 UNFILLED available jobs in North Dakota.

Bet there’d be MORE than that if that pipeline was getting built.

Badger40 on May 10, 2012 at 8:58 AM

Ha, Drudge says no Martha’s Vineyard vacay-cay for Obama this summer. You know, he goes to bed thinking about jobs and wakes up thinking about jobs. Laser beam.

Marcus on May 10, 2012 at 8:58 AM

and the guy lined up closer to Romney on every issue… but he said that since he is a gay man, he just can’t get past Romney’s view of gay marriage.

We’re doomed.

mankai on May 10, 2012 at 8:53 AM

This guy and all the rest who are focusing on their little bullshiit pet issues can go eff themselves. It’s morons like that who are going to destroy this nation because there don’t seem to be enough rational people to fend them off.

Bishop on May 10, 2012 at 8:59 AM

If the media focused on telling the true story of job destruction over the last three years, we wouldn’t be talking about Swiss bank accounts and dog carriers.

…they watch out for our Liar-in-Chief…they choose to ignore and not report things that they used to pound on when elephants were in the room.

KOOLAID2 on May 10, 2012 at 9:02 AM

What else is there to say….

Electrongod on May 10, 2012 at 8:45 AM

…that you…were on a roll there!

KOOLAID2 on May 10, 2012 at 9:04 AM

If the media focused on telling the true story of job destruction over the last three years, we wouldn’t be talking about Swiss bank accounts and dog carriers.

We don’t really have a media in the traditional sense. We have a propaganda arm of the Democrat party. For example, Obama came out favoring sodomite unions. Big deal, nothing is changed this morning BUT to listen to the media you would think that sodomites were heading to churches in droves.

Happy Nomad on May 10, 2012 at 9:06 AM

damn the ATM machines….

t8stlikchkn on May 10, 2012 at 9:06 AM

If the media focused on telling the true story of job destruction over the last three years

First, stop looking at January 2009 as the date of the tipping point in the balance of power between Republicans and Democrats. The true date of that tipping point was January 2007, when Democrats took control of the House and Senate. For the last 5 and 1/3 years, the Democrats have been in the driver’s seat. For the last 5 and 1/3 years, the Democrats have held majority control of the budgeting and spending process.

It’s not the last three years, it’s the last 5 and 1/3 years.

What did Pelosi, Reid, Obama, Biden, and the rest of the Democrats “inherit” when they took majority control in January 2007?

1) A FY 2007 deficit of $501 Billion.

2) Total National Debt under $8.7 Trillion.

3) Unemployment 4.4%

4) “Discouraged Workers” (not counted in the unemployment number): 274,000.

5) Employment-population ratio (for those age 16 years and over): 63.4%

6) The Zillow U.S. Home Value Index was over $190,000.

What do we have now, after five and 1/3 years of majority Democrat control? (I have to break this up into two different comments due to the number of links)

1) An actual first-half FY 2012 deficit of $791.7 Billion, and a projected full-year FY 2012 deficit of $1,583 Billion ($1.583 Trillion).

2) Current Total National Debt almost $15.7 Trillion.

3) Unemployment 8.1%

ITguy on May 10, 2012 at 9:07 AM

4) “Discouraged Workers” (not counted in the unemployment number): 968,000.

5) Employment-population ratio (for those age 16 years and over): 58.4%

6) The Zillow U.S. Home Value Index is under $150,000.

ITguy on May 10, 2012 at 9:07 AM

Who cares about this small stuff? The important matter is same sex marriage. Right lsm?

50sGuy on May 10, 2012 at 8:48 AM

Nope! The Washington Post has already printed the latest outrageously outrageous outrage.

You’ll be hearing about it soon – over and over and over…

Flora Duh on May 10, 2012 at 9:08 AM

Same old story, there will be no recovery till Obama leaves office

Conservative4ev on May 10, 2012 at 9:10 AM

Bishop on May 10, 2012 at 8:59 AM

Another fear I have is that some Evangelical voters who also line up closer to Romney on every issue will stay home because he’s a Mormon… which is almost as damaging as the gay guy voting for Obolshevik because of gay marriage (and I write this as an Evangelical).

I don’t that will be a huge number, but in a close election, every vote counts.

mankai on May 10, 2012 at 9:10 AM

…that you…were on a roll there!

KOOLAID2 on May 10, 2012 at 9:04 AM

I went to fill my coffee cup…and look what happened:)

Electrongod on May 10, 2012 at 9:11 AM

The baby boomer retirement claim doesn’t wash since any company that allows attrition through retirement is downsizing and that’s not good for the jobs picture. At worst, there should be a replacement hire for each retiree. Only in an economy where so many are employed that finding a replacement is difficult, would the baby boomer retirement claim have any merit.

BKeyser on May 10, 2012 at 9:11 AM

The last Repubican-majority budget, in FY 2007, produced an actual increase to the total national debt of $501 Billion. That was bad, and the Democrats won the 2006 elections on the promise that they would implement “Pay as you go” and “no more deficit spending”.

The truth is that Democrats have MORE THAN TRIPLED deficit spending since the last Republican-majority budget. Democrats are on track to increase the total national debt by $1,5831 Billion ($1.583 Trillion).

ITguy on May 10, 2012 at 9:12 AM

…revise the revised revision revisioned report!

KOOLAID2 on May 10, 2012 at 9:15 AM

The revision trend appears to be +3K, which is why the MSM ignores it; They factor it in to their editorial decision, not reporting.

So, this week is actually 370K.

It’s amazing the game they perpetually play.

We’ll compare this weeks initial report to last weeks revised report, and claim a downward movement. But if we compared last week’s initial to this week’s initial, the numbers naturally go up.

budfox on May 10, 2012 at 9:18 AM

Forward….

Electrongod on May 10, 2012 at 8:43 AM

Forwarned….

BacaDog on May 10, 2012 at 9:18 AM

Flora Duh on May 10, 2012 at 9:08

If you’re referring to the Romney high school prank, F. Chuck Todd just brought it up with Ed Gillespie.

50sGuy on May 10, 2012 at 9:19 AM

Ha, Drudge says no Martha’s Vineyard vacay-cay for Obama this summer. You know, he goes to bed thinking about jobs and wakes up thinking about jobs. Laser beam.

Marcus on May 10, 2012 at 8:58 AM

If true Mooch is more pissed off at the world than usual. She lives for her taxpayer provided vacays.

Happy Nomad on May 10, 2012 at 9:20 AM

Baracka Obama is a WARTIME President all right.

he’s declared War on:

The Middle class.

Catholic and religious hospitals.

Women

The Energy industry

States like Arizona

Non-Union companies (like Boeing)

Farms and families that work on them.

The Amish

Big Retail (“nudging” them to provide healthier food)

The Constitution

……and on and on and on….

PappyD61 on May 10, 2012 at 9:21 AM

……and I forgot he’s declared war on:

Small businesses and JOBS.

President War-On-America 2012!!!

PappyD61 on May 10, 2012 at 9:22 AM

You’ll be hearing about it soon – over and over and over…

Flora Duh on May 10, 2012 at 9:08 AM

I saw that this morning. What does it say they have to go back to Romney’s high school days to find dirt? This is only May. I imagine by November we will learn that Romney is unfit for the Presidency because he was a cranky infant.

Happy Nomad on May 10, 2012 at 9:22 AM

Will the media please wake up?

Ed, that is a lot to expect.

upinak on May 10, 2012 at 9:24 AM

All bad economic news is treated as good news now by the markets, since it means Bernanke’s printing press will keep on printing and blowing more air into the credit bubble.

eyedoc on May 10, 2012 at 9:31 AM

If the weekly jobless NEW claims is near 400,000, doesn’t that make the monthly job losses over 1 MILLION?

belad on May 10, 2012 at 8:46 AM

That assumes that no new jobs were created.

This is what drives me crazy when people talk about these issues. They look at the numbers in a vacuum. OH NO!! 365,000 new people are unemployed. Yeah, but how many people that were unemployed last week but found a job this week are there? Could be more than 365,000, could be less. We don’t know.

Remember the jobs created each month is a net. So if 1 million lost a job, but 1.2 million found a job, that’s a net gain of 200K. So ye it’s quite normal for 1M new people to be unemployed while there is net job creation. Even in the best economic times, companies go bankrupt and lay off people.

angryed on May 10, 2012 at 9:31 AM

Why should we care …. this is just a distraction from the far more important issue of gay marriage.

DJ Rick on May 10, 2012 at 9:32 AM

This isn’t important. Men marrying men and women marrying women, that’s what’s important.

/

Right Mover on May 10, 2012 at 9:32 AM

The baby boomer retirement claim doesn’t wash since any company that allows attrition through retirement is downsizing and that’s not good for the jobs picture. At worst, there should be a replacement hire for each retiree.

BKeyser on May 10, 2012 at 9:11 AM

BS. There is a lot dead wood out there that just can’t be fired for various reasons, most of which is fear of age discrimination. See what happens when you have 100 employees, and you fire the people who are 60+ but no anyone under 30. The lawsuits get filed, usually the next day.

angryed on May 10, 2012 at 9:34 AM

Flora Duh on May 10, 2012 at 9:08

If you’re referring to the Romney high school prank, F. Chuck Todd just brought it up with Ed Gillespie.

50sGuy on May 10, 2012 at 9:19 AM

Do you think he was acknowledging the elephant in the room? Or was he suggesting the elephant doesn’t belong in the room?

rwenger43 on May 10, 2012 at 9:36 AM

ATM Machines” are stealing jobs -Obama

TN Mom on May 10, 2012 at 9:36 AM

Why should we care …. this is just a distraction from the far more important issue of gay marriage.

DJ Rick on May 10, 2012 at 9:32 AM

Right. We all know that gays have strived for years for the opportunity to be married while unemployed just like heterosexuals.

rwenger43 on May 10, 2012 at 9:41 AM

angryed on May 10, 2012 at 9:31 AM

Who is this and what did you do with the angry one? :-)

Steve Eggleston on May 10, 2012 at 9:42 AM

Go to Debt to the Penny, and look at the following numbers…

01/03/2005 $7,591,307,997,129.40
01/03/2007 $8,677,214,255,313.07
01/20/2009 $10,626,877,048,913.08
05/08/2012 $15,685,726,985,716.47

Look at how much debt has been added during Obama’s 7 and 1/3 years in Washington, D.C. (4 as a Senator, & 3 and 1/3 as pResident).

As a Senator in the minority for 2 years (January 3, 2005 – January 3, 2007), Obama participated in adding just over $1 Trillion to the national debt. (Republican majority, average $0.5 Trillion new debt per calendar year.)

As a Senator in the Democrat majority for 2 years (January 3, 2007 – January 20, 2007), Obama participated in adding almost $2 Trillion to the national debt. (Democrat majority, average $1.0 Trillion new debt per calendar year.)

As a pResident with a Democrat majority for 3 and 1/3 years (January 20, 2009 – present), Obama has participated in adding over $5 Trillion to the national debt. (Democrat majority, average over $1.5 Trillion new debt per calendar year.)

The total national debt has more than doubled and increased by more than $8 Trillion since Barack Obama came to Washington, D.C. in January 2005.

And the total national debt has more than doubled and increased by more than $7 Trillion since Democrats took majority control of the budgeting and spending process in January 2007.

Stop looking at January 2009 as the tipping point in the balance of power in Washington, D.C.

Yes, the Republicans were deficit spending to the tune of $500 Billion ($0.5 Trillion) per year when Obama came to Washington, D.C.

But when Obama and the other Democrats took majority control of the Congress, they doubled that spending rate to $1,000 Billion ($1.0 Trillion) per year.

And when Obama started acting as pResident, they tripled the Republicans’ deficit spending rate and took it up over $1,500 Billion ($1.5 Trillion) per year.

Yes, the Democrats “inherited” a problem when they took control in January 2007. It was a $500 Billion a year problem, and they promised to fix it with “Pay as you go” and “no more deficit spending”.

They didn’t fix the deficit spending problem. They doubled and then tripled the deficit spending problem!

ITguy on May 10, 2012 at 9:44 AM

I mean…he has only been President for 3 1/2 years…give him a chance”

Electrongod on May 10, 2012 at 8:44 AM

I recently had a friend tell me, “But nobody let him do what he wanted. Everybody was against him!”

rwenger43 on May 10, 2012 at 9:49 AM

Gays need to eat too!

Electrongod on May 10, 2012 at 8:47 AM

You shouldn’t really dwell on what they prefer to eat.

Archivarix on May 10, 2012 at 9:50 AM

Obama supports gay marriage.
Obama wants to give women free contraceptives.
Obama needs to scope out new vacation sites for the First family.
Priorities, people.

talkingpoints on May 10, 2012 at 9:51 AM

Electrongod

I love your humor. But it’s kind of sad that it’s all true. Great posts.

wi farmgirl on May 10, 2012 at 9:56 AM

Indeed, if the civilian participation rate had remained where it was at in January 2009, the jobless rate today would be 11.1 percent, not 8.1 percent, and no one would be confused about the state of job creation and the economy.

The media will start reporting real numbers after Romney wins in November.

Vince on May 10, 2012 at 9:59 AM

Smart phones, stupid people. We are doomed.

hillsoftx on May 10, 2012 at 10:05 AM

Forward….

Electrongod on May 10, 2012 at 8:43 AM

Just like Thelma and Louise…

ITguy on May 10, 2012 at 10:06 AM

The four week moving average dropped, which is good news. Trade deficit was larger than expected, but that probably reflects the slowdowns in China and Europe more than a strong pickup here. Markets are rising on the news, and if the four week average continues to drop, we should be back to +150-200K monthly job creation this Summer.

TouchdownBuddha on May 10, 2012 at 10:14 AM

I’m sensing another increase in our chocolate ration.

jukin3 on May 10, 2012 at 10:17 AM

President War-On-America 2012!!!

PappyD61 on May 10, 2012 at 9:22 AM

That pretty well sums it up.

If the media focused on telling the true story of job destruction over the last three years, we wouldn’t be talking about Swiss bank accounts and dog carriers.

They are the propaganda arm of the dems. Look at the way the media mangle headlines to make these reports appear to be good!

Obama cannot spin these reports as good news, no matter how hard he tries.

dogsoldier on May 10, 2012 at 10:27 AM

This is all actually getting really creepy.

It has got to be much, much worse than the numbers we are even seeing now.

Someone I know in California, who has been out of work for almost 2 years, now, checked into the unemployment office, to see if there was any way to help her (one of the 300K+ women currently out of work).

She had already received an extension, and it ended recently. There was something that she said that needed to be clarified, but, in essence, the state has expired, early, some of the recipients.

It sounds fishy. She didn’t claim they ran out of money. They just clipped off a bunch of people early. The cynic in me says, it is purposeful to try to keep the ue numbers down as much as they can until November.

But, if so, this is just sick.

so-notbuyingit on May 10, 2012 at 10:31 AM

“Will the media wake up?”

Oh they’re wide awake, and scared witless that their boy could lose the election. So their MO will be simply to HIDE THE DECLINE.

CorporatePiggy on May 10, 2012 at 10:37 AM

Hey! Forget the numbers, anyone want some “free” stuff?

GarandFan on May 10, 2012 at 10:43 AM

Bishop on May 10, 2012 at 8:59 AM

Another fear I have is that some Evangelical voters who also line up closer to Romney on every issue will stay home because he’s a Mormon… which is almost as damaging as the gay guy voting for Obolshevik because of gay marriage (and I write this as an Evangelical).

I don’t that will be a huge number, but in a close election, every vote counts.

mankai on May 10, 2012 at 9:10 AM

I’d give it a month or two. The way the primaries went, it will take some time for the wounds to heal.

Party unity can’t be forced. But it’s starting to take place.

As for the gay guy… he kinda sounds like a seminar caller (to use a little Rush lingo). That, or it’s a lot of bravado, but nothing substantive to back it up.

Myron Falwell on May 10, 2012 at 10:46 AM

Will the media please wake up?

They are somewhat awak, just intoxicated by what they eat, what they dwell in, in Obama’s azz.

Think about this – the former contractors, consultants, small business owners who lost their jobs are not counted by anyone. There are hundreds of thousands of them, in the least.

Schadenfreude on May 10, 2012 at 11:06 AM

To quote Ap : ‘too good to check’ or ‘Finally’, can’t decide.

Fuquay Steve on May 10, 2012 at 11:12 AM

30% increase in energy prices, over 200,000 jobs lost, and the azz fiddles with gay marriage.

Schadenfreude on May 10, 2012 at 11:15 AM

can someone get a job eating gay dogs?

jan3 on May 10, 2012 at 11:17 AM

If the media focused on telling the true story of job destruction over the last three years, we wouldn’t be talking about Swiss bank accounts and dog carriers.

..maybe the message is getting out despite their obfuscation: half-empty seats at the kick-off at OSU; a con in WVA lapping up 40% of the Democrat primary vote in WVA.

He may be getting a mill in 90 minutes (and another 15 million from Clooney and the Hollywood cronies) in contributions because he was “outed” yesterday, but what will the ultimate price be in votes?

The War Planner on May 10, 2012 at 11:17 AM

Woohoo, last week 365,000 this week 367,000 look at that decrease. Amazing how much it went down.

Oh and did you hear? They also increased the chocolate ration.

The sad thing, I assume nearly everyone will get that reference without me having to explain it. A decade ago I’d assume it would require explanation.

gekkobear on May 10, 2012 at 11:23 AM

BS. There is a lot dead wood out there that just can’t be fired for various reasons, most of which is fear of age discrimination. See what happens when you have 100 employees, and you fire the people who are 60+ but no anyone under 30. The lawsuits get filed, usually the next day.

angryed on May 10, 2012 at 9:34 AM

I can’t speak for all businesses, but I actually prefer keeping and hiring older people. They have a much stronger work ethic (show up on time, don’t lay out, take pride in their work) and if they’re 65 I get the benefit of not paying for their insurance since they’re on Medicare. Several other business owners I deal with do the same thing.

ReaganWasRight on May 10, 2012 at 11:30 AM

Take a look at the Employment-Population Ratio in December of each year and compare the change from the prior Decmeber and which political party held majority control of the House, Senate and Presidency during that year…

Year Dec Change Party with Majority Control
—- —- —— —————————
2000 64.4 0.0 R
2001 62.9 -1.5 R
2002 62.4 -0.5 R
2003 62.2 -0.2 R
2004 62.4 +0.2 R
2005 62.8 +0.4 R
2006 63.4 +0.6 R
2007 62.7 -0.7 D
2008 61.0 -1.7 D
2009 58.2 -2.8 D
2010 58.3 +0.1 D
2011 58.5 +0.2 D
2012 58.4 -0.1 D

========================================

2001 was a rough year… the combination of the Dot Com bust and the 9/11 attacks.

But the Bush tax cuts, which were really the combination of two different bills, kept things from getting worse and started turning the economy around.
The Economic Growth and Tax Relief Reconciliation Act of 2001 (signed by President Bush on June 7, 2001)

The Jobs and Growth Tax Relief Reconciliation Act of 2003 (signed by President Bush on May 28, 2003)

Once both of those were in place, the Employment-Population Ratio improved each year in 2004, 2005, and 2006, improving by a bigger amount each year.

Then the Democrats took majority control in January 2007. For the first three years of majority Democrat control, the Employment-Population Ratio went down, by larger amounts each year:
2007 62.7 -0.7 D
2008 61.0 -1.7 D
2009 58.2 -2.8 D

2009, in which the Democrats controlled the Presidency and 59% of both the House and Senate, saw the biggest year-to-year drop in the Employment-Population Ratio in the history of the records available from the U.S. Dept. of Labor Bureau of Labor Statistics.

-2.8 for 2009, as compared to -1.5 for 2001.

In other words, Obama, Pelosi, and Reid were almost twice as bad for employment than the Dot Com bust and terrorist attacks of 9/11/2001.

And 2010, 2011, and 2012 have been relatively flatline. No recovery at all.

ITguy on May 10, 2012 at 12:01 PM

Julia, not affected…

Strike Hornet on May 10, 2012 at 12:35 PM

‘Pravda’ was never so bias or blind to the truth… we have a dishonest press in America, and that is the most dangerous situation we can ever have…

Khun Joe on May 10, 2012 at 12:40 PM

Gas above $3.5/gal economy retreats, gas below $3.00/gal economy grows. Gas between $3.00-$3.5/gal economy stangant.

Any questions?

This isn’t rocket science.

unseen on May 10, 2012 at 1:15 PM

Since Medicare taxes ((combined Employee + employer) or self-employed) are 2.9% on all earnings, I would like to see a graph of the actual medicare taxes collected on a monthly basis.

That data would show the impact of not only unemployment (when no Medicare taxes are collected from an unemployed individual) but also underemployment (when an individual has accepted a lower paying job just to help pay the bills, but they are not employed at the level where they were before the downturn, and their lower salary results in less Medicare taxes collected by the government).

Does anyone know where I could find the raw data for Medicare taxes on a monthly basis?

ITguy on May 10, 2012 at 1:18 PM

So far, the markets don’t seem too fazed by the report.

It’s baked in. The market is sitting on a two month low. The “fazed” part was last week. sell on the rumor buy on the news if u are short. buy on the rumor sell on the news if u are long.

unseen on May 10, 2012 at 1:18 PM

ITguy on May 10, 2012 at 1:18 PM

with the monetary policy of the last 7 POTUS it will need to be inflation adjusted.

unseen on May 10, 2012 at 1:20 PM

with the monetary policy of the last 7 POTUS it will need to be inflation adjusted.

unseen on May 10, 2012 at 1:20 PM

True, but I’m interested in comparing the impact of the Dot Com bust and 9/11 attacks to the impact of what the Democrats did in 2009, so the inflation impact to those numbers would not be as bad as, say comparing numbers from the 1950′s…

ITguy on May 10, 2012 at 1:34 PM

WASHINGTON (Reuters) – The number of Americans submitting new applications for jobless benefits edged down last week, easing concerns the labor market was deteriorating after April’s weak employment growth.

While the claims data indicated the economy remained on a moderate growth path, a report from the Commerce Department showing a widening in the trade deficit in March suggested economic growth was much slower in the first quarter than initially believed.

New claims for state unemployment benefits slipped 1,000 to a seasonally adjusted 367,000, the Labor Department said on Thursday. The prior week’s figure was revised up to 368,000 from the previously reported 365,000.

Economists polled by Reuters had forecast claims inching up to 369,000 last week. The four-week moving average for new claims, considered a better measure of labor market trends, fell 5,250 to 379,000.

“It looks like the (jobless claims) numbers are reverting to the declining trend that got interrupted briefly,” Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.

plewis on May 10, 2012 at 1:54 PM

plewis on May 10, 2012 at 1:54 PM

It isn’t working. Your ideology is failing before you.

It must suck.

tom daschle concerned on May 10, 2012 at 2:02 PM

More What-Mitt-Romney-did-as-a-kid stories and less trivial economic news!


Obama 2012

Punchenko on May 10, 2012 at 2:53 PM

tom daschle concerned on May 10, 2012 at 2:02 PM

Libturds consider all those words actually mean “good news.” This may be because Reuters spends a couple paragraphs telling them it’s not so bad, sorta good, good news.

367,000 People lost their jobs. To a liberal supporter of Zero, that’s just great news.

dogsoldier on May 10, 2012 at 6:36 PM