Unemployment figures
From Wampum.
Jobless claims increase markedly
This is not good news at all.
Jobless Claims Surge to 442, 000 Last Week
By Reuters
Filed at 8:55 a.m. ET
WASHINGTON (Reuters) - More Americans than expected signed up for state unemployment benefits last week, reflecting increased layoffs in the auto industry as the world's richest economy limped forward, a government report on Thursday showed.
First-time jobless claims rose by 30,000 to a seasonally adjusted 442,000 for the week ended April 12, the Labor Department said. It was the ninth straight week that claims held above the key 400,000 level, regarded by economists as a sign of an unhealthy labor market.
Much of the rise reflects an increase in layoffs in the auto industry, a Labor Department official said.
The gain was well above expectations. Economists in a Reuters poll had forecast, on average, that jobless claims would edge up to 411,000.
The auto industry, as you can see just a few posts below, was the one shining start in retail sales last month. If producers are laying off workers, they obviously don't expect that trend to continue.
The Administration also revised last week's claims, from 405K to 412K. Isn't it funny how they keep losing jobs when the initial, closely watched, reports come out?(emphasis added)
This is the whole post from her blog. I'd suggest visiting Wampum once or twice a week. Beyond Indian issues, and autism advocacy, which you may or may not see as applicable to yourself, the writer is very good at presenting and explaining issues in economics, which is applicable to you whether you realize it or not. It's not my forte, so I'm perfectly happy absorbing the predigested version.
She also presents old headlines from the Bush the Elder's administration on a weekly basis. You get to recognize the truth of the old saying, "Those who do not understand history are doomed to make other people repeat it."
posted by Prometheus 6 at 4/17/2003 06:47:55 PM |
