There is no recovery.
(Financial Times) — The number of US workers making first-time claims for jobless benefits unexpectedly rose last week, as the government worked through a pre-holiday backlog of filings.
Initial jobless claims climbed by 36,000 to 482,000, labour department figures showed on Thursday. That disappointed analysts, who were expecting claims to shrink, and was the third consecutive monthly rise.
The less volatile four-week average of new claims was also up, rising by 7,000 to 448,250 and breaking a 19-week stretch of declines.
Economists keep a close watch on jobless claims and have been hoping they would fall closer to the 400,000 level, which is needed for the economy to create jobs.
The total number of people in the US claiming unemployment benefits declined. The decline of 18,000 to 4.6m was largely because of benefits expiring.
The labour department blamed the increase on a crush of filings during the holiday season and said that it did not “reflect economic reasons”.
Joshua Shapiro, chief US economist at MFR, argued that although the administrative backlog may be to blame, the healthy declines in claims from December were likely over-stated.
The continued pressure on the labour market comes as the Obama administration is under renewed pressure to create jobs now that its signature healthcare initiative appears to be in limbo.
Last week California, Texas, Florida and Pennsylvania recorded the biggest jumps in jobless claims. The construction, manufacturing, construction and trade services sectors weathered the heaviest losses.
“We continue to believe that we are close to the point where the economy will begin creating a modest amount of jobs, although these claims data do not clinch the case that we will see an increase in jobs in January,” noted John Ryding and Conrad DeQuadros, economists at RDQ Economics.
By Alan Rappeport in New York
Published: January 21 2010 14:25 | Last updated: January 21 2010 14:25
Source: The Financial Times
The Fed and the US government are destroying America:
– Senate Proposes Increasing US Debt Limit to $14.3 Trillion: “If Congress does not enact this legislation, and soon, then the Treasury would default on its debt for the first time in history,” said Senate Finance Committee Chairman Max Baucus
– Illinois enters a state of insolvency: ‘We’re close to de facto bankruptcy, if not de jure bankruptcy.’
– The No.1 Trend Forecaster Gerald Celente: Financial Mafia Controlling US and Wall Street
– Peter Schiff: The Lunacy of US Government Programs
– Former Dean of Harvard College Harry R. Lewis: Larry Summers, Robert Rubin: Will The Harvard Shadow Elite Bankrupt The University And The Country?
– Experts: Dollar Crisis Looms if US Doesn’t Curb Debt
– Marc Faber on Coming Sovereign Debt Crisis: Next Countries to Default are the US, Japan and the ‘PIIGS’
– Fitch: US Must Cut Spending To Save AAA Rating; US December Deficit Nearly Doubles
– The Coming Sovereign Debt Crisis
– US slides deeper into depression as Wall Street revels
– PIMCO’S Bill Gross: ‘Let’s Get Fisical’ (… or why the US will not make it.)
– Barack Obama’s Health Care Lies And Reversals
– US sheds 85,000 jobs in December; Record 40% Of Unemployed Without Job For 27+ Weeks
– Peter Schiff on Fast Money: ‘America is broke’; ‘The Fed created a currency crisis’; ‘Dollar to collapse 50-70% or more’
– US: Public Pensions Face $2 Trillion Deficit
– U.S. Avoids Technical Default By Three Days
– As an American, I refuse to buy mandatory health insurance … that supports Big Pharma
– The US Government Is Preparing For Collapse: Your Legal Right To Redeem Your Money Market Account Has Been Denied
– Prof. Dr. David Michael Green: Now I’m Really Getting Pissed Off … With Obama
– US Treasuries Post Worst Performance Among Sovereign Markets In 2009
– US losses will top $400 billion on Fannie Mae and Freddie Mac
– US: More Ammo For The Treasury Bazooka
– US government wants farmers to use coal waste on fields
– The No.1 Trend Forecaster Gerald Celente: The Terror And The Crash of 2010
– We’re Screwed! Hyperinflation like in the Weimar Republic; Great Depression worse than in the 1930s
– US Congress: Banksters Get $4 Trillion Gift From Barney Frank
– Treason: Obama gives INTERPOL immunity from the Constitution (Amending Executive Order 12425)
– Peter Schiff on Obamacare, Freddie Mac & Fannie Mae: The Nightmare Before Christmas
– Obama administration backs Fannie Mae and Freddie Mac no matter how big their losses may be
– Rep. Dennis Kucinich: US War Presidents ignore Congress and Constitution
– Obamacare: Big payoffs to senators on health bill stoke public anger
– US: Trillions Of Troubles Ahead
– Chinese central banker Zhu Min: ‘The world does not have so much money to buy more US Treasuries.’
– Obamacare: Change Nobody Believes In
– Obama’s surge comes at a cost: At least $57,077.60 per minute
– US National Debt Tops Debt Limit
Hypocrite in Chief (Funny):
– President Obama: Another Busy Day in The Oval Office!
– Fascism in America: By Political Definition The US Is Now Fascist, Not A Constitutional Republic
– John Williams of Shadowstats: Prepare For The Hyperinflationary Great Depression
Liar in Chief (NOT funny!!!):
– Barack Obama Lies 7 Times In Under 2 Minutes!!!!!
– Robert Fisk, The Independent’s award-winning Middle East correspondent: Obama is a Disaster, Worse than Bush
– Rep. Dennis Kucinich: ‘These Wars Are Corrupting The Heart Of Our Nation!’
– Famous Investor Jim Rogers: Incompetence In Washington, Abolish The Fed And The Treasury
– Rep. Dennis Kucinich: The Truth About Afghanistan
– Obama’s Big Sellout (Rolling Stone Magazine)
– Obama administration to lift debt ceiling by $1.8 trillion
– Climategate: President Obama’s rule by EPA decree is a coup d’etat against Congress, made in Britain
– Obama administration tells Pakistan: Tackle Taliban or we will
– MSNBC Rachel Maddow: War President Obama
– Ron Paul: ‘Obama is Actually Preparing Us For Perpetual War’
– Afghanistan Surge to Cost At Least $40 Billion, That Is $1.333.333 For One US Soldier Per Year
– Rep. Brad Sherman: Geithner rejects $1 trillion limit on bailout power (Section 1204 is unlimited in dollar amount!)
Liar in Chief (Over 300 soldiers died in 2009 because of this lie!!!):
– Obama: ‘I will promise you this, that if we have not gotten our troops out by the time I am President, it is the first thing I will do. I will get our troops home. We will bring an end to this war. You can take that to the bank.’