Reuters: U.S. jobless claims unexpectedly rise

Unexpectedly? I guess it might be unexpected if you aren’t completely connected to reality. Anyeay, here’s what Reuters reported:

Initial claims for state unemployment insurance benefits rose 15,000 to a seasonally adjusted 576,000 in the week ended August 15 from 561,000 the prior week, the Labor Department said. Analysts polled by Reuters had forecast new claims slipping to 550,000 last week from a previously reported 558,000.

The number of people collecting long-term unemployment benefits edged up 2,000 to 6.24 million in the week ended August 8, the latest week for which the data is available. However, the four-week moving average declined 2,500 to 6.27 million.

Wonder how many of the 2,500 decline are people who have exhausted their benefits but are still unemployed. Considering that we’ve wiped out all the jobs created in the 21st century, you can’t help but wonder.

allJobs

HotAir’s Ed Morrissey sums it up nicely:

Obama has a big problem.  The stimulus package has utterly failed to prevent unemployment from getting above the target line of 8%.  After some initial optimism about the economy, employers are once again shedding jobs and reducing costs, particularly as they see Obama’s expansive — and expensive — legislative agenda work through Congress.  At the time when Obama says, “Trust me to run health care,” voters are realizing that he couldn’t get the economy right while mortgaging the Treasury.  Maybe Obama should focus on fixing what he’s already broken before breaking something else.

Read the rest…

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