Jobless Claims in U.S. Unexpectedly Increased 12,000 Last Week to 472,000

[marmar]

June 17 (Bloomberg) -- The number of Americans seeking jobless benefits last week unexpectedly rose to a one-month high, indicating firings are staying elevated even as the U.S. economy grows.

Initial jobless claims increased by 12,000 to 472,000 in the week ended June 12, Labor Department figures showed today in Washington. Economists surveyed by Bloomberg News projected 450,000 claims, according to the median forecast. The number of people receiving unemployment insurance rose, while those getting extended benefits dropped.

Some companies are trimming payrolls to boost or maintain profits at the same time overall employment has grown each month this year. The figures show that bigger job gains needed to spur consumer spending, which accounts for 70 percent of the economy, may be slow in developing, keeping the unemployment rate close to 10 percent.

“The labor market is not improving,” said Steven Ricchiuto, chief economist at Mizuho Securities USA Inc. in New York. “If you really are going to have a sustainable recovery, you need the labor market to improve.”

Initial jobless claims reflect weekly firings and tend to fall as job growth -- measured by the monthly non-farm payrolls report -- accelerates. Today’s report coincides with the week the government surveys companies for its monthly employment report. ................(more)

The complete piece is at: http://www.bloomberg.com/apps/news?pid=20601087&sid=aWW4U5RZ6Z.w&pos=2

[xchrom]

1. Recommend

[Coyote_Bandit]

2. Unexpected?

Only on Wall Street.

Main Street still knows that the labor market sucks - and has been in decline for many, many years.

Meanwhile, Wall Street rewards sending those jobs offshore.

Somebody forgot to tell the dumbasses on Wall Street that it doesn't matter if you own the company store and all the banks if nobody has a disposable income to spend in the store or deposit in the bank.

[OhioChick]

3. "Unexpectedly?"

They play us for fools.

[bvar22]

4. Jobless Recovery?

DLC Mission Accomplished !



The DLC New Team
Pro-Working Class Democrats need not Apply

(Screen Capped from the DLC Website)



"If we don't fight hard enough for the things we stand for,
at some point we have to recognize that we don't really stand for them."
--- Paul Wellstone

[MadHound]

5. Why was this unexpected? I've been figuring that the ranks of the unemployed would swell

For a couple of months now. I mean really now, with a gulf full of oil and a moratorium on certain types of drilling, one should expect that unemployment would go up.

If they were truly surprised by this, then it just goes to show what a clueless, out of touch group of people we have leading us.

[LWolf]

6. "unexpectedly?"

That's certainly an...er...interesting way to frame it.

What's also interesting is that I didn't read other responses until I'd posted my own, and found the exact same response multiple times.

[Subdivisions]

7. 'Unexpectedly' has become a gigantic joke. Basically it means that

NOBODY KNOWS WHAT THE HELL IS GOING ON.

Edited to add: By the way, I expected this to happen and I'm just a guy sitting in his home office, working in my boxers. Wasn't "unexpected" to me at all.