New US jobless claims top 400,000 for seventh straight week

[Hannah Bell]

New US claims for unemployment benefits rose last week by 10,000, climbing to a seasonally adjusted 424,000, as the nation’s job markets continue to stagnate. This marked the seventh straight week in which new claims have topped the 400,000 mark, further undermining claims of an economic turnaround by the Obama administration.

On Thursday, the US Department of Labor revised the previous week’s jobless claims number up from an originally reported figure of 409,000. Economists had predicted that claims last week would decline to 400,000 rather than rise.

Labor Department officials could point to no exceptional factors accounting for last week’s rise in claims. While floods and tornadoes have devastated several Midwestern and Southern states over the past month, no states cited the impact of this extreme weather as a factor in the increase...

Federal Reserve officials noted the unemployment rate “remains elevated” at 9 percent. Russell Price, a senior economist at Ameriprise Financial, told Bloomberg, “Claims are still unfortunately seeing some upward pressure from state and local government job cuts.” Corporate profits rose at an annual rate of $1.70 trillion in the first quarter, the highest level since records began in 1947, the Wall Street Journal reported... In the first quarter of 2011, banking earnings totaled $29 billion, up nearly 67 percent from a year earlier.

http://www.wsws.org/articles/2011/may2011/econ-m27.shtml

[MannyGoldstein]

1. Obama has moved on from emulating Hoover

To embracing FDR circa 1937.

And here we are.

[RagAss]

2. The jobs just aren't coming back.

We are looking at a decade of 10% unemployment.

[MannyGoldstein]

3. Unless we put Democrats in office

Real Democrats.

[Vinee]

10. Unless we put people in office that have the guts toplay trade war..

But that would hurt the precious 401Ks and IRAs so it won't happen.

[OmahaBlueDog]

4. They are not paying attention

Weather has delayed building and planting in the Midwest.

Croppers, who are flush with cash right now, remain tight fisted because, despite record corn prices, the fate of this year's crop (if they actually have gotten this years crop in the ground) remains uncertain.

High gas is also not helping.

However, I can say anecdotally that manufacturers I've visited are very positive about the year so far if they are in a business not tied to home building.

[phasma ex machina]

5. America needs to evolve beyond dog-eat-dog.

We need to share the good paying jobs. Everybody works a couple of days a week and spends the rest of their days in nobler pursuits. Banksters and their buddies need to give it up and return the people's wealth.

[Forkboy]

7. Dog eat dog is inherently built into capitalism.

Whenever there's competition there's going to be a loser, so the very structure of our society ensures that there will be have nots.

[glinda]

6. Keep raising taxes on the wealthiest people and Corps until they create jobs.

[OHdem10]

8. The states are laying off all kinds workers including Teachers

Police, Firefighters,Office workers,etc

In Ohio it comes in waves. I read in an earlier post
where Gov Scott in Fla is going to layoff a huge number.
Think about it--there are 51 states.

I am wondering if this is not slowing the economy down
or I should say holding it back.

All this cutting during an already fragile recovery
is a contradiction in economics.

[coalition_unwilling]

9. Only six replies to this OP, the gist of which presages the

beginning of the double-dip recession (2 successive quarters of negative growth in GDP).

Most economists argue that a healthy economy that is reducing real unemployment will see fewer than 375,000 new applications per month.

Surprised this story isn't front and center on the various forums here.

[Hannah Bell]

11. i'm kind of thinking the same, since more public cuts coming & the private expansion is sickly.

[n2doc]

12. kick n/t

[Exilednight]

13. k&r

[xchrom]

14. recommend

[MadHound]

15. But jobs are so 2010, don'tcha see

Obama has moved on beyond that. Hey, he killed bin Laden, isn't that something? And he signed a kinder, gentler Patriot Act into law. And isn't he just so dreamy:eyes:

Jobs are no longer a priority, and the government just wants everybody to forget about those tens of millions who are unemployed/underemployed.

[KG]

16. word.