Well, I suppose it’s marginally better than the wall-to-wall flogging of the thesaurus to come up with headlines that don’t use the word “unexpected”. But it is actually somewhat ominous. The relative silence of the press over the latest unemployment claims is disconcerting. You see, the numbers climbed – sharply – but stories about it were pretty much swept under the carpet. It took a fair amount of searching to find this:
The number of Americans filing for initial unemployment insurance climbed last week, the government said Thursday.
There were 464,000 initial jobless claims filed in the week ended July 17, up 37,000 from a revised 427,000 the previous week, the Labor Department said.
The number of claims was much higher than expected. A consensus estimate of economists surveyed by Briefing.com expected new claims to rise to 445,000.
“It’s very disappointing to have this leading indicator of economic conditions jump higher,” said John Lonski, chief economist at Moody’s Economy.com. “This is the latest reminder of a weak labor market, and the jump preserves worries regarding the adequacy of economic growth.”
The main BLS website is virtually unusable to find this easily. But they do have this wonderful gem:
Employers took 1,647 mass layoff actions in June that resulted in the separation of 145,538 workers, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the U.S. Bureau of Labor Statistics reported today. Each action involved at least 50 persons from a single employer. The number of mass layoff events in June increased by 235 from the prior month, and the number of associated initial claims increased by 9,749.
In June, 298 mass layoff events were reported in the manufacturing sector, seasonally adjusted, resulting in 29,384 initial claims.
Heartwarming here in Obama’s “recovery summer”, isn’t it? Apparently, the 7.5 gazillion jobs invented or imagined by the Obama Self-Promotion and Shameless Spendthrift Act – oh, excuse me, the American Recovery and Reinvestment Act – were not enough to make a real dent in jobs.
The media routinely excoriated George Bush for his shameful, disastrous unemployment of around 5%. For the won, they hide his numbers by being vewy, vewy quiet.
The press is still in the tank for Obama. JournoList lives.