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August 05, 2010

Unexpectedly, Jobless Claims Rise

Really? Unexpectedly? Still?

Unexpectedly, two hours after I eat McDonald's I have to make an urgent trip to the bathroom.

Unexpectedly, you understand.

Jobless Claims in U.S. Unexpectedly Climb to Three-Month High

By Bob Willis - Aug 5, 2010 10:08 AM EDT

Initial jobless claims climbed by 19,000 in the week ended July 31, the most since April and exceeding the highest estimate of economists surveyed by Bloomberg News, Labor Department figures showed today in Washington.

Initial jobless claims climbed by 19,000 to 479,000 in the week ended July 31, the most since April and exceeding the highest estimate of economists surveyed by Bloomberg News, Labor Department figures showed today in Washington. The number of people receiving unemployment benefits dropped, while those getting extended payments rose.

A cooling economy means employers will resist taking on more staff in coming months, raising the risk consumer spending will weaken further. The jobless rate rose last month as payroll increases weren’t large enough to keep up with gains in the labor force, economists forecast a government report tomorrow will show.

“There really is no upside momentum in the labor market, and that’s a critical long-term determinant of where the economy is going,” said Steven Ricchiuto, chief economist at Mizuho Securities USA Inc. in New York. “People just aren’t getting jobs.”

Unexpectedly.

And this from a news wire that is supposedly mostly economic/financial in nature.

But by gum, they keep getting surprised by unexpected developments!

Via Instapundit.

By the way -- retail sales were down too.

Reason?

Why, the cold, snowy winter, of course. Global warming! Proving we need cap and tax to save our economy.


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