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Weekly Jobless Claims Continue to Tumble, Down 29K

Dec. 13, 2012 9:21am Becket Adams

Applications for jobless benefits decreased by 29,000 for the week ending December 8, bringing the total to 343,000, down from last week’s revised figure of 372,000, the Labor Department announced on Thursday.

The four-week moving average, a “less volatile” figure, decreased by 27,000, bringing the total to 381,500, down from last week’s revised average of 408,500.

Not bad.

“The advance seasonally adjusted insured unemployment rate was 2.5 percent for the week ending December 1, unchanged from the prior week’s unrevised rate,” the Labor Department announced.

“The advance number for seasonally adjusted insured unemployment during the week ending December 1 was 3,198,000, a decrease of 23,000 from the preceding week’s revised level of 3,221,000. The 4-week moving average was 3,270,750, a decrease of 42,250 from the preceding week’s revised average of 3,313,000,” the report adds.

The states with the largest increases in initial claims for the week ending December 8 were California (+24,411), Pennsylvania (+14,636), North Carolina (+13,961), New York (+11,025), and Texas (+10,435).

Meanwhile, Kentucky (-615), Idaho (-481), Vermont (-402), Florida (-348) and Wisconsin (-91) posted the biggest decreases in initial claims.

“The department also said Tuesday that employers posted the most open jobs in four months in October. That suggests that hiring could pick up a bit in the coming months,” the Associated Press notes.

“But some companies may postpone hiring this month because of concerns over the ‘fiscal cliff, the package of tax increases and spending cuts scheduled to take effect next year. If all the changes in the cliff take effect for a full year, economists forecast it would push the economy into recession,” the report adds.

One last note [via writers at Zero Hedge]: “Of note in the claims number was the surprising surge in those claiming Emergency Unemployment Comp, which jumped by a whopping 186K, and the stunning jump in State employees claiming benefits, which jumped by a ridiculous 480K!” That is a bit of a jump.

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Front page photo courtesy Getty Images

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Comments (32)

Ducky657
Posted on December 14, 2012 at 1:31pm
People retire and die every day–they are just retiring at a great rate than every. No matter what the figures say there are close to six million people less working than four years ago. Who will pay for all these people who are retiring? Whoever will buy our debt of course. The real problem is if the money I had put into Social Security was in a real trust fund there would be more than enough money–too bad both parties bled the funds dry. If SS was privatized at least politicians could not use what I have paid in to pay for people who don’t work to receive government assistance because it would actually a lock-box

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Mr Sanders
Posted on December 13, 2012 at 6:15pm
U6 U6 U6 U6

At this point who wouldn’t jump out an get on the Big-G dole that’s out of a job…. $3-6K in benefits each month?! I mean, come on, they cover the mortgage, car, cell phone, food beni’s, Ipads, education and JP Morgan benefits by organizing all the transactions. Lets be honest… that’s a smashing deal mates!?

Big-G = US Government = They Make & Provide Everything for US [we make nothing] = Santa Claus

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taintso
Posted on December 13, 2012 at 3:23pm
It doesn’t account for the caravans of tandem old Toyotas going back to Mexico for the holidays. Don’t worry they will be back with more kids for Obama’s dream act.

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LameLiberals
Posted on December 13, 2012 at 1:51pm
The unemployment rate is a joke

10,000 people A DAY are retiring – since last year. These are gaing baby boomers. At 10,000 a DAY retiring – that lowers the unemployment date.

There are MILLIONS on SS disability which is EASY to get. No wonder there are so many law office commercials tell advertising they can get you SS disability. My neighbor just got SS disability and he is in his 40′s. He said the lawyer gets a cut of his checks unless the fee is paid off. Those on SS disability lower the unemployment rate since they are not looking any longer.

There are MILLIONS on food stamps. If they get a job – they lose food stamps or other benefits. so once on food stamps THEY DO NOT look for jobs. They drop out and unemployment falls.

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watashbuddyfriend
Posted on December 13, 2012 at 11:40am
Do we still see a manipulation of the facts?

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- historyguy48
  Posted on December 13, 2012 at 12:14pm
  Of course. Give it six months and the official unemployment rate will be around 5%. At this stage only a fool believes anything this government says.
  
  Report this comment
tradcatholicgirl
Posted on December 13, 2012 at 11:35am
Duh. This is due to temporary holiday hiring. I’m not bothering to read the article.

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Innocent
Posted on December 13, 2012 at 10:44am
Okay, Look even the Soviet Union had a yearly GDP increase and close to no ‘unemployed people’. However when you compare the GDP growth of the USA to that of the Soviet Union there was no comparison between the two countries. Now the main issue facing the United States is we have over the last 50 years moved more and more and more to a centralized Government Style Economy. Continually adding additional layers of restrictions and regulatory standards which not only limit but prohibit economic expansion or chase people out of the USA to do business elsewhere.

The economy will improve, but at a slower and slower pace while other countries that embrace the core values of wealth creation will continue to advance ( how sad that China is embracing more of these principles than we are? )

Awesome kids book that I just read really touches on these subjects. The cool thing about it is it is a picture book but literary teaches all of these principles. It is called “The Fisherman’s Catch : A Conservative Bedtime Story” It is REALLY awesome. My kids love it ( even my 12 year old ) in fact it seems the older the kids get the more they get out of it… Anyway… Awesome book that teaches needed principles.

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MeMadMax
Posted on December 13, 2012 at 10:37am
Don’t worry kids, it will all be over soon…

Just wait for the Feb numbers to come out….

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ArmedAndReallyPissed
Posted on December 13, 2012 at 10:11am
“Forward” !!!!!! Heil to the Fuhrer !!!!!!

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- JRook
  Posted on December 13, 2012 at 10:16am
  At a boy beckett we knew you could present this economic news as negatively as possible.
  
  Report this comment
- M13
  Posted on December 13, 2012 at 10:34am
  Why shouldn’t it be viewed in a negative way, thousands of people are no longer collecting unemployment anymore. Why do you hate unemployed people Jrook?
  
  Report this comment
- yougottabekidding
  Posted on December 13, 2012 at 10:34am
  So every week more and more people run out of unemployment benefits
  with no jobs to go to because of the dems and hussain, so now they
  No longer count as unemployed. That certainly makes sense to me
  see how the unemployment rate is going down under our lord and master!
  
  Report this comment
ares338
Posted on December 13, 2012 at 10:06am
Hell….everybody is already on unemployment! No wait…we have 15 or 16 million ILLEGAL aliens who aren’t on it yet. Come on Pedro sit on your fat taco eating ass and enjoy life.

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doomytram
Posted on December 13, 2012 at 10:03am
The ridiculous federal bureaurats are telling us that the the FIRST time jobless claims is 343,000 the unemployment numbers are tumbling. The CIA Controlled MSM and Sheila Jackson Lee are reporting that we are moving forward when in fact nothing could be further from the truth. Obozo is going to destroy this country and next Thursday this weeks jobless claims will be revised up. You can bank on that like death and Obozo confiscatory taxes. Oh how Bozoish these leftist’s are….

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Stelex
Posted on December 13, 2012 at 9:56am
The U6 is the true unemployment, and if you compare that to the U3(the official) you can see the U3 drops quicker as people stop looking for work

http://portalseven.com/employment/unemployment_rate_u6.jsp

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- contkmi
  Posted on December 13, 2012 at 10:36am
  The U6 is always my point to anyone that brings up U3. I don’t see the latest U6 number, though. Guess I have to wait.
  
  The media will never report U6, either.
  
  Report this comment
- historyguy48
  Posted on December 13, 2012 at 12:17pm
  Try finding the H-3 number, the amount of currency being printed or digitized. You can’t because the Fed stopped publishing it several years ago, when it topped 10T.
  
  Report this comment
Stelex
Posted on December 13, 2012 at 9:51am
I believe with their logic, at some point in the possibly near future, you could have zero unemployment with absolutely no body working.

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bobfrommosinee
Posted on December 13, 2012 at 9:46am
What a bunch of hooye, Yes, unemployment claims are down, because most companies have now cut their work forces to the absolute bone, and can’t reduce their work forces any further.

Nothing has been done about the U-6, Reported at 15%, But well north of that number, because even the U-6 doesn’t count people who have completely stopped looking for work because of the economy.

News, Lies, and Propaganda, The Obama administration agitprop.

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jungle J
Posted on December 13, 2012 at 9:42am
how stupid is this info…you can’t claim unemployment is you are on welfare or disability of which 40% or more are.

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- Walkabout
  Posted on December 13, 2012 at 10:22am
  The labor force participation rate under Barack Inssein Obama sux.
  
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Cavallo
Posted on December 13, 2012 at 9:39am
Every year the temporary boost in temporary jobs during December is hailed as economic turnaround. Every Jan and Feb the numbers return to its anemic normal. As necessary, we need a sudden huge spike in the cited unemployment rate to include those dropped from consideration, then a quick drop over a few months.. what we are tending to see is a steady reduction in the number of people being considered in the normal DoL cited rate, as well as false glee over drops in first time jobless claims. The math in the system of government does not work. We’re deficit spending over a trillion dollars every damn year. How exactly do leftists think that is going to resolve itself?

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RR1
Posted on December 13, 2012 at 9:37am
Hurray we are in a recovery.
Not really, we still have a long ways to go.

http://www.dailyjobcuts.com

.

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ColoradoMaverick
Posted on December 13, 2012 at 9:34am
That means that either people have given up looking for work, or have taken 2-3 part time, no benefits jobs. The “New Obama Normal” is now in place.

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GhostOfJefferson
Posted on December 13, 2012 at 9:32am
It’s almost like there’s some sort of special occasion that causes stores to hire. Something like a holy day; one based on buying gifts for others for example. How peculiar.

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- thekuligs
  Posted on December 13, 2012 at 9:40am
  No crap huh! I used to be a manager of one such store and we’d more than double our people on staff this time of year.
  
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- Cavallo
  Posted on December 13, 2012 at 9:42am
  Without the Christian holiday actual real soviet style and depression style bread lines would be a reality. They’re going to happen anyway, but with Christian charity it’ll take longer to get here than if we were a more secular society.
  
  Report this comment
- huey6367
  Posted on December 13, 2012 at 9:43am
  Strange how libs don’t feel we should celebrate holidays or advertise them but when those holidays result in better job or economic data, they are 100% for them.
  
  Report this comment
hempstead1944
Posted on December 13, 2012 at 9:28am
Government numbers have become meaningless. These will be revised next week and exceed the 400,000 level. Just more propaganda…..

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RJJinGadsden
Posted on December 13, 2012 at 9:27am
Nothing like holiday temporary hiring to skew those numbers. I truly hope that I am wrong, but this happened the last three years at this time too. At least those of you who actually have a memory will recall.

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- Walkabout
  Posted on December 13, 2012 at 10:08am
  The initial U3 Unemployment statistic is reported & in the following 2 months the government revises it.
  What I have heard is that all revision have been downward. They have not been upward 50% of the time & downward the other 50% of the time. that means there is a BIAS in the tabulation & reporting. After 2 months if there are any more revisions due to “new data” or something else, we won’t know until we see the yearly number.
  
  What the whole public really needs to know is the # of working age adults 18 to 62, the U6 & the U3. Regardless I think most people will know by 2016 that the Democrat Party own this economy & severely mismanaged it.
  
  Report this comment

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