The Labor Department said on Thursday weekly jobless claims, or the number of applications for first-time unemployment benefits rose more than expected last week.
First-time claims for unemployment benefits increased by a sizable 25,000 to a seasonally adjusted 304,000 for the week ended Feb. 7. Further, the prior week’s data was again revised up to show 1,000 more applications received than previously reported. Economists polled by Reuters had forecast claims rising to 285,000 last week.
A Labor Department analyst said the department had estimated claims for Massachusetts because of a snowstorm that had closed offices in the state. While Massachusetts later submitted claims data, the figures allegedly did not vary from the initial estimate.
The four-week moving average of claims, which is considered a better measure of labor market trends as it irons out week-to-week volatility, fell 3,250 to 289,750 last week. However, in this case, the average still includes a one-week outlier showing large declines that resulted from difficulties adjusted for seasonal factors.
The number is concerning considering the low eligibility and low participation in the U.S. workforce. The claims report showed the number of people still receiving benefits after an initial week of aid fell 51,000 to 2.35 million in the week ended Jan. 31.
Candace Chan / February 12, 2015
In an Obama administration obstinately opposed to real growth policies, and an education system that generates workers that can barely read or write, the best anyone can hope for is part-time and minimum-wage jobs…. No wonder minimum wage increases are being pushed.
Taking all of these forces together, you get Obama’s dream: a drop in the standard of living of the affluent accompanied, by redistribution of wealth to the Democrat-voting minimum wage employee.
Just take myself for example – I was laid off in 2010 shortly after the start of the recession. I’m highly skilled in my field (chemical engineer), yet have been bouncing around from job to job all making starting salary numbers, despite being 40 years old.
Paying my mortgage is a struggle. Paying my health insurance is worse ($475/month from Freelancer’s Union). I am forced to buy cheap bare minimum car insurance ($18/month from Insurance Panda) and the worst homeowners coverage ($55/month from CalCo). My daughter is forced to attend a public school that is in increasingly worse condition. Yet here I am, unable to afford a quality education for her. I can only assume it is MUCH MUCH WORSE for other people.
Now if Obama manages to avoid any significant voter-identification legislation and manages to reduce/eliminate deportations while keeping open the border, all of his dreams come true!
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