‘You’re going the wrong way!’ ~ Weekly Jobless Claims rise to 500,000

Update: Philly Fed PLUNGES! ZeroHedge:

Philly Fed Plunges To -7.7 on Expectations Of 7.0, Previous 5.1

More on that HUGE Philly Fed Miss from CalculatedRIsk

Indexes for new orders and shipments also suggest a slowing this month; the new orders index fell slightly, to ‐7.1, while the shipments index turned negative, declining to ‐4.5. Indicating weakness, indexes for both delivery times and unfilled orders remained negative this month.

The percentage of firms reporting a decline in employment (23 percent) was higher than the percentage (20 percent) reporting an increase. More concerning was the significant drop in the average employee workweek index from 1.7 in July to ‐17.1 in August….

Most of we peeps outside the Beltway expected this (that’s us in the c ar screaming at John Candy aka Obama, Summers and Geithner) . Here it is. Delta going the wrong way. Rising weekly jobless claims continue, now hitting that 500,000 marker…and AGAIN note the revisions for the prior month-higher…

CNBC:

Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 500,000 in the week ended August 14, the highest since mid-November, the Labor Department said on Thursday.

Analysts polled by Reuters had forecast claims slipping to 476,000 from the previously reported 484,000 the prior week, which was revised up to 488,000 in Thursday’s report…..

August 19, 2010. Tags: , , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics, Wall St.

One Comment

  1. Kimmy replied:

    If you keep extending unemployment, this is what you get. Idiots.

    Like

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