Initial jobless claims rise 17,000 to 474,000

How’s that hopety dopety change working out for ya? With total jobless claims now topping 10 million, the unemployment situation is not looking any better. Last week Obama went out and flashed those big pearly whites, you know the ones that make him a good politician, and told people that the unemployment situation was improving based on the 11% of new claims filed are down from a year ago. But wait…what he didn’t read off of the teleprompter was that continuing claims are up 31%. Now, if you are an Obama supporter and just drool over his eloquence without paying any attention to the real meaning, I’ll try and explain what that actually means. It means that fewer jobs were lost, but once they are lost, it takes a much longer time to find a new job. Remember those old black and white depression-era photos? Well history is repeating itself. Yep, I guess that old stimulus tax that Joe (don’t mess with Joe) Biden says is working exactly the way it was designed to is really helping. Riiight.

Obama's economy

WASHINGTON (MarketWatch) – The number of people filing claims for state unemployment benefits rose by 17,000 to a seasonally adjusted 474,000 in the week ending Dec. 5, while the total number of people claiming benefits of any kind topped 10 million, a sign of very sluggish hiring, the Labor Department reported Thursday.

First-time claims — which measure new layoffs — rose for the first time in six weeks in the week after Thanksgiving. Economists surveyed by MarketWatch had expected initial claims to fall to about 450,000.

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Filed under Barack Obama, Joe Biden, Unemployment

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