Why do we need some relief this week? Snow jobs, that's why.
WASHINGTON (Reuters) - New U.S. claims for jobless benefits surged last week as snowstorms in some parts of the country kept workers at home, but the underlying trend pointed to an only gradual labor market improvement.
Initial claims for state unemployment benefits jumped 51,000 to a seasonally adjusted 454,000, the highest since late October, the Labor Department said on Thursday. That was the largest weekly increase since September 2005. The rise exceeded economists' expectations for a slight gain to 405,000.
A Labor Department official said four states had reported an increase in claims that was due to snow. In addition, he said, seasonal volatility also affected the data.
Still, the four-week moving average of unemployment claims — a better measure of underlying trends, rose 15,750 to 428,750 last week, implying a gradual labor market recovery that could compel the Federal Reserve to complete its $600 billion bond buying program aimed at bolstering the economy.
"I'll buy that it can be blamed on the weather. But it does show that the recovery is growing in fits and starts," said Peter Tuz, president at Chase Investment Counsel in Charlottesville, Virginia.
@#%&*! Speaking of blow snow jobs, these first two videos are dedicated to the Bureau Of Labor Statistics. You will have to enter your birthday to watch the 2nd one—it's for mature audiences only!
Really enjoy your remedies. Today, last train home seems so appropriate as the middle east looks like it may implode and the US deals with dictators start coming home to us.
Posted by: Bill Sadler | 01/29/2011 at 04:59 PM