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Drop in Initial Unemployment Claims Continues to Crawl May 27, 2010

Posted by geoff in News.
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We’re about a week away from the release of the May unemployment figures. They should be interesting, since the initial unemployment claims have been pretty high all month. They just released the initial claims data for last week: 460,000 (they were expecting more like 450,000). You can see from the chart below that the improvement in the employment picture seems to have stagnated lately:

It’s stagnated so badly that my old “How long until employment starts improving” chart is useless. So now I like this chart, which shows that the drop in filings changed dramatically back in November 2009.

Back in November initial unemployment claims were dropping at the rate of 560/day. For the past 6 months they’ve been dropping at 133/day – more than a 4X slow-down.

So our rate of improvement has slowed to a crawl, and I can no longer forecast when we’ll hit the turnaround point. This is entirely consistent with the administration’s pronouncements that job recovery would take years. Which leads one to ask:

Why does this administration, which seeks to intervene in almost every aspect of our lives, think that leaving the job situation to languish is acceptable?

Comments»

1. Cathy - May 27, 2010

Why does this administration, which seeks to intervene in almost every aspect of our lives, think that leaving the job situation to languish is acceptable?

Duh… because they want everyone weak and dependent upon them?

*Dey git ta be da massas ‘n we be da slabes.*

2. wiserbud - May 27, 2010

Why does this administration, which seeks to intervene in almost every aspect of our lives, think that leaving the job situation to languish is acceptable?

Doyou think it’s intentional or incompetence? Any semi-intelligent person knows that the best thing for thefree market to thrive is predictability. That’s the last thing this administration offers. However, I’m not sure if that’s due to a concerted effort to create confusion or becuase of a total lack of knowledge, skill and experience at any level.

3. the u.s. jobs market - May 27, 2010

Ah need an ambalamps!

4. Obama: The Gulf Oil Spill is my highest priority…except when it isn’t « Blog de KingShamus - May 27, 2010

[…] the stuff he says are his top priorities.  Can anybody point out how Obama has improved the unemployment numbers? Have Barry’s green energy proposals been any kind of successful?  Obama can take pot […]

5. KingShamus - May 27, 2010

Hahaha @ the US Jobs Market.

Silly Jobs Market, Obama already called the ambalamps. It’ll be here any year now.


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