Initial claims for unemployment benefits soared last week in the wake of disappointing job gains in August. The U.S. Department of Labor’s Employment and Training Agency reported an increase of 15,000 applications to a seasonably adjusted figure of 382,000 for the week ending September 8.
The 4-week moving average, considered to be a less volatile number, rose to 375,000. This figure increased by 3,250 from the revised average of 371,750 from the week before. The total number of insured unemployment in the week ending September 1 was 3,283,000, which dropped 49,000 from the revised figures from the week before. The insured unemployment rate remains fixed at 2.6%. This rate has remained static for weeks.
It is not often that the U.S. Department of Labor lists a special factor that contributes to the rise in initial jobless claims, but the latest report reveals that one of the biggest reasons there was such a high increase in unemployment insurance applications was because of Tropical Storm Isaac. Isaac, of course, was elevated to a category one hurricane just before it made landfall in Louisiana.
The impact the storm had on work in nine states boosted the number of first-time claims by approximately 9,000 for the week ending September 8.
Since the Bureau of Labor Statistics released the monthly jobs report for August on September 7, it is not fair to say the underwhelming 96,000 jobs created in the last month had an impact on layoffs during the same week. However, the continuous signs of weak economic growth as America faces an impending fiscal cliff will do very little to boost the confidence of consumers or job creators.
The unemployment rate dropped from 8.3% to 8.1% in August, but the decrease was not a result of healthy job gains. The main reason the rate has been as low as 8.1% this year is because so many people have dropped out of the labor market. These are people that are so discouraged by the lack of opportunities available to them they stopped their pursuit of work.
In August, 368,000 people left the labor force, which is a dramatic turnaround from the previous month when many people returned to the job market. Employers are still reluctant to hire during tepid economic growth and, despite claims of huge cash holdings, the nation’s biggest corporations are only adding on to their payrolls if they absolutely have to.
The slow economic recovery, which is moving at a snail’s pace right now, will likely cause the Federal Reserve to take action to help spur economic growth. Analysts speculate that the Fed will decide to unveil some plan of action after their two-day meeting ends Thursday. It is widely believed that economists at the Fed will move forward with a third bond-buying program.
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Some shots, some beer and stupid events - most leaders of companies are young, stupid and covet business accounts like their own piggy bank. The United States of America wont survive until its fixed. Corporate City-States of America is our future right now.
Obama can't do it. Romney CERTAINLY can't do it. We can do it. I'm voting Obama but I don't really think it makes a hill of beans difference whose the leader. THe real issue is that do nothing GOP congress who hid bills in committee from Congress such as Simpson Bowles (led by Paul Ryan)...those bums need to be a little more than escorted out.
Don't think anything is going to change for awhile. There will be a catalyst ... an economic resurgence, but it probably will have little to do with who is in office.
Won't vote Obama as he stands by Bernake who keeps sending us down this path. And with over 400 bills sitting in the senate what exactly are they doing? I will vote for who ever wants to get rid of the current banking ponzi scheme.
Yea, how about that do nothing Senate? Reid has done nothing. No budgets out of Senate at all!!! Dems didn't rollover for Bush when they gained control in 2006. Why do the Repubs have to rollover to Obama? It's called opposition/checks and balances. It's how our country works. We are a constitutional republic. Not a democracy. A democracy is 2 wolves and sheep deciding whats for lunch. A republic protects all individuals. It's why our founding fathers did not make us a democracy.
Agreed. But what if the catalyst was whomever was in office...
True, the economy doesn't need a specific person in office to reach an economic resurgence. But it might help.
This was extremely powerful, check it out, it may be worth sharing. http://www.ijreview.com/2012/09/15290-case-closed-if-moderate-voters-see-this-video-its-over-for-obama/
Our trade agreements need to be revised, tariffs updates, corporate tax policies changed to reward those who employ more Americans and increase the burden on those companies that outsource as well as severely punishing companies that knowingly hire illegal aliens.
Most alarming should be those dropping out of the labor force completely. There needs to be more analysis and focus on the rates/numbers of discouraged workers, because that, more than the unemployment rate, indicates the weakness of the economy. There is a complete lack of hope for opportunities, unfortunately. Isn't it dangerous that people lack confidence in the economy or in an economic recovery? It drags the recession along...How can we turn discouragement into encouragement? A more active and publicly present Fed? Discussion of opportunity rather than the unemployment numbers by the candidates?
Rick, Romney and Obama aren't your only choices. Here's a list of other options--http://2012election.procon.org/view.source.election.php?sourceID=11802 If Obama can't do it and Romney can't do it, do you think either Virgil Goode Jr., Jill Stein, or Gary Johnsonn could do it? Maybe they can and maybe they can't, but we should start discussing their platforms before we decide.
Give tax credits to employers who hire unemployed workers that will have a record of staying on the job for at six months; put pressure on Congress to pass the job initiatives proposed by the President to repair and improve America's infrastructure; develop economic strategies to bring manufacturing jobs back to the U.S. and find ways to stimulate the construction industry and get rid of all the corrupt financial brokers, CEO's and terminate contracts with defense contractors that over bill the government.
Force businesses to stop outsourcing in percentage to sales within the usa,theres no excuse for stinking rich company like apple to outsource anything considering thier enormous profit and cost