After quite a bit of volatility in the wake of Hurricane Sandy in November, the new report from the Department of Labor suggests initial unemployment claims have largely leveled off, at least for now.
New applications for U.S. unemployment benefits rose by 4,000 to a seasonally adjusted 371,000 in the week ended Jan. 5, the Labor Department said Thursday. That's the highest rate in one month. Economists surveyed by MarketWatch expected claims to total 365,000. Initial claims from two weeks ago were revised down to 367,000 from an original reading of 372,000. The average of new claims over the past month, meanwhile, climbed by 6,750 to 365,750.
To reiterate the point I make every Thursday morning, it's worth remembering that week-to-week results can vary widely, and it's best not to read too much significance into any one report.
In terms of metrics, when jobless claims fall below the 400,000 threshold, it's considered evidence of an improving jobs landscape, and when the number drops below 370,000, it suggests jobs are being created rather quickly. We've been below 370,000 just five of the last eleven weeks, but perhaps more importantly, have been below the threshold four of the last five weeks.
Above you'll find the chart showing weekly, initial unemployment claims going back to the beginning of 2007. (Remember, unlike the monthly jobs chart, a lower number is good news.) For context, I've added an arrow to show the point at which President Obama's Recovery Act began spending money.
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I know this is off topic, but this just burns my butt! I posted on a conservative blog and posting here as I posted it there:
HSBC, too big to jail, is the new poster child for US two-tiered justice system
DOJ officials unblinkingly insist that the banking giant is too powerful and important to subject to the rule of law
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BANK OF AMERICA
The bank has defrauded everyone from investors and insurers to homeowners and the unemployed. So why does the government keep bailing it out?
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WELLS FARGO BANK, N.A (TM)
CORRUPTION
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J.P. Morgan Chase Pays $88.3 Million To Settle Sanctions Violations
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How Citibank Dumped Lousy Mortgages on the Government
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Corruption and Fraud Committed by Goldman Sachs
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Ex-Morgan Stanley Executive Pleads Guilty to Violating - DealBook ...
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Barclays Statement on Bribery and Corruption
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OK...... NO POLITICS!!!!!!!!!!!!!!!
I did not put any website address down... just type in your favorite bank and ask the question if it is involved in corruption..... want to bet on the out come???
Do we as the people of the USA need this?? Don't we have enough problems without our "TRUSTED" banks stealing our money..making profits with who we are at war with.. or financing a company in another country?? Please no politics.
I am asking, is this right?
Are you fed up with this?
Why has no one gone to prison?
They make trillions or at least billions and they get slapped on the wrist and sent back to work swindling more money from someone.
We fight on many issues.... but can we stand together on this one?
What is to stop them from going in arresting the CEO of the bank and sit his butt down in prison for at least a year.. hopefully more... but a year is a good start.. and not some converted Holiday Inn... a regular prison???
Can we tell our elected officials to start cracking down on these banks? They have been found guilty... they have been paying fines all along..... time to go to jail with no get out of jail free card!!
You put some thought into a long post, so I assume your final questions are not rhetorical. Money In Politics is the obvious answer, supercharged by Citizens United. I think Iceland has jailed some of its' more crooked bankers for bringing them to the brink of ruin, and it hasn't sunk into the North Atlanic.
Except for questions concerning whether we're fed up and whether we can stand together, Money In Politics is the answer. The next problem stems from the fact that, to fix the money problem, we need the cooperation of the legislators(sic) who thrive on the money in politics. I hope there's a solution that doesn't involve rioting in the streets.
Tom, politics has to play a part in this criminal activity that goes unpunished. I agree with sofferclese. Large amounts of cash flowing to politicians from the people involved in illegal wheeling and dealing breeds corruption of our politicians. They pass laws that give these criminals a slap on the wrist and a small fine that comes out of their petty cash funds. Executives at these big banks are no better than Mafia Don's with connections into our government. Somehow some way this has got to stop but with all that cash flowing into politicians coffers I do'nt look for action any time soon.
That is a great news! Now its high time for people looking for jobs for higher payroll to go out and grab the opportunities.