Jobless claims fall more than expected to 502,000
Published: November 12, 2009
WASHINGTON — New claims for unemployment insurance fall more than expected last week, evidence the job market is slowly healing as the economy recovers.
The Labor Department says first-time claims dropped to a seasonally adjusted 502,000 from an upwardly revised 514,000 the previous week. That’s the fewest claims since the week ending Jan. 3, and below economists’ estimates.
The four-week average, which smooths fluctuations, dropped to 519,750, the lowest in almost a year.
Economists closely watch initial claims as a gauge of the pace of layoffs. But claims can also provide a signal about the willingness of companies to hire, because laid-off workers able to find jobs are less likely to request benefits.
The number of people continuing to claim benefits dropped by 139,000 to 5.6 million, also below analysts’ estimates.
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M&P .45—what do you mean, nobody wants to be in bonds? My one-year return on my PIMCO bond fund is over 20%.
(Anon) Great point about the Japanese automakers,,, however this is very interesting as well to us unemployed that all the “old technology” is still moving to Uncle China and points elsewhere!
“””A planning document given to lawmakers by General Motors reportedly shows that the Detroit-based automaker plans to ship 17,335 autos from China for sale in the U.S. in 2011. If GM succeeds in importing vehicles to the U.S. from China, it could be the first automaker to do so.
The document doesn’t show which vehicle would be brought over from the land of the Great Wall (we’d take the Buick Regal, above), but it does provide GM’s volume plans through 2014. By that time, GM plans to triple its China to U.S. exports to 51,546 units. While 51,546 sounds like a lot of cars, it only represents 1.6% of the planned 3.1 million (perhaps optimistic) sales the General is expecting five years from now.
Regardless of the quantity of vehicles coming in from China, union leaders are none too pleased with the development, says Automotive News. The 12-page document also showed increased production in Mexico, with annual units rising from 317,763 in 2010 to 501,316 in 2014. South Korea, which will likely make new vehicles like the Chevrolet Spark, will increase production from 36,967 in 2010 to 157,126 in 2014. In an open letter, UAW legislative director Alan Reuther has gone on record saying that GM “should not be taking taxpayers’ money simply to finance the outsourcing of jobs to other countries.“
While many would expect the U.S. to be the big loser here, virtually all of the related production loss occurs in Canada. According to the 12-page document, U.S. production would continue to represent two thirds of the overall sales volume for the next five years, while Canada is slated to lose 101,000 units.”””
P.S GREAT Video,,,Keep Ford on your radar for outdated technologies moving!
DETNEWS | WebVideo | Ford’s most advanced assembly plant ...
Oct 31, 2009
Video prosper this will be replaced by the SWF.
apps.detnews.com/apps/multimedia/player/index.php?id=1189 - Related videos
dkb123:
I’m sorry for your brother, and everyone else in this country who’s lost their job. I know plenty myself.
“This administration has thrown everything, including the kitchen sink, at recovery efforts and all have seemingly failed.“
The recession has been declared over, a slow recovery has started, and there are many positive signs out there. All of this adds up to a better chance for those out of work to find a job, and others to not lose their jobs due to a worsening economy. How is that failure? Conservatives seem to have expected a miracle from this administration. Recoveries take time unfortunately…
One things for sure—if you look at the economy on January 20 and then imagine McCain and Carabou Barbie in charge I’m sure unemployment by now would be 0.01% and the Dow at 20,000.
grizzman - 1 in 10 people we know is unemployed. For me, its my brother. Please let me know when we should schedule the tickertape parade.
dkb123:
That’s right, all good news is bad news to conservatives.
Repeat after me:
Doom and gloom!
Doom and gloom!
Doom and gloom!
Doom and gloom!
Doom and gloom!
Doom and gloom!
R,
Wishful thinking, but wouldn’t it be a great thing if this country were to go back on the gold standard? Heck, I would be happy with the silver standard.
It might curb printing of paper money that is becoming more and more worthless.
I would encourage anyone with precious metals in their posession to hold onto them and keep in a safe deposit box.
A 4-week average >519,000 and total unemployment of 17M. In some relative terms, that’s almost zero. Fair or not, the president is declared the responsible party for all news good and bad. Some will put a rosy outlook on this news, while most (especially the unemployed) will have a very negative outlook. This administration has thrown everything, including the kitchen sink, at recovery efforts and all have seemingly failed. Now we’re going to have a jobs summit. Meanwhile, Reid talks of higher taxes for healthcare. The good news keeps coming.
At least in the short term weak dollars make US products and labor more competitive internationally.
Not only that, Japanese automakers, who used to take advantage of the world’s cheapest currency, are now getting their clocks cleaned right here in the states. Who said watch repair was a dying profession!
“Nobody wants to hold an asset that pays in dollars.
Thats why the Dollar is falling off a cliff right now…why gold is pushing $1150.“
At least in the short term weak dollars make US products and labor more competitive internationally.
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