Bloomberg's use of 'one-time events' in the headline is to be expected. The private sector has been rendered incapable of producing many jobs outside the service sector. Good jobs that do open up state 'unemployed need not apply.'
5/5/11, "Jobless Claims in U.S. Unexpectedly Jump on One-Time Events," Bloomberg, The number of claims for U.S. unemployment benefits unexpectedly rose last week, pushed up by auto-plant shutdowns and other unusual events that seasonal variations failed to take into account, the Labor Department said.
Applications for jobless benefits jumped by 43,000 to 474,000 in the week ended April 30, the most since August, Labor Department figures showed today. A spring break holiday in New York, a new emergency benefits program in Oregon and auto shutdowns caused by the disaster in Japan were the main reasons for the surge, a Labor Department spokesman said as the data was released to the press.
Even before last week, claims had drifted up, raising concern the improvement in the labor market has stalled. Employers added 185,000 workers to payrolls in April, fewer than in the prior month, and the unemployment rate held at 8.8 percent, economists project a Labor Department report to show tomorrow....
Stock-index futures dropped after the report. The contract on the Standard & Poor’s 500 Index maturing in June fell 0.6 percent to 1,334.8 at 8:58 a.m. in New York. Treasury securities rose, sending the yield on the benchmark 10-year note down to 3.18 percent from 3.22 percent late yesterday.
Economists forecast 410,000 claims, [came in at 474,000] according to the median estimate in a Bloomberg News survey. Forecasts ranged from 395,000 to 450,000 in the survey of 46 economists. The Labor Department revised the prior week’s figure up to 431,000 from an initially reported 429,000....
The spokesman also said that any claims filed by workers throughout the South that lost their jobs due to the storms that spawned tornados would probably be reflected in a different set of data rather than in the initial claims figures....
The number of people continuing to collect jobless benefits rose by 74,000 in the week ended April 23 to 3.73 million. The continuing claims figure does not include the number of
- workers receiving extended benefits under federal programs....
The unemployment rate among people eligible for benefits, which tends to track the jobless rate, rose to 3 percent in the week ended April 23 from 2.9 percent, today’s report showed...Another report yesterday showed employment at U.S. companies increased 179,000 in April, the smallest gain in five months, according to ADP Employer Services....
Cisco Systems Inc. (CSCO), the largest maker of computer- networking equipment, is among companies trying to cut costs. The San Jose, California-based company last week said it is offering early-retirement packages to some employees in the U.S. and Canada. The company didn’t specify how many workers it expected to take the packages or how much would be saved."
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2/16/11, "Unemployed need not apply, some firms say," McClatchy
via Hot Air
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