Initial Jobless Claims For The Week Ended September 15, 2012 Remain Steady At 382,000:
Initial jobless claims fell slightly today but not below average economist’s expectations. The extended levels of high unemployment keep dragging the economy into a tailspin and the data trends aren’t turning around. Initial jobless claims for unemployment declined by 3,000 to a seasonally adjusted 382,000 for the week ended September 15, the Labor Department said Thursday. Jobless claims should be in the 300,000 – 350,000 range in an expansionary environment.
Jobless claims for the prior week were revised up to 385,000 from 382,000, due to Hurricane Isaac, which kept the rate constant for the past two weeks. The four-week moving average of jobless claims, a less volatile measure, increased by 2,000 to 377,750 and remains at the highest level since June. People who predicted unemployment would linger for a long period of time have been right as sluggish economic growth continues to cripple the economy. Incomes aren’t rising and jobs growth continues to be at dismal levels- not the 5.6 percent promised by President Obama with the passage of his stimulus plan. It seems that uncertainty over taxes and strong calls to raise them in a recession by the Democrats have had a predictable, negative impact on business.