Weekly Unemployment Claims Increase to 455,000

Submitted by
CalculatedRisk on Thu, 09/18/2008 - 5:39am (19 comments)
in
karelian wrote on Thu, 9/18/2008 - 5:44 am

Morgan Stanley shenigans continue on multiple fronts.... flailing attracting sharks....

Thats Ballgame Folks wrote on Thu, 9/18/2008 - 5:46 am

Second?

So what did I miss yesterday while I was out hiking?

One Salient Oversight wrote on Thu, 9/18/2008 - 5:48 am

So what did I miss yesterday while I was out hiking?

Just the usual - bailouts, sharemarket routs, panic.

Financial armageddon is sure taking a while to get into gear.

Comrade Jackass wrote on Thu, 9/18/2008 - 5:49 am

Market dudnt seem to care. Dow futures were up about a gunge. Seems like the oversold condition will reverse, at least fo one day

iceman wrote on Thu, 9/18/2008 - 5:53 am

Its going to be a horrible, horrible Christmas for retailers.

Dirk wrote on Thu, 9/18/2008 - 5:58 am

Claims were better than I feared, suspect the next 2 weeks will be very ugly, there is probably some delay in the Gustav/Ike claims.

RK wrote on Thu, 9/18/2008 - 5:59 am

Out of the 455,000 new claims, about 380,000 to
400,000 will, within a few months, find another job.
What would be REALLY interesting to know is
the ratio of income from the new job vs. the old one. I suspect that the decline we would find, plus the losses from the intervening period, will not bode well for consumer spending, in addition to the
other well documented drags.

Mr. T. wrote on Thu, 9/18/2008 - 6:01 am

Finally some "real economy" news. I was thinking that everybody had forgotten about the real economy what with all the financial paper shuffling / deck chair rearranging news.

Layoffs and slowing velocity of money is just starting IMO to bite and feed back into the financial losses. I am starting to think that the death spiral is starting to achieve critical mass.

Sonic Seuss wrote on Thu, 9/18/2008 - 6:26 am

The politburo spokesperson told me the increase was all due to the hurricanes. Nothing to see here, move along.

aaronb wrote on Thu, 9/18/2008 - 6:59 am

Hey RK:

I've been out of work since January - I have NEVER been out of work for any extended period in my entire working life - and I am now 48 - This job market is the WORST I have ever seen - except when I graduated from University in '84, you know - when that MORON RAYGUN was president - but this tops that period BY FAR- there's just something about RethugliKans - they so HATE working people

dryfly wrote on Thu, 9/18/2008 - 7:08 am

aaronb - what do you do & where do you live? Are you looking for same or different? Not asking for specifics to blow your cover - just general info to try to convert anecdotal evidence into 'data' [sum of anecdotal goes to data as sample size gets larger - on a forum like this its one comment at a time]. TIA.

steelhead wrote on Thu, 9/18/2008 - 7:18 am

aaronb:
Another issue is your age. Companies do not want to add "fundamentals" that are loaded with expensive overhead. I wish you luck.

Slippery wrote on Thu, 9/18/2008 - 7:37 am

There is something wrong with the chart. It shows a recession started in 2008 but the government said the economy grew 3.3% in the 2nd quarter. That is a healthy, growing, economy. And, McCain said our economy is fundamentally strong. So, what's with the chart showing recession?

k harris wrote on Thu, 9/18/2008 - 7:49 am

There is an Irish pub song in which a child is advised "better get born in someplace else". Sounds like aaronb needs to get born in sometime else. A little documentary fraud and everything gets straightened right out.

cm wrote on Thu, 9/18/2008 - 7:55 am

k harris: That's a rather snippy remark.

Hangtown wrote on Thu, 9/18/2008 - 8:30 am

aaronb, since you obviously hate republicans, repeat after me; would you like some fries with that.

Steve-O wrote on Thu, 9/18/2008 - 10:09 am

"This is a very high level, and indicates continued weakness in the labor market."

Can I get an AMEN!

Out of work for seven weeks, chemical engineering degree not getting me as much interest as I had hoped. Thank goodness for the sugar momma.

FT Woods wrote on Thu, 9/18/2008 - 12:15 pm

I joined the ranks of the unemployed on Monday. I work on a project by project basis. For the first time in 7 years--there's nothing in the wings.

Lisa wrote on Sat, 9/20/2008 - 3:25 am

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