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Economy
Surprise! Jobless Claims Up 78,000 Week After Election; PA, OH Worst Hit
2012-11-16
The Department of Labor has announced that new jobless claims rose by a staggering 78,000 in the first week after the election, reaching a seasonally-adjusted total of 439,000. Over the past year, and in the weeks leading up to the election, jobless claims were said to be declining, dipping as low as 339,000, with the media proclaiming that they had reached the "lowest level in more than four years." Now, suddenly, the news seems far less rosy.

From the Department of Labor press release this morning:

In the week ending November 10, the advance figure for seasonally adjusted initial claims was 439,000, an increase of 78,000 from the previous week's revised figure of 361,000. The 4-week moving average was 383,750, an increase of 11,750 from the previous week's revised average of 372,000.

Some of the new claims, especially in New Jersey, were due to Hurricane Sandy--but these were offset by a decline in claims filed in New York. The highest numbers of new filings came from Pennsylvania and Ohio, where there were thousands of layoffs in the construction, manufacturing, and automobile industries.

Both states had been targeted by the presidential campaigns. President Obama highlighted his record of job creation in Ohio in particular, focusing on the automobile industry. The state reported 6,450 new jobless claims in the week after the election--second-highest after Pennsylvania, which recorded 7,766 new claims.
Posted by:Au Auric

#7  REVERSE!
Posted by: tu3031   2012-11-16 21:48  

#6  Tip of the iceberg. I expect a lot of large corporations are giving out notices this week. Where I work (unnamed large multinational corporation) they are laying out a 'significant number' of FTEs by giving them 30 or 60 day notices. Not really (or directly) due to Obamacare either.

(FTE - Full Time Employees).
Posted by: CrazyFool   2012-11-16 14:11  

#5  Of course they will, Fred.

After all, this time will be different!
Posted by: Barbara   2012-11-16 13:21  

#4  Betcha they vote Dem four years from now, too.
Posted by: Fred   2012-11-16 12:00  

#3  Rubes.

Total lack of understanding of cause->effect.

They're expendable to their 'leaders' lust for power rather than their own well being.

Quintus Arrius: Now listen to me, all of you. You are all condemned men. We keep you alive to serve this ship. So row well, and live.
Posted by: Procopius2k   2012-11-16 09:14  

#2  Additional
Posted by: Besoeker   2012-11-16 08:41  

#1  Hurricane Barry makes Sandy look like a sun shower.
Posted by: Perfesser   2012-11-16 07:32  

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