07.09.09

Hit the Night Train Early: Only 565,000 fired

Posted in Stumble and Fail at 11:23 am by George Smith


Good news, lads, good news!

“565K new jobless claims, lowest level since Jan,” crowed the AP headline.

New claims for unemployment insurance plummeted by 52,000 to a seasonally-adjusted 565,000, the Labor Department said Thursday. That’s significantly below analysts’ expectations of 605,000 for the week ending July 4, according to Thomson Reuters. The last time new claims were below 600,000 was week of Jan. 24.

“This is not as positive as it looks,” Jennifer Lee, an economist at BMO Capital Markets, wrote in a note to clients. “There are a number of special factors at play here, including the fact that the holiday-shortened week skewed the data.”

Now there’s a good word to use — plummeted. Let’s try a few examples on for size.

The fortunes of 565,000 Americans plummeted last month.

The chances that you’ll be able to keep up your mortgage payments now that you’ve been fired have plummeted.

Do you think your credit rating will have plummeted by this time next year?

How many more people do you think will have plummeted to their deaths from the San Francisco Bay Bridge than usual this time next year?

The public’s belief in what is printed in the business sections of newspapers has plummeted.

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