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5 Bumps

Is this reflective of the economy in your area?

(Reuters) - U.S. jobless claims jumped to their highest level since October while food and energy costs boosted prices, pointing to lingering headwinds for an economic recovery that had been showing renewed vigor. 

A surge in exports to their highest level in two years helped narrow the trade deficit, however, an encouraging sign.

 

Despite the more positive outlook for growth in recent weeks, the job market still appeared to be struggling.

 

The number of Americans filing for first-time unemployment benefits rose unexpectedly to 445,000 from 410,000 in the prior week, the Labor Department said on Thursday. It was the biggest one-week jump in about six months, confounding analyst forecasts for a small drop to 405,000.

 

U.S. stock index futures added to losses after the jobless claims data, while government debt prices rose.

 

"The jobless number highlights the patchy recovery we've seen in the job market and reinforces that it will be a slow process bringing down the jobless rate," said Omer Esiner, market analyst at Commonwealth Foreign Exchange in Washington. "The one bright spot was a further decline in the trade deficit, which should contribute positively to fourth-quarter" growth.

 

A Labor Department official did note the rebound in benefit claims occurred following the holidays, which may have hindered new applications and created a backlog. Without the seasonal adjustment, claims were up by nearly 200,000 to 770,413.

 

As last year drew to a close, food and energy costs were rising relentlessly at the wholesale level despite a tame underlying inflation trend, complicating the outlook for monetary policy.

 

U.S. producer prices climbed 1.1 percent in December after a 0.8 percent rise in November, according to another Labor Department report. Economists had been looking for a repeat of that 0.8 percent advance in December.

 

Inflation excluding food and energy, however, rose just 0.2 percent, in line with forecasts. That left the year-on-year gain in core producer prices at 1.3 percent, just below analyst estimates.

 

Among the biggest gainers were home heating oil, which jumped 12.3 percent, and fresh and dry vegetables, which surged 22.8 percent. Fresh fruits and melons rose sharply for a second straight month, posting a 15.4 percent gain.

Answer Question
 
grlygrlz2

Asked by grlygrlz2 at 11:56 AM on Jan. 13, 2011 in Politics & Current Events

Level 39 (106,530 Credits)
Answers (14)
  • Yes, that is exactly what it's like here at the moment. My question is, exactly WHERE is the "recovery" supposed to have happened?
    cbk_mom3

    Answer by cbk_mom3 at 11:59 AM on Jan. 13, 2011

  • We went from 9.4% Sept Oct to 11.1% as of yesterday's newspaper.
    jewjewbee

    Answer by jewjewbee at 12:00 PM on Jan. 13, 2011

  • 2 more plants announced more layoffs last week.
    NotPanicking

    Answer by NotPanicking at 12:03 PM on Jan. 13, 2011

  • http://www.cafemom.com/answers/695660/297_000_new_jobs_added_record_for_the_decade_in_December_thoughts


    damn I thought Recovery Summer was just a little behind schedule. Sucks when your facts get all blown to hell within a few short weeks.


     

    jewjewbee

    Answer by jewjewbee at 12:06 PM on Jan. 13, 2011

  • Yes, pretty much. I am so glad that this presidency has it all in hand.. or wait... this could turn into a nasty pun. lol
    Jambo4

    Answer by Jambo4 at 12:07 PM on Jan. 13, 2011

  • Unemployment here went from 5.8 percent to 6 percent but that was from Nov 10 to Jan 11 so that is seasonal. We were at 4 percent just a couple of years ago. There are jobs to be found for those with degrees those without are stuggling a bit more than they did two years ago. Targets two distribution centers here are hiring as is John Deere so there are jobs to be found in our area if someone is willing to work the hours they are offering.
    Anonymous

    Answer by Anonymous at 12:13 PM on Jan. 13, 2011

  • Unemployment in my city is still hovering around 9.9% last I heard. We have some hope later this year, our Ford plant just shut down for a major overhaul and is getting the new contract to manufacture the new Escape. It will add 1800 new Ford jobs, it should open in late 2011, UPS is opening a new warehouse midyear to add some more new jobs. Things are pretty grim at the moment though.
    Astraea_79

    Answer by Astraea_79 at 12:16 PM on Jan. 13, 2011

  • I'll tell you tomorrow. I haven't been to the grocery store in two straight weeks. Six financial setbacks in a row...and I'm desperately trying to catch up. Within five days. I'm always glad I have a stock pile of groceries, I've just been having dh pick up milk as we need it.

    I will tell you my SIL manipulated her way into being laid off. She absolutely did it on purpose, because she's moving to CA. I'm forbidden to tell her what a piece of shit she is. She was going around talking about how she was not taking new accounts, and trying to look stressed every chance she got, so they'd let her go and finance her big trip.

    I'm supposed to be quiet and nice, because "she's depressed and this will be good for her." Part of me wants to email the company a link to her facebook group that she sends out updates every damn day about how she's moving. SOOO effing annoying.
    lovinangels

    Answer by lovinangels at 12:30 PM on Jan. 13, 2011

  • I don't know about local unemployment. Frankly, I haven't looked. I do know that I'm having a very difficult time setting and maintaining a grocery budget. Just when I think I've got one set, prices for basics go up and my budget is shot. It's so frustrating.
    May-20

    Answer by May-20 at 2:35 PM on Jan. 13, 2011

  • I don't know what the jobless rate is here, but I can tell you that the job market stinks. I am one of the "under the radar" unemployed. I worked hard for 5 years going to school PT/FT and just graduated as an R.N. There are a few jobs out there, but everyone wants someone with experience. With so many people trying for the same few jobs, a new grad with no experience doesn't have a very good chance. I'm going to have to try working through a temp agency to get my foot in the door.
    Iamgr8teful

    Answer by Iamgr8teful at 2:40 PM on Jan. 13, 2011

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