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Sunday, November 18, 2012

Unemployment Rate Climbing

Jobless Claims increasing, article from Breitbart. 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:

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.

Cowboy's comments:

Make no mistake about it, the turnaround in Ohio's economy was built by a Republican Governor and Republican Legislature despite oposition from Democrats and the Unions. How dare Obama claim credit for Ohio's progress!

Now we have a diverse list of companies stating they are going to close down, lay off workers go to a part time work force with maximum weekly hours at 29 hours to keep from going bankrupt on the obamacare regulations which are even barely beginning to be implemented.

Companies and (layoffs or firings):

Proctor and Gamble (unidentified layoffs),
Stryker Corporation (1,170),
Red Lobster and Olive Garden Restaurants (going to a part time work force with yet unidentified layoffs), Ericcson (1,500),
Hostess Brands (18,500),
Xerox (2,500),
Panasonic (10,000),
Monitor Group (235),
NBC (500),
United Technologies (500),
Energizer Holdings (1,500),
U.S. Cellular (980),
Vesta Wind Systems (3,000),
Bristol Myers (480)

And these are just the larger layoffs (less than 200) since the election!! Wait for more to come in this Obama engineered economy.  If there was data on all the small businesses laying off employees or closing their doors - then that news would be horrifying for the economy and a statement on businesses' lack of confidence in Obama and his economic policies.

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