Jobless Numbers: Spike To Four-Month High; Huge Spike; Up 28,000; Horrendous

For newbies:
NUMBERS TO WATCH: The Magic Numbers
First time claims, unemployment benefits: 400,000 (> 400,000: economic stagnation) New jobs: 200,000 (however, now I see that the goal posts have been moved to 120,000) --    The unemployment numbers have been in a range for the past two years, but perhaps one can say that the first time claims, unemployment benefits, have been ranging from 375,000 down to 350,000, and whenever there is break below 350, 000 the mainstream media gets very, very excited.

So, where are we today?

This is simply not good.

Headline: jobless claims at four-month high, cast shadow over labor market.

Yes, it is the highest in four months, but you can go all the way back to November 17, 2011:

November 17, 2011: Seven-month low; 388,000. The four-week average is 396,750, the first time this average dropped below 400,000 since April, 2011.

So, we are no better off than November, 2011. That was a year before the last election.

Reuters is reporting: The number of Americans filing new claims for unemployment benefits rose to its highest level in four months last week, suggesting the labor market recovery lost some steam in March.

It is always a kick to see how the mainstream media spins these stories. And we see it in the first paragraph. I'm sure the CNBC talking heads are going nuts. The number rises to a 4-month high. The rise is huge. How does Reuters report it? Reuters says the new number "suggests the labor market is losing steam."

Suggests?

Losing steam?

And we are just at the beginning of the construction season.

No, this is not good.

Sam said, "green ham and eggs."

The Reuters story continues:

Initial claims for state unemployment benefits increased 28,000 to a seasonally adjusted 385,000, the highest level since November, the Labor Department said on Thursday. 

It was the third straight week of gains in claims. Coming on the heels of data on Wednesday showing private employers added the fewest jobs in five months in March, the report implied some weakening in job growth after hiring accelerated in February.

Economists polled by Reuters had expected first-time applications last week to fall to 350,000.

So, to recap:

• when the numbers increase/decrease by about 2,000/week, this last week the numbers increased by a whopping 28,000
• there was no Hurricane Sandy to blame the 28,000 debacle
• economists had expected the number to FALL to 350,000
• instead of falling, it rises
• instead of barely rising, it spikes 28,000

And it will likely be worse when the numbers are revised next week. California's data was "estimated." For newbies, California's data is often estimated. Something fishy going on there.

Earlier this week someone on the Fed said they might start cutting back on quantitative easing (QE) later this summer. I don't think so.

The president is clearly in over his head; the unemployment numbers simply have not moved for the past two years, regardless of how Reuters, Yahoo, Bloomberg try to spin it.

Two other data points that are worth noting:

• the four-week average rose an incredible 11,250 to 354,250
• the number of folks receiving benefits decreased by 8,000 to 3.06 million. The decrease is because after 99 weeks the benefits run out. After 99 weeks.

No, this is not good.

And, not a surprise. And it's gonna get worse. The sequester cuts are yet to show up.

This is where I track jobs (the link will take you to the first page of several pages). Scroll down quickly through the site for the past two years, and you week see exactly how things are going.

Nowhere.

Cue up Connie Francis.