Weekly Jobless Claims “Unexpectedly”(?) Rise Again

http://www.reuters.com/article/idUSN1416882220100204

Weekly first-time jobless claims rose yet again last week, and the 4-week moving average has now risen for three straight weeks.  This was “unexpected” for analysts, but not unexpected for anyone who understands that the root cause of our economic problems has yet to be addressed. 

The number of workers filing new applications for jobless benefits unexpectedly rose last week, according to a government report on Thursday that pointed to a labor market still under stress even as the economy grows.Initial claims for state unemployment benefits increased 8,000 to a seasonally adjusted 480,000 in the week ended January 30, the Labor Department said.

Analysts polled by Reuters had forecast claims falling to 460,000 from a previously reported 470,000.

The much-ballyhooed recovery (the rise in GDP being the only evidence) is an illusion and the economy is quickly sinking back into recession.  (Although, if economists were honest, they’d admit that it never ended.)

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3 Responses to Weekly Jobless Claims “Unexpectedly”(?) Rise Again

  1. Mark A. Hall says:

    So much for our government thinking that it can just “close its eyes” and HOPE that it will just go away!

  2. Mark A. Hall says:

    An article in the New York Times today.

    Title:

    “Europeans Revitalize Plants to Save Jobs”

    Two Lines in Article:

    Line # 1 “Americans often assume newer, smaller companies are the engines of innovation and job creation.”

    Line # 2 “Europe, in stark contrast, often relies on its large companies to sustain both employment and a cutting edge in important industries.”

    See, They ARE smarter than us!

    Thus end’th the lesson! (Sean Connery in “The Untouchables”)

  3. Mark A. Hall says:

    The continued inaction by our government coupled with today’s jobless numbers and market turmoil has probably added 3-6 months to our sentence (economic decline) and pushed back our possible parole date (reasonable recovery) to 2015 or 2016.

    Signed,

    Inmate #358754-3

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