The economic slump continues. Now that the holidays are over, jobless claims are back up.
In a separate report, the Labor Department said initial unemployment claims jumped to 399,000 in the first week of 2012, the highest in six weeks, from an upwardly revised 375,000 in the prior week.
The four-week average of claims also marched higher to 381,750 from 374,000.
The U.S. unemployment rate has fallen sharply in recent months and was 8.5 percent December, but some economists worry the drop has been due in part to discouraged workers dropping out of the labor force. (Read More)
Discouraged workers dropping out of the labor force only partially explains the drop in the unemployment rate? Who are they fooling? The jobs added to the economy are barely keeping up with population growth.
Oh, and do you remember all of the hype about retail sales in December? It was a whole lot of hype over nothing.
Total retail sales increased 0.1 percent after rising by an upwardly revised 0.4 percent in November, the Commerce Department said on Thursday.
Economists polled by Reuters had forecast retail sales climbing 0.3 percent last month.
The upward revision for November sales suggests consumers likely frontloaded their holiday shopping. The government had initially estimated retail sales gained 0.2 percent in November.
Spending at electronics and appliance stores fell 3.9 percent in December, while shopping at department stores slipped 0.2 percent.
Fueling the overall increase in retail sales during December, receipts for motor vehicles and parts increased 1.5 percent, adding to the prior month’s 0.9 percent gain.
Excluding autos, retail sales fell 0.2 percent, the first decline since May 2010. (Read More)
Ed Morrissey has more information on the weekly jobless numbers. If you have time, sift through the Department of Labor’s weekly report and let me know if anything jumps out at you.
I just wonder how the media will spin this news to make everyone think the economy is improving under Obama.
Update: Linked by Lady Liberty – thanks!
Linked by Conservative Hideout – thanks!
Hopefully it will not matter how the media spins it. Other than the media and those investors who think that Wall Street numbers are an actual indicator of the health of the nation, nobody believes all that prattle. There is, actually, a 99% that is hurting badly under current policies and clearly sees that not much has improved in their lives since 2008. The Emperor has no clothes, and the voting population can see that. We’re still living in that crushing recession we’re told has ended, and with the inflation we’re told doesn’t exist. Reality matters in the voting booth.
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They most likely will blame it on seasonal fluctuations and the impact of reduced staffing since Christmas.
But one has to look at the real problems in America and this is just symbolic of the real problem we face. Everything we look at that comes out of Washington is short term, less than 5 years and in many cases less than 1 year. These reports are monthly snapshots that are always revised, but no one pays any attention to the “real” revised numbers that come out when all the data is reviewed. So politicians can say almost anything, quote almost any data, get media coverage and then move on to the next months numbers.
Our problems will never be solved until we stop looking at snapshots and we begin looking over the horizon as to what really is our destiny. And this can only happen when the media and everyone involved with the media begins to ignore these numbers and begins to put more emphasis on 5 year and 10 year numbers.
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Obama has already created sound bites that boldly state that the economy is on the mend!
So, I’m sure Bush has once again maniputated the economy to make the president look bad, so say the liberal stooges.
The economy will continue to tank as long as Obama hides behind his faux agency powers. He is using EPA to hyperinflate energy prices, thus the economy is hamstrung by the president’s manipulation of key economic factors like energy.
Additionally, his new super consumer protection agency is another unneeded agency to skim money and use it for political gain!
See: Michelle Malkin’s “Obama’s Super-Czar Is on the Loose”
http://townhall.com/columnists/michellemalkin/2012/01/06/obamas_superczar_is_on_the_loose
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Wasn’t the highly touted reason for optimism 200,000 jobs added last month? By my reckoning – nearly 400,000 jobs lost is double the rate in the wrong direction. The decline will continue until we give the boot to the most anti-business administration in history, as Joseph Hall states above.
d(^_^)b
http://libertyatstake.blogspot.com/
“Because the Only Good Progressive is a Failed Progressive”
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[...] The Answer is badly: How Will the Media Spin this Week’s Economic News? | The Lonely Conservative [...]
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A man is standing on a cliff when he falls 50ft to the rocky bottom. Hurt real bad but still alive, he looks how he is going to climb back up. Along comes obama. He sees the man struggling to climb the cliff and throws a 100lb backpack down to the man telling him to put it on. What for says the injured man? Is it full of mountain climbing gear? No says obama, it’s the rules for climbing a cliff and rules on what rocks you are aloud to use and which ones you can’t.
MSNBC Breaking News…Obama assists man to climb to the Top!!
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[...] How Will the Media Spin this Week’s Economic News? [...]
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I wonder if the MSM will try to ignore it, or minimize it.
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