Now that “surging” is off the board, what vageuely positive but actually meaningless phrase are we going to use to describe the economy? Is the economy “chugging”? Is it “steaming”? Is it “perking”? One thing it ain’t doing is “improving.”
The number of newly laid-off workers filing claims for unemployment benefits jumped 44,000 last week, the largest amount in 17 months, and industrial output fell in January by the largest amount in 17 months.
The Labor Department reported Thursday that jobless claims rose to 357,000 last week, the highest level since late November, reflecting in part an increase in layoffs because of frigid winter weather. The increase of 44,000 claims from the previous week was the biggest one-week increase since Sept. 10, 2005, when claims soared in the aftermath of Hurricane Katrina hitting the Gulf Coast.
The four-week moving average for claims rose to 326,250 last week, the highest level in nine weeks and an indication that conditions in the job market have softened.
That’s funny, barely more than two weeks ago, Duh-bya said “The state of our economy is strong.” Am I to understand that George Bush makes declarations that lack the support of evidence? Kinda makes you look sideways at this, huh?
President Bush said Wednesday that he was certain that factions within the Iranian government had supplied Shiite militants in Iraq with deadly roadside bombs that had killed American troops. But he said he did not know whether Iran’s highest officials had directed the attacks.
Mr. Bush’s remarks amounted to his most specific accusation to date that Iran was undermining security in Iraq. They appeared to be part of a concerted effort by the White House to present a clearer, more direct case that Iran was supplying the potent weapons — and to push back against criticism that the intelligence used in reaching the conclusions was not credible.
You must have missed Bernanke’s announcement yesterday or the Dow & 10 year treasury bond performances
A few other tidbits:
“A portion of the increase is attributed to inclement weather in the Midwest & Northeast.” (Labor Dept.)
“The four-week moving average, a less volatile indicator, rose to 326,250 from 308,750″ (Bob Willis-Bloomburg)
Fourteen states & territoies reported an increase in new claims, while THIRTY-EIGHT reported a decrease, according to Labor Dept figures for the week of Feb 3.
If you want to go back 17 months, how’a bout this:
Job growth averaged 212,000 per month in 2005, 187,000 in 2006. To be sure, there were dips in both those years on a month by month basis, and traditionally the winter months show economic sluggishness.
Also, remember that the October 2006 unempoloyment rate was 4.4%, the lowest since MAY 2001.
Honest, gang, it’s a good economic climate out there!
The economy is slouching, as in “slouching toward Bethlehem to be born”.