BULLETIN: OH DEAR, OH DEAR, OH DEAR, WHERE DID THE RECOVERY GO? – AT 8:39 A.M. ET: Following last week's staggeringly disappointing report on job creation, we now have a reversal in the positive jobless claims trend. Figures were announced minutes ago. From Bloomberg:
More Americans than forecast filed claims for jobless benefits last week, a sign the pace of improvement in the labor market is slowing.
Jobless claims increased 13,000 in the week ended April 7 to 380,000, the highest since Jan. 28, the Labor Department reported today in Washington. The median forecast in a Bloomberg News survey called for 355,000 claims. The number of people on unemployment benefit rolls and those receiving extended payments declined.
A pickup in claims, following last week’s figures showing a smaller-than-projected rise in March employment, may make it difficult to boost the consumer spending that makes up 70 percent of the economy. The figures highlight Federal Reserve Chairman Ben S. Bernanke’s concern that stronger demand is required to fuel labor market gains.
“It’s going to be difficult in the immediate future to make a lot more progress on initial claims,” Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts, said before the report.
COMMENT: The economy is Romney's strength. We want the country to succeed, not fail, but it will not succeed under the antiquated, grudge-oriented policies of the Obama administration.
Some economists believe we're heading into another recession. What, precisely, does this president intend to do?
April 12, 2012