Remember: the magic number is 400,000.
Link here to Yahoo/AP story.
Let's see how they spin this story. I haven't read it yet, but here goes:
Weekly applications for unemployment benefits rise to 383,000, a 5-week high.That's the entire story.
I'm sure more will be written about this later, but I have to agree. What more needs to be said when we've thrown a trillion dollars into the economy, kill the Keystone XL, and slow-roll the industry that hires a boat-load of union workers.
What was not noted: this was not a trivial jump -- it was up 10,000 from the previous week. Worse, according to Bloomberg, the number was expected to decrease, not go up. In a Bloomberg News survey of economists, the number was expected to drop to 370,000.
Also, the AP article doesn't note what CNBC also noted: 1Q12 GDP was revised downward to 1.9% from 2.2%.
Here's Santelli's take (Santelli is about the only CNBC analyst I trust. I trust Jim Cramer, also, but for different reasons. Smile.)
Looking more and more like we will see QE3.
