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Thursday, May 31, 2012

Incredible! First Time Claims for Unemployment Benefits -- 5-Week High

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.

3 comments:

  1. Was Santelli the one who had the "rant" few years ago about the recession? I saw it and loved it. In your opinion does CNBC take as liberal of a spin on things as MSNBC and NBC? I previously watched "Power Lunch" but currently do not. I have noticed a couple of their people moved to FOX. (Melissa Francis and Charlie Gasparino).

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    Replies
    1. No comment regarding CNBC's political spin. It seems pretty neutral. I don't have any problem with it in general, politically.

      The talking heads are generally getting better in my opinion.

      They just talk too much about the same companies, e.g., Green Mountain Coffee. Say what?

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    2. Power Lunch used to put me to sleep; I could not handle it; avoided it. For some time now it has improved.

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