The Economy: I Can't Make This Stuff Up

Note: results of wells coming off confidential list today have been posted.  Helis reports another nice well in Grail oil field. Whiting has a great TFS well.

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Misery index: New Jersey employment now at 9.8%; highest since 1977.


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Remember: the magic number is 400,000

The Reuters headline: "Jobless claims trend shows job market slowly healing."

Then the lede:

The number of Americans filing new claims for jobless benefits edged higher last week although a trend reading fell close to a four-year low, pointing to healing in the still-struggling labor market.

Then the second paragraph:

Other data on Thursday showed groundbreaking on new homes fell in July in a reminder of the housing market's weakness despite some recent signs of recovery.

Other data points from the article:

• "economic growth could pick up in the second half...but even then, the recovery is seen to be lackluster and perhaps in more support from the Federal Reserve."
• still looking at Fed action in September
• four-week moving average...lowest since March
• the last line: "outside of housing, the broader economy has looked wobbly this year...."

Outside of housing, the broader economy has looked wobbly. What?

No mention of the energy revolution in the mid-section of the United States. Incredible.

Outside of housing, the broader economy has looked wobbly. What?

New claims edged higher: trend shows job market slowly healing. Just in time for election cycle.  

What else the article did not mention:

Wal-Mart Stores Inc., the world's largest retailer,  reported second-quarter sales that trailed analysts' estimates amid slowing gains in the U.S. 

Maybe tracking Wal-Mart sales is the best indicator of the health of the economy. When the bellwether company in a depressed economy reports lackluster results, it can't get much worse.

Oh, the initial claims number rose 2,000, to 366,000. The article (op-ed piece?) failed to note that the jobless claims actually dropped by 6,000 last week, only to rise again this week. And Reuters sees this as signs of a healing economy?