Updates
Later, 10:30: Here's the spin from Reuters -- "Jobless claims up, but firming labor market tone intact." I can't make this stuff up. And again, the bad news: the numbers "surprised" the analysts.
More Americans than expected filed new claims for unemployment benefits last week, but still not enough to signal a material shift from the recent pace of moderate job growth.
Initial claims for state unemployment benefits increased 18,000 to a seasonally adjusted 354,000, the Labor Department said on Thursday. Economists had expected first-time applications to rise to 340,000 last week.
The four-week moving average for new claims, which irons out week-to-week volatility, rose 2,500 to 348,250 - holding below the 350,000 mark that economists usually associate with steady job gains.So, they moved the goal posts. When I started blogging, the "magic number" was 400,000. For some reason, "they" have actually moved the goal posts in the "wrong direction," if that makes sense.
But if 350,000 is the "new number" and last week's rate was 354,000 -- what more needs to be said.
Original Post
I can't post much right now due to school function. I can hardly wait to see the spin on this as Massachusetts gets ready to send another O'Bama supporter to the Senate:
- the market plunges
- first time claims for jobless benefits surge
- the Germans no longer like President O'Bama
Oh, by the way, about those 6,500 who showed up for the President's speech; Merkel, bless her heart, knew exactly what she was doing.
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