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Vacation Time? Jobless Claims Up.

LibocalypseNow

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Jobless Claims in U.S. Top Forecast...

More Americans than forecast filed applications for unemployment benefits last week, signaling the labor market is struggling two years into the economic recovery.

Jobless claims climbed by 9,000 to 408,000 in the week ended Aug. 13, the highest in a month, Labor Department figures showed today in Washington. Economists surveyed by Bloomberg News projected a rise in claims to 400,000, according to the median forecast. The number of people on unemployment benefit rolls rose, while those receiving extended payments fell.

Companies like Bank of New York Mellon Corp. (BK) are paring staff, one reason consumers are limiting their spending, which accounts for about 70 percent of the economy. Unemployment at 9.1 percent helps explain why Federal Reserve policy makers last week pledged to hold interest rates at a record low until at least mid-2013 to spur growth.

“People continue to get laid off,” David Semmens, a U.S. economist at Standard Chartered Bank in New York, said before the report. “The uncertainty in the economic outlook is continuing to give hiring managers sleepless nights and is keeping businesses from expanding. We have an incredibly long way to go” to get a healthy labor market, Semmens said.

Jobless benefits applications were projected to rise from the 395,000 initially reported for the prior week, according to the median forecast of 41 economists in a Bloomberg survey. Estimates ranged from 390,000 to 420,000.

http://www.bloomberg.com/news/2011-...-u-s-rise-more-than-estimated-to-408-000.html
http://www.drudgereport.com/
 
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Wiseacre

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I don't really care about the vacation. I care that Obama is still trying to double down on Keynesian spending that has never worked and will add another trillion or two to the debt. If he wants to spend money on infrastructure, I got an idea: why don't we take the money being wasted on those fuckin' high speed rail boondoggles and the other failed green job subsidies and use that money instead. And make sure the work contracts are awarded without regard to unionized companies.
 
OP
LibocalypseNow

LibocalypseNow

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I don't really care about the vacation. I care that Obama is still trying to double down on Keynesian spending that has never worked and will add another trillion or two to the debt. If he wants to spend money on infrastructure, I got an idea: why don't we take the money being wasted on those fuckin' high speed rail boondoggles and the other failed green job subsidies and use that money instead. And make sure the work contracts are awarded without regard to unionized companies.

And fire his "Jobs Czar" GE CEO Jeffrey Immelt. That idiot's only creating Jobs in China.
 

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