Jobless Claims Increase
In a troubling sign for the U.S. labor market, the number of workers filing new claims for unemployment benefits unexpectedly surged last week to wipe out most of the recent declines.
No need to worry. If a Muslim terrorist sneaking a bomb on board an airplane is proof that our increased security is working, then the growing number of unemployed people is proof that the economy is recovering.
The Labor Department said in its weekly report Thursday that initial claims for jobless benefits rose by 25,000 to 471,000 in the week ended May 15. Economists who were surveyed by Dow Jones Newswires had predicted claims would fall by 4,000.
All economists that ever hope to get a government job, or a government grant, are unable to predict anything other than an improving economy. So it should come as no surprise that the economists are shocked that unemployment is on the rise.
The previous week's level was revised upward as well, to 446,000 from 444,000.
It should also come as no surprise that the government is continually revising prior positive growth figures to more accurately reflect the negative dying economy.
Total claims lasting more than one week, meanwhile, fell.
Of course the government has to try to lie about something to prove the economy is improving. But proclaiming that the increasing number of people on long term unemployment is decreasing, without mentioning that the decrease is because the decreasing numbers are from people who's unemployment benefits have run out is government dishonesty at it's best.
Only four of the 10 leading indicators increased in April. The most positive indicators were the interest rate spread and stock prices.
However the price of stock has absolutely nothing to do with the economy. For those who have forgotten the recent sub prime mortgage disaster, that was a case of people paying inflated prices on worthless paper. And since interest rates are set by the Federal Reserve Bank, they again have nothing to with the economy at all.
Which means that two of the 10 leading indicators still show an improved economy. Which means that only 80% of the indicators show a dying economy.
Obviously we have nothing to worry about. The government is on the case and fixing the economy.
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