Surprised again – Weekly job loss numbers “unexpectedly” rise
I think I need a special category for this. The “unexpected surprise of the week”. Of course, it would mostly be filled with posts about unemployment numbers – although there’d also be plenty about “disappointment” concerning other economic numbers as well.
Apparently the “Recovery Summer” sunshine show is showing it’s tattered edges fairly obviously.
New U.S. claims for unemployment benefits unexpectedly climbed to a nine-month high last week, yet another setback to the frail economic recovery.
Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 500,000 in the week ended August 14, the highest since mid-November, the Labor Department said on Thursday.
And last week’s loss was revised upwards another 4,000 lost jobs.
The economy grew at a 2.4 percent annualized rate in the second quarter, much slower than the 3.7 percent pace in the first three months of the year.
Which, politically, means:
The economy’s poor health has handed President Barack Obama a tough challenge and put at risk the Democratic Party’s majorities in the U.S. House of Representatives and Senate in November’s mid-term elections.
Obama’s approval ratings have tumbled to the mid- to lower 40 percent range and Congress’ ratings are hovering at about 20 percent.
Hey, when you’re the loudmouths who stand on the side and blame the other guy for the problem and claim you are the only ones who can “fix” it – elect me – then you by God better fix it when it is handed to you (even if you haven’t a clue of how to do it).
Irony can be a bitch, can’t she?