It was unexpected by the idiots who think the “stimulus” is working:
The number of new claims for unemployment benefits jumped unexpectedly last week as heavy snows caused layoffs to rise.
In addition, many state agencies in the mid-Atlantic and New England regions that process the claims were closed due to the storms and are now clearing out backlogs, a Labor Department analyst said.
The department said Thursday that first-time claims for unemployment insurance rose by 22,000 to a seasonally adjusted 496,000. Wall Street analysts polled by Thomson Reuters expected a drop to 455,000.
Bad weather can cause job losses in construction and other industries sensitive to weather.
Economists closely watch initial claims, which are considered a gauge of the pace of layoffs and an indication of companies’ willingness to hire new workers.
The four-week average, which smooths volatility, rose by 6,000 to 473,750.
Yep, that’s it – blame the snow. Two or three days of snow – in mid-winter – is what caused there to be 41,000 more new claims than expected. In other economic news, Unicorn Ranchers are expecting the new “Cash for Centaurs” program to boost sales in Oz…
Smoke and mirrors, boys and girls; that is all it is…
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