Thank goodness for the stimulus, huh?
New claims for unemployment benefits unexpectedly rose last week, bouncing back above the key 400,000 level, while core producer prices clumbed faster than expected in March, government reports showed on Thursday.
Initial claims for state unemployment benefits rose 27,000 to a seasonally adjusted 412,000, the Labor Department said…
And here’s the real kicker – once again, the previous week’s number for new claims was revised upwards. Even the good news we get really isn’t all that good – while the bad news is really bad.
We still have people out there talking about how the economy is recovering and how its all just going to be fine. People are seriously trying to claim that the massive rise in gasoline and food won’t have an adverse effect on the economy. You start to wonder what universe they’re living in – or if they’re just going along with the con because they don’t know what else to do.
Meanwhile, there is talk that recession will resume later this year – my guess is it will come, and about 6 months from now. Keeping in mind that in a lot of ways, we never really left the old recession behind – much fewer people are now in the work force than there were 25 or so years ago, and if they were back in the labor force, we’d have unemployment at 11%…and that is recession regardless of what the statistics say.
But keep your faith in Obama – and Bernanke. We can always print ourselves in to another couple quarters of growth, or pass another bazillion dollar stimulus bill. Anything to keep the official numbers positive until after election day, 2012, right?
Blogs For Victory 