Time flies

Remember last week?  When we were told the shockingly low unemployment numbers meant that we were over the recession hump and happy days were here again?

Well, forget it.

New jobless claims rose more than expected last week due partly to an increase in layoffs by the automobile industry, while the number of people continuing to receive unemployment benefits set a record for the 15th straight week.

Sheesh, there's that damn reality-thing again.

Wholesale prices also rose more than expected, according to government data released Thursday, but economists said inflation remains under control and that the threat of a dangerous bout of falling prices is remote.

Well, economists can say all sorts of things.  All I know is that I've not seen a single price of anything go down in the last 4-6 months and a whooooooole lot of prices going up, up, up.

So I suppose I'm supposed to believe these "economists" and not my own lying eyes, eh?

The Labor Department said the number of new jobless claims rose to a seasonally adjusted 637,000, from a revised 605,000 the previous week. That's above analysts' expectations of 610,000.

But wait, here comes the spin...

Economists focused on the fact that initial claims remain below the peak reached in late March, a sign that the wave of mass layoffs announced earlier this year has crested.

"This is yet more evidence that we are now past the worst," Paul Dales, U.S. economist at Capital Economics, wrote in a research note.

Man, that would be laugh-out loud funny if it weren't so idiotic.  Sure Paulie, we're "past the worst" - nothing but blue skies ahead.

Do they even believe this BS?  Who wants to bet that Paul Dales of Capital Economics is dumping his own personal stock portfolio as fast as he thinks he can get away with it?

Posted by: DocJ at 10:28 AM | No Comments | Add Comment
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