17 Jun
Posted in: Blog
By    2 Comments

Jobless Claims Rise, Expectedly

The tragedy of massive government interventionism continues, even as the human spirit searches among the economic debris for hope.

From MarketWatch:

First-time applications for state unemployment benefits rose by 12,000 last week to a seasonally adjusted 472,000, the Labor Department reported Thursday, providing further evidence that U.S. labor markets remain very weak.

The previous week’s initial claims were revised higher by 4,000 to 460,000 as more complete data were collected. Read the full release on the Labor Department’s website.

People out of work are staying unemployed longer:

The number of people who’ve been out of work for more than six months has surged during this recession to a record 6.8 million in May, accounting for 46% of the 15 million people officially classified as unemployed, according to monthly data previously released.

I thought that the administration said that we were experiencing a recovery?  Yet between high, persistent unemployment, the European debt/Euro crisis, and ceaseless Federal interventions into nearly every major market, each day more economists fear the dreaded double diprecession.

The nomenclature here is deceiving.  In case these economists don’t realize it, most Americans have never felt any “recovery.”  Sure, the past 2 years haven’t felt like an ongoing crisis, but to many they have felt like a plague.  There has been no meaningful recovery in jobs, and the volatility in capital markets is tangible.

As if this wasn’t enough, then there’s that oil spill.

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  • As long as the benefits are rolling in, there are some who are choosing to stay unemployed.

  • Yup! Apparently the State of NJ pays over $600/wk if you’re unemployed. Who would look for a job? I’d spend the summer on my new boat with that pay!