Unemployment Claims Up, Durable Goods Orders Down - 760,000 Jobless Lose Benefits
Stop me if youíve heard this one before. At a time when we are told the recovery is well under way, new weekly claims for unemployment insurance rose last week, while durable goods orders fell in January, to a level below where they were at back in November. Spending on cars and planes fell sharply, but spending on communications equipment increased sharply. I guess corporations will need such equipment to communicate with their expanding outsourced operations, no?
And while the market analysts quoted in these wire stories on the unemployment numbers keep telling us that things will get better soon for jobs, the Center for Budget and Policy Priorities reported yesterday that over 750,000 jobless workers have run out of unemployment benefits in the last two months. Both the Bush Administration and the GOP leadership in both houses are doing nothing to extend benefits for these workers, out of fear that it will remind voters that three-quarters of a million workers canít find jobs and have fallen out of the safety net.