Initial Jobless Claims Go Up Again
While Mr. Bush does his victory lap over how his tax cuts have ended the “jobless recovery”, the number of first-time claims for unemployment insurance has gone up, not down, for two weeks in a row. Initial claims hit 345,000 last week, up 12,000 from the previous week’s revised 333,500. Those figures were initially reported at 331,000 last week. Notice the financial analysts quoted in these stories seem to always tell us “don’t worry, everything is still fine with this recovery,” even though these same financial analysts have an inherent conflict of interest in saying so since they make money no matter what. But what is so good about seeing 345,000 new claims for unemployment this late in a recovery fueled by deficit-inducing tax cuts when economists had predicted the figure to drop to 326,000?