Jobless Claims Up 19,000 In One Week
Amidst other signs of a slowing economy in the second half of this year, the Labor Department added to that news in the last hour by reporting that first-time filings for unemployment claims jumped to 332,000 last week, exceeding analysts’ expectations. It was the largest weekly filing figure since May, and represented a jump of 19,000 from the previous week. It also comes two days after Bush gave a speech praising the strength of the economy and claiming that his tax cuts have created a significant amount of new jobs since 2003, when in fact job growth during this administration has been substandard and there is little if any evidence that the Bush tax cuts have delivered the promised job increases they were sold on. But a lot of wealthy people did get wealthier, as have corporate bottom lines, so the tax cuts did what they were intended to do, which was to hand the treasury to the well-off and push the tab onto the rest of us.