New Weekly Jobless Claims Rise by 11,000 from Previous Week to 531,000 … 10% Unemployment cannot be Far Away
More signs that the economy is getting better as per the Obama Administration. Hey Barack Obama, your stimulus bill just lost another 11,000 jobs. The US did not lose 520,000 jobs this week, we lost 531,000! Every state except North Dakota has lost jobs since the stimulus plan was enacted.
This most recent weekly addition of the subtraction of 11,000 jobs should continue to weigh down Obama’s approval ratings. Wait until unemployment hits the magic number of 10% and see what happens to The One’s approval ratings and this administrations spin that the economy is getting better. Americans have stated that job creating should be the President’s number one goal. These numbers are going to leave a mark.
The number of newly laid-off workers filing claims for jobless benefits rose more than expected last week, after falling in five of the past six weeks.
There is little sign that employers are willing to hire, even as the economy shows signs of recovering.
The Labor Department says new jobless claims rose to a seasonally adjusted 531,000 last week, from an upwardly revised 520,000 the previous week. Wall Street economists had expected only a slight increase, according to Thomson Reuters.
The number of people continuing to claim benefits dropped for the fifth straight week to 5.9 million, from just over 6 million the previous week.
And even more bad economic news as oil hits $82 a barrel as the dollar plunges.
White House economist Christina Romer says stimulus has already had its biggest impact on economic growth and will likely not contribute to significant expansion next year. Give me a break, they are still using the created or saved unsubstantiated comment regarding jobs.
Christina Romer, the chair of President Barack Obama’s Council of Economic Advisers, said Thursday that the $194 billion already spent gave a jolt to the economy that contributed to growth in the second and third quarters of the year. She told a congressional panel that by the middle of next year, the impact of the stimulus will level off. Romer said spending so far has saved or created 600,000 to 1.5 million jobs but warned that unemployment will remain high, above 9.5 percent, through the end of 2010.