Obama Hope & Change Obamanomics: First Time Jobless Claims Jump 37,000 to 464,000, Most Since February
The new economic numbers are out and once again they are not good. First time jobless claims increased by 37,000 to 464,000. This is the most they have risen since February, 2010.
The number of people applying for initial state unemployment insurance benefits rose 37,000 to 464,000 in the week ended July 17, the Labor Department reported Thursday. Economists surveyed by MarketWatch had expected an initial claims level of 450,000. The four-week average of initial claims – a better gauge of employment trends than the volatile weekly number – rose 1,250 to 456,000. Continuing claims in the week ended July 10 fell 223,000 to 4.49 million. Recent volatility in this number is due to seasonal adjustment issues, according to the Labor Department.
Just the other day Federal Reserve Chairman Ben Bernanke told lawmakers that the U.S. economic outlook was “somewhat weaker,” although he signaled there are no immediate plans for a shift in the Fed’s policy. Any you wonder why suddenly there are Democrats who are doing a 180 on Obama’s tax cut for the so-called rich. Such a tax cut in the middle of this economy would cause complete economic chaos.
A fiscally conservative Democrat who chairs the U.S. Senate’s budget committee on Wednesday said he supports extending all of the tax cuts that expire this year, including for the wealthy.
“The general rule of thumb would be you’d not want to do tax changes, tax increases … until the recovery is on more solid ground,” Senator Kent Conrad said in an interview with reporters outside the Senate chambers, adding he did not believe the recovery has come yet.
Conrad’s comments are sympathetic with Republican arguments against raising taxes amid a fledgling economic recovery. They frame a debate gaining steam over whether stimulus to bolster the economy’s recovery, or deficit reduction, should be the top policy priority.