The Obama Economy: Weekly Jobless Numbers Exceed Analyst Expectations, Rise to 484K

More economic bad news that according to Barack Obama the economy is headed in the right direction. First time unemployment claims rise to 484,000 as claims rose 2000 after analysts thought they would decrease. Let’s see Obama paint a rosy picture of this news or blame GWB.

New applications for unemployment insurance rose last week to their highest level in almost six months, the latest evidence that some employers are still cutting their staffs.

First-time claims for jobless benefits edged up by 2,000 to a seasonally adjusted 484,000, the Labor Department said Thursday. Analysts had expected a drop. That’s the highest total since February.

Initial claims have now risen in three of the last four weeks and are close to their high point for the year of 490,000, reached in late January. The four-week average, which smooths volatility, soared by 14,250 to 473,500, also the highest since late February.

What do we hae to look forward to, more layoffs and a plunging stock market. By the way, did we mention that home foreclosures are up 6% this year over last? I guess that is George W. Bush’s fault as well.

The prospects of more layoffs added to this week’s grim outlook for the economy, which began Tuesday when the Federal Reserve lowered its assessment of the recovery.

Investors were bracing for another rocky day on Wall Street. Dow Jones industrial average futures, which were down about 50 points before the report came out, fell further. They were down nearly 90 points before the market opened.