New jobless claims jumped unexpectedly last week by 32,000 to 637,000, much worse than economists predicted. And we have another disappointing number: Continuing claims for unemployment rose to a record high of 6.56 million, up from 6.34 million the previous week. The insured unemployment rate rose by .1% to 4.9%.
Obviously, these numbers are throwing cold water on any claims of reaching bottom. Last week, the Labor Department reported that unemployment rose to 8.9%, the highest level in 25 years.
U.S. wholesale prices also rose in April, led by rising food costs. This is a weird fact because it indicates that we are not spiraling into deflation, but it doesn't help the average person. The increase was led by the price of eggs, beef and milk. The price of gas rose by 2.6% but residential fuel costs eased.
Will the economy pick up later this year?
Will Rich Ross really have a positive impact on Disney's movie operations?
Consumers sick of recession, may spend extra on holidays
Corrections, seasonality and Santa Claus
Reader Comments (Page 1 of 1)
5-14-2009 @ 1:48PM
clikdawg said...
Who are these "economists", anyhow? You know -- the ones who are wrong week after week (and even within any given week, since their numbers always have to be upwardly "adjusted"), who didn't see the recession coming, etc.?
Who are they?
And, more importantly, why are THEY still employed?
5-14-2009 @ 3:56PM
Ben said...
it's mind boggling how the market manages to rally on news like this.