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Thursday, November 15, 2012

 

SURPRISE! JOBLESS CLAIMS UP 78,000 WEEK AFTER ELECTION; PA, OH WORST HIT

At least he has a job for the next four years.  You, not so much.

The Department of Labor has announced that new jobless claims rose by a staggering 78,000 in the first week after the election, reaching a seasonally-adjusted total of 439,000. Over the past year, and in the weeks leading up to the election, jobless claims were said to be declining, dipping as low as 339,000, with the media proclaiming that they had reached the "lowest level in more than four years." Now, suddenly, the news seems far less rosy.
SHOCKING!  (sarcasm) 

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Believe me, I'm as certain as the next guy Obama's re-election ensures the economy is f*cked ... but I think we're simply looking at an already high baseline exacerbated by the effects of Sandy. If I'm right this number will dip some in coming weeks and start to rise steadily again. The sure measure will the GDP growth report in March 2013. I'm thinking 1% or less.
 
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