It seems that the media are not interested in letting bad economic data get in the way of the economic recovery stories. The Labor Department reported that new unemployment claims rose to 484,000 last week, an increase of 24,000 from the previous week. This report got very little attention and seems to have gone unmentioned in both the NYT and WAPO.
While the weekly figure was undoubtedly inflated by people who put off filing the week before Easter, the prior week was exceptionally high given its timing. The 4-week moving average was 457,750, a number that is far above levels consistent with job growth. For 90 percent of the country, the labor market is the economy. This number deserved some serious attention.