May 27, 2011
Yesterday the Labor Department reported that weekly unemployment claims were 424,000. This was the 7th consecutive week that they were above 400,000. This pace is inconsistent with healthy job growth suggesting that the May jobs numbers are likely to be very weak, with the unemployment rate likely rising further.
NYT columnist David Leonhardt noted this weakness, along with other news suggesting an inadequate rate of growth. It seems no one else is paying attention. I suppose that they are busy dealing with end of the world predictions and nonsense scare stories on the deficit.
Comments