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The Obama Boom: Unemployment claims at 388,000

by Phantom Ace ( 5 Comments › )
Filed under Economy, Headlines, unemployment at April 26th, 2012 - 9:54 am

At the beginning of the year, the Media was proclaiming we were in a 90’s style boom. There was 3 months of 200,000 plus job growth. The Pharaonic regime had declared the economy is back and good times are ahead. It all turned out to be an illusion, March jobs numbers was just 120,000. The weekly unemployment claims have been increasing and are close to what they have been the last 2 years in the 400,000 range. This week’s claims were at 388,000.

New U.S. claims for unemployment benefits fell slightly last week but a trend reading rose to its highest since January, the latest sign of a weaker pace of healing in the still-struggling labor market.

Initial claims for state unemployment benefits dropped by 1,000 to a seasonally adjusted 388,000, the Labor Department said on Thursday. The prior week’s figure was revised up to 389,000 from the previously reported 386,000.

The four-week moving average for new claims, a closely followed measure of labor market trends, rose 6,250 to 381,750, its highest since the week that ended Jan. 7.

Economists polled by Reuters had forecast new claims falling to 375,000 last week.

The reading was the latest example of fizzling momentum in the labor market recovery. New claims fell sharply during early winter but the improvement has largely stalled in recent weeks.

The sad part is  none of this matters. No bad news makes any dent in The Pharaoh’s popularity.  The Obama Boom lie continues and many Americans believe it.

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5 Responses to “The Obama Boom: Unemployment claims at 388,000”
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  1. 1 | April 26, 2012 10:22 am


  2. 2 | April 26, 2012 10:25 am

    And Housing sales are down again. I read yesterday that housing may be a generation recovering from the Fannie Mae/Freddie Mac CRA bubble. It may be worse than that though, with the student loan bubble coming behind it. Everybody is strapped for cash, myself included. Yet the Obama Administration assures us this is a great economy. I’d hate to see what an Obama Depression would look like then…

  3. 3 | April 26, 2012 10:58 am

    All of this is just background noise to people right now; nobody is really looking at this stuff except economists and us obsessive-compulsives on this site. 😉

    The UK has already officially announced they’ve entered the second phase of a double-dip recession. All indications are that our economy is going south again and we’ll likely follow suit. The spreadsheets are now being written but the American people won’t be reviewing them for months and win they do, Obama will be doomed. As Obama is the First Black President, there may not be a big swing on overt public sentiment against him, but I do think the American people will review his performance and quietly “let him go” when it’s decision time.

  4. 4 | April 26, 2012 11:11 am

    @ MacDuff:

    I hope you are right. It looks to me like it will be a close thing, and right now I’d say it could go either way. It does look like Romney is going to come out swinging, though. I had been afraid that we were seeing the Second Coming of John McCain. It is going to be a long campaign…

  5. darkwords
    5 | April 26, 2012 2:27 pm

    Somehow the Democrats will frame this as a good thing in the media. And the GoP will just say OK and have a weak response.

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