NEVER TOLERATE TYRANNY!....Conservative voices from the GRASSROOTS.
This past year the official government reporting of unemployment and jobless claims has not only been inaccurate, it's been an outright lie to hide the REAL truth of how bad Obama and the democrat congress has made the economy.
By Timothy R. Homan and Shobhana Chandra - Apr 26, 2012 11:20 AM CT
`More Americans than forecast filed applications for unemployment benefits last week and consumer confidence declined by the most in a year, signaling that a cooling labor market may restrain household spending.
Jobless claims fell to 388,000 from a revised 389,000 the prior week that was the highest since early January, Labor Department figures showed today in Washington. The Bloomberg Consumer Comfort Index declined to minus 35.8 from minus 31.4 the previous week.
“There has been some slowdown in the labor market,” said Yelena Shulyatyeva, a U.S. economist at BNP Paribas in New York, who correctly projected the level of jobless claims. “That makes consumers feel less confident, and makes them more cautious about their spending. We could see some weakness in April payrolls.”
Fewer firings are needed to lay the groundwork for more hiring and support consumer demand, which makes up 70 percent of the economy. Another report today showed that signed contracts to buy homes rose more than forecast in March, more evidence of a stabilizing housing market that may boost confidence.
Stocks climbed for a third day after the housing data. The Standard & Poor’s 500 Index (SPX) rose 0.2 percent to 1,392.8 at 12:09 p.m. in New York. The yield on the benchmark 10-year Treasury note fell to 1.94 percent from 1.98 percent late yesterday.
`U.S. jobless claims were forecast to decline to 375,000, according to the median of 48 estimates in a Bloomberg News survey of economists. The Labor Department revised the previous week’s figure from 386,000. Claims in the week ended April 14 were the highest since Jan. 7.
A report from the Labor Department on April 6 showed hiring cooled in March. Employers added 120,000 jobs, the fewest in five months. The jobless rate fell to 8.2 percent from 8.3 percent the prior month.
Slower job growth may weigh on consumer moods. The Bloomberg comfort data showed the buying climate index decreased to minus 41.5 last week from minus 36.8 the prior week. A measure of Americans’ views of the state of the economy dropped to minus 66.4 from minus 64.3, and a gauge of personal finances slid to 0.4 from 6.8 the prior week.
Men and young Americans, those from 18 to 34 years old, showed the biggest declines in sentiment during the latest week. The gauge for men declined after reaching a four-year high the prior week. Sentiment among the young fell last week to the lowest level since January.
Among independents, a key swing group during this year’s presidential election, the comfort gauge fell to a two-month low of minus 37.7 from minus 29 the prior week. The measure also worsened for Democrats while holding at the prior week’s level for Republicans.
Jobs and the economy are a central theme in political sparring between President Barack Obama and Republican challenger Mitt Romney.
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.
Employers added 120,000 new jobs to their payrolls in March, the least since October, after averaging 246,000 jobs per month over the prior three months.
"We seem to be chasing our tail with the labor market now with seemingly reported declines in weekly numbers coming from persistently higher levels week-after-week," said Andrew Wilkinson, chief economist strategist at Miller Tabak in New York. "Today’s reading also gives the uncomfortable drift upwards in initial claims the feel of a trend rather than aberration."
Many economists believe a mild winter boosted payrolls growth earlier in the year and view recent stagnation as payback for those gains.
A Labor Department official said there was nothing unusual in the state-level data in the claims report.
The number of people still receiving benefits under regular state programs after an initial week of aid rose 3,000 to 3.315 million in the week ended April 14.
The REALITY is, there IS no economic recovery and WE the PEOPLE know it. The price of gas is down this week and will return to it's high shortly. The cost of living is high and getting higher. That is proved by cost of food and groceries.
There is nothing economically "better" in this country since Obama and the democrat machine passed "TARP" and "STIMULUS" . . . . I should say except for all the payoffs being made to friends, cronies, and democrat operatives.
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