Of course both of these events were "unexpected". Unexpected by the "educated class" maybe, but not unexpected by those of us still out slugging it out in these hard economic times.
The 6.2 percent fall in the government's retail sales figure is only the second decline on records that go back to 1992. In all other years, even during previous recessions, retail sales, which are not adjusted for inflation, have managed to increase.
The other year that retail sales declined? 2008.
That makes two years in a row.
The news on the job front is no better. The pace of layoffs and those filing for unemployment has slowed, but there is no hiring going on either.
The number of newly laid-off workers requesting unemployment benefits rose more than expected last week as jobs remain scarce amid a sluggish economic recovery.
The Labor Department said Thursday new claims for unemployment insurance rose by 11,000 to a seasonally adjusted 444,000. Wall Street economists polled by Thomson Reuters expected an increase of only 3,000.
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