Thursday, October 14, 2010

Unexpected! Jobless Claims Rise by 462,000

OK, maybe they don't say it's unexpected. This time the state-run media calls it higher-than-expected. Same lame spin, just slightly different wording.
New U.S. claims for jobless benefits rose last week, hardening the view the central bank will pump more money into the economy, and keeping pressure on Democrats poised to lose congressional seats in November 2 polls.

At the same time, record-high imports from China helped push the U.S. trade deficit wider in August, while rising food and energy prices pushed inflation at the wholesale level up twice as fast as expected last month.

Initial claims for state unemployment benefits rose to a higher-than-expected 462,000 in the latest week, the Labor Department said on Thursday.

Economists polled by Reuters had expected initial claims at 445,000 in the latest week.

"These numbers don't fall out of the range of expectations, so they don't move the needle too much," said Jason Pride, director of investment strategy at Glenmede Investment and Wealth Management in Philadelphia.
American voters unhappy at high unemployment are set to oust President Barack Obama's Democrats from control of the U.S. House of Representatives in November 2 elections, a Reuters-Ipsos poll projected on Wednesday.

The U.S. growth outlook has darkened significantly and the Federal Reserve is unanimously expected to embark on a fresh round of asset purchases to prop up the economy, a separate Reuters poll showed.
I expect a bloodbath on November 2.

Meanwhile, home foreclosures topped 100,000 last month. But that's expected to slow in coming months. Except when it doesn't it'll be called unexpected. But by then the media will be able to blame Republicans after they get a one- or two-day honeymoon when they assume control of the Congress.

Instapundit links. Thanks!

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