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August 23, 2012

Obamanomics Update: U.S. Jobless Claims Climb To Month High

Topics: Political News and commentaries

Bloomberg reports:

The number of Americans filing applications for unemployment benefits climbed last week to a one-month high, showing little progress in the labor market.

Jobless claims rose by 4,000 for a second week to reach 372,000 in the period ended Aug. 18, Labor Department figures showed today in Washington. The median forecast of 41 economists surveyed by Bloomberg called for 365,000. The four-week moving average, a less volatile measure, increased to 368,000.

I await with bated breath to hear Team Obama (and the complicit media) spin this away.

Quin Hillyer offers this note on the economy: It's bad and getting worse:

... The new CBO report and the rising jobless numbers show that Mr. Obama's policies are dangerously counterproductive. Between slow-downs in energy production, the blocking of pipelines (and all the contruction jobs they would entail), the extreme "consumer product safety" regulations, the forced closure of politically disfavored auto dealerships, and too many other foolish policies to list, the Obama administration is, by far, the worse job-killer since the Smoot-Hawley Tariff helped ensure that the 1929 stock market crash would result in a Great Depression.

Posted by Richard at August 23, 2012 8:53 AM

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