Wow, that was quick. Unemployment rebounds

Well, Santa has gone home for the winter and the workers at Amazon have moved on.

Unemployment claims jumped to 399,000 in the first week of 2012, the highest in six weeks, from an upwardly revised 375,000 in the prior week. The four-week average of claims also marched higher to 381,750 from 374,000.

Well, we knew this was going to happen.  But, I expected them to delay another week before announcing.  But, it’s hard to hide 400k new claims in one week.

Including the millions of workers receiving benefits under emergency federal programs, some 7.3 million Americans were receiving unemployment benefits as of December 24, the most recent date for which comprehensive figures are available.

The unemployment rate has fallen sharply (lol delusional)in recent months and was 8.5 percent December, but some economists worry the drop has been due in part to discouraged workers dropping out of the labor force.

I’m not an economist, but, I pointed this out last week.  We should also note the date above.  In spite of the discouraged workers dropping out, the 7.3 million will increase.  But, this isn’t the bad news.  Here’s the bad news, U.S. Retail Sales Climb at Weakest Pace in 7 Months.  As we can all recall, the retail stores were giddy with excitement because of the success of black Friday.  December held a lot of promise.  It was the Christmas season after all!

Total retail sales increased 0.1 percent after rising by an upwardly revised 0.4 percent in November, the Commerce Department said on Thursday.

That’s very bad news.  But, there’s more.  Fueling the overall increase in retail sales during December, receipts for motor vehicles and parts increased 1.5 percent, adding to the prior month’s 0.9 percent gain.  Excluding autos, retail sales fell 0.2 percent, the first decline since May 2010.

I’m not sure why auto sales are up, and in different circumstances that number is significant.  But, not at the moment.  Perhaps there were some year end clearance sales that many took advantage of.  The significant number to look at is the bold right above.  December?  This is going to leave a mark.

You can read more here and here.

UPDATE!!!  I just saw this and thought it apropos to include it.

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5 Responses to Wow, that was quick. Unemployment rebounds

  1. Eric S says:

    Ok, but again, we should move the focus of the election beyond the economy. It’s about bigger things. It seems that at least Romney is getting it. From his NH speech:
    “I will offer the American ideal of economic freedom a clear, unapologetic defense…[this election is about] a choice between 2 very different destinies. Pres. Obama wants to fundamentally transform America. We want to restore America to the founding principles that made this country great. He wants to turn America into a European style social welfare state. We want to ensure that we remain a free and prosperous land of opportunity… This president is making the federal govt bigger, burdensome, and bloated. I will make the fed. govt simpler, smaller, and smarter…[and] I will cut, cap, and balance the federal budget.” –Mitt Romney

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