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(Steve Benen at Rachel Maddow Blog)
The Department of Labor announced this morning that seasonally adjusted initial claims for unemployment insurance benefits for the week ending March 17 were 348,000. It was a drop of 5,000 from the previous week's revised number of 353,000. The four-week running average, which most analysts prefer because it flattens volatility in the weekly figure, was 355,000, a decrease of 1,250 from the previous week's revised average of 356,250.

Both numbers are around the four-year lows they have maintained for several weeks. They are now at their lowest level since March 1, 2008.

For the week ending March 3, the number of Americans claiming benefits in state and federally extended programs was 7,281,541, a decrease of 142,499 from the previous week.

That number is expected to begin a sharp decline as a result of a payroll tax cut deal struck in Congress that will reduce the maximum number of weeks out-of-work people can collect benefits in the states worst hit by the economic downturn from 99 weeks to 63 weeks by September.

While the unemployment claims have been good news now for nearly four months, and job growth has averaged 245,000 a month for the past three months, long-term unemployment remains severe, with 43 percent of the 12.8 million jobless Americans having been out of work for more than six months, a post-World War II record.

Originally posted to Meteor Blades on Thu Mar 22, 2012 at 05:57 AM PDT.

Also republished by Daily Kos.

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Comment Preferences

  •  If you extend the graph back (7+ / 0-)

    to the Bush administration, you will see that we are now at a level that is lower than it was for the entire first Bush term even though we were then recovering from a recession that was a mere bump in the road in comparison to the Tsunami that he left for Obama.  And what matters in this business is the gradient.  The rate of change.  That is what people feel.  This thing has momentum that the economists haven't caught on to yet.  When you are rolling down a hill that is that big you really tend to pick up a lot of steam.   There is going to be a boom not just a tepid recovery as everyone seems to be predicting.

    •  That's not all that matters (8+ / 0-)

      What matters most is this:

      ...  long-term unemployment remains severe, with 43 percent of the 12.8 million jobless Americans having been out of work for more than six months, a post-World War II record. .
      Unemployment is about a lot more than tactical positioning in the presidential election.  Everybody who claims to be a progressive or liberal should be demanding more from Democrats on creating jobs, and pushing the party in a more economically populist direction.  What good is electing Democrats if they don't work hard for the people?

      When Free Speech is outlawed, only outlaws will have Free Speech.

      by Dallasdoc on Thu Mar 22, 2012 at 06:13:12 AM PDT

      [ Parent ]

      •  The economy is like an engine (6+ / 0-)

        It is stalled out.  You have to get it going again.  That is fundamental.  I don't disagree with you.  But unless and until you revive the economy nothing else is going to happen.  You are a doc?  If your patient is in cardiac arrest, it is all well and good to diagnose all his ills.  But you better put the paddles to that sucker and get his heart beating or get a toe tag.

        •  And you do that with austerity? (4+ / 0-)

          Seriously, if you think tiny supply-side measures like tax cuts for businesses and corporations are going to "put the paddles to that sucker" -- you're exhibit A for why the Democratic Party is now the moderate wing of the Republican Party.

          Supply side economics doesn't work.  We need massive government investment.  We need a new New Deal.

          BTW, the U6 unemployment rate (which counts people who work for, say, an hour a week, or who have stopped looking for work, as well as those who are still searching but not employed) is 15%.  One out of seven Americans is unemployed.  And the President and Congress are doing zip, zero, nada about it.

          http://portalseven.com/...

          A new year, a time for many changes. Some we will like, some we won't.

          by Tommy Allen on Thu Mar 22, 2012 at 06:29:35 AM PDT

          [ Parent ]

          •  U6 is 14.9% (4+ / 0-)
            Recommended by:
            Miss Blue, TheLizardKing, Pozzo, askew

            And is declining rapidly.

            1 in 7 Americans are not unemployed, the unemployment rate is 8.3%.

            "No pessimist ever discovered the secrets of the stars..." - Helen Keller

            by Bogman on Thu Mar 22, 2012 at 06:55:48 AM PDT

            [ Parent ]

            •  Declining rapidly? (0+ / 0-)

              According to whom?  Not to the 14.9% of Americans who are unemployed according to the broader measure, or to the 4% of the work force who are no longer considered to be part of the work force.  

              You must have a job if you think unemployment is "declining rapidly."

              When Free Speech is outlawed, only outlaws will have Free Speech.

              by Dallasdoc on Thu Mar 22, 2012 at 07:04:45 AM PDT

              [ Parent ]

          •  Hell no (2+ / 0-)
            Recommended by:
            TheLizardKing, TexasTom

            This is a vindication of all of the stuff that the Republicans are currently railing against.  And it would have been even better had they not done their best to sabotage it by starving the public sector at the state and local level.

          •  I don't know where you get that... (0+ / 0-)

            ...from SW wrote.

            I don't see a word in his comment advocating austerity.  What I do see is an acknowledgement that the (limited) stimulus that we've been able to get is finally working to the point where the economy is taking off on it's own.

            There is good news, but it's a shame that some people who are supposed to be on the Democratic/progressive side seem unwilling to acknowledge that news.

            Political Compass: -6.75, -3.08

            by TexasTom on Thu Mar 22, 2012 at 10:42:52 AM PDT

            [ Parent ]

        •  Poor analogy (5+ / 0-)

          The economy is not "like" an engine, or a patient, or any other simple metaphor.  The unemployment graph shows the benefit of the stimulus program, and subsequent very slow improvement in unemployment claims.  U3 curves show a similar result.

          The president isn't doing enough to create meaningful reductions in unemployment, certainly not what we should expect from a Democrat.  Whining about Republican obstructionism as an excuse for not doing more is simply admitting poor leadership skills on his part.  We have to be willing to criticize our side if we want different policies, and we must demand the president foreswear deficit reduction as a primary goal until full employment is again reached.  That'll do more for the deficit than any entitlement cuts he has been talking about.

          How do we ever get more if we always settle for less?  It's the question I've never heard "pragmatists" adequately address.

          When Free Speech is outlawed, only outlaws will have Free Speech.

          by Dallasdoc on Thu Mar 22, 2012 at 06:30:15 AM PDT

          [ Parent ]

          •  Yep. Instead, we're told repeatedly that... (4+ / 0-)
            Recommended by:
            Dallasdoc, JML9999, Marc in KS, yellowdog

            ...it's us who don't understand how politics works.

            Don't tell me what you believe, show me what you do and I will tell you what you believe.

            by Meteor Blades on Thu Mar 22, 2012 at 06:33:33 AM PDT

            [ Parent ]

          •  Slightly OT, but that's a v. interesting (1+ / 0-)
            Recommended by:
            Dallasdoc

            question, and one that goes to the heart of many disagreements.

            I think the 'pragmatists' would say that being willing to settle for less actually results in more than demanding more would. Because, I guess, the act of demanding more would harden opposition, or make us vulnerable in other ways?

            "Gussie, a glutton for punishment, stared at himself in the mirror."

            by GussieFN on Thu Mar 22, 2012 at 06:39:21 AM PDT

            [ Parent ]

            •  Demanding more would harden opposition? (1+ / 0-)
              Recommended by:
              GussieFN

              Seems to me what we've seen for the past 3 years is that giving in and settling for less only emboldens opposition.  I recall that taking a hard line on the payroll tax cut and pushing Republicans to the wall resulted in capitulation, which certainly sends the opposite message.

              It'd be nice to see the president and Democrats in Congress be as hard-nosed about demanding tax hikes for the rich, card-check, a big infrastructure building program and other measures that would actually help the economy in meaningful ways.  Where is their courage on these issues?  As always, their spines need stiffening, and how to do that?

              Power concedes nothing without a demand.

              When Free Speech is outlawed, only outlaws will have Free Speech.

              by Dallasdoc on Thu Mar 22, 2012 at 06:42:45 AM PDT

              [ Parent ]

              •  I tend to agree, (1+ / 0-)
                Recommended by:
                Dallasdoc

                but on the other hand, I always remember my premature celebration of the Medicare buy-in, which Lieberman then scuttled because of the premature celebration of guys like me.

                I just think that's how your 'pragmatists' would answer. Maybe you don't find it adequate, and it makes me pretty crazy myself, but it's not that hard to understand.

                I believe that in foreign policy, saber-rattling and stiff spines and hard lines often undermines one's goals--I suspect that the so-called pragmatists believe the same of domestic policy. Not saying I agree, but I think it's the mindset.

                "Gussie, a glutton for punishment, stared at himself in the mirror."

                by GussieFN on Thu Mar 22, 2012 at 06:49:58 AM PDT

                [ Parent ]

                •  I don't believe Medicare buy-in was scuttled (2+ / 0-)
                  Recommended by:
                  GussieFN, Meteor Blades

                  ... by Democrats celebrating.  Lieberman is a tool of the insurance companies, and wouldn't have let it go through as the deciding vote in any case.  Using celebrations as pretext for doing what he'd have done anyway is garden-variety lying from Lieberman.  

                  I don't think we do nearly enough to hold Democrats' feet to the fire.  Right-wingers are much more effective at influencing Republicans, and I think we need to learn some tactical lessons from them.  It's their agenda that's been advanced, in large part, in recent decades.  If we got as good as they are we could do a lot better advancing our agenda.  Difference is, our agenda is popular while theirs is deeply unpopular.

                  When Free Speech is outlawed, only outlaws will have Free Speech.

                  by Dallasdoc on Thu Mar 22, 2012 at 06:55:47 AM PDT

                  [ Parent ]

                  •  I agree. (0+ / 0-)

                    But I think we'll have real trouble learning those tactical lessons. Markos got slammed on his own blog--not to mention across many not-just-liberal-but-'progressive'-media--but his use of the phrase 'American Taliban.'

                    I mean, the silly little 'Operation Hilarity' became 'Operate Angsty' around here, and we represent some of the most impassioned of activists.

                    We just don't do Manchean as well as right-wingers. If we did, we'd be right-wingers. They're true believers. Still, I long for the day when we at least act, tactically, like we can do it about a quarter as well ...

                    "Gussie, a glutton for punishment, stared at himself in the mirror."

                    by GussieFN on Thu Mar 22, 2012 at 07:06:40 AM PDT

                    [ Parent ]

                    •  Yes. But Markos isn't being slammed any more... (3+ / 0-)
                      Recommended by:
                      Dallasdoc, splintersawry, PorridgeGun

                      ...on that theme. The GOP presidential campaign has proved his accuracy in using it. And, although the economy is finally picking up, we have folks like Christina Romer still saying that the administration should have gone bigger on stimulus back in February 2009. Her proposal to do just that never made it to the president's desk.

                      Don't tell me what you believe, show me what you do and I will tell you what you believe.

                      by Meteor Blades on Thu Mar 22, 2012 at 07:19:54 AM PDT

                      [ Parent ]

              •  has he not already done that? (0+ / 0-)

                He revealed his budget that raises taxes on the rich.  Tax increses on the rich will go up next year when health care law's payment mechanisms kick in.

                Lastly, what entilement cuts?  Link please?

              •  Obama will (0+ / 0-)

                Push hard on the campaign trail. Once we get pelosi back, we can enact the sane economic agenda through reconciliation easily :)

          •  Bullshit (1+ / 0-)
            Recommended by:
            TheLizardKing

            It is a perfectly apt analogy.  

            I am not cheerleading for the President's management style here.  I think he completely screwed the pooch through the entire year of 2011.  But what is happening now is real and it is a consequence of the expansionists policies that were followed early on.  In clear repudiation of the Republicans who are out there campaigning on the assumption that those very policies were going to make things worse not better.

            It is only by demonstrating that expansionists policies actually work that we can expect more of them.  That is what was so devastating about the detour last year.

          •  so republican filibusters (0+ / 0-)

            Were 0% part of the problem?

      •  balance of trade (2+ / 0-)
        Recommended by:
        Dallasdoc, splintersawry

        Until we get our trade imbalance fixed, our economy will shrink.  Same with income equality--less money for the masses means less people employed in service industries--Wall St. excepted.

        Apres Bush, le deluge.

        by melvynny on Thu Mar 22, 2012 at 06:24:33 AM PDT

        [ Parent ]

        •  Completely agree (3+ / 0-)

          One of the few rays of hope I see is that the administration is bringing more trade actions against Chinese dumping.  It's a small start, but it's a start.  

          It's doing piss all to address income inequality, however.  Populist rhetoric occasionally indulged is fine for cheering, but does nothing to change the ever-increasing imbalances in economic power in this country, and that only furthers the terminal state of the middle class.  Seeing Democrats in DC working to expand union rights would be a fine start.  Similarly, I'd love to see tax hikes on the rich, including the estate tax, seriously pursued by Democrats on an ongoing basis.  They prod Republicans in Congress with these proposals from time to time, but I'm unconvinced these efforts are anything but posturing.  I'd love to be convinced otherwise.

          When Free Speech is outlawed, only outlaws will have Free Speech.

          by Dallasdoc on Thu Mar 22, 2012 at 06:33:56 AM PDT

          [ Parent ]

        •  The balance of trade will get worse (1+ / 0-)
          Recommended by:
          TheLizardKing

          for the first country to come out of this global economic downturn.  This is because as their economy recovers their consumers will have increased purchasing power and feel secure enough to use it, while the rest of the world will not be so welcoming to their exports.  

          Idiots will seize on this increasing balance of trade deficit as a bad sign when all that it signals is that our economy is recovering before anyone else's.  

          Longer term, getting our manufacturing base back on track will put us in a position to capitalize on a global economic recovery, but that is going to take a lot more time.

          •  imbalance (0+ / 0-)

            What you say is true--but, we've had such huge imbalances in the last 50 years, that money is gone--our economy has shrunk relative to the rest of the world.  We have made the the Gulf states rich, they now own much of us, same with China recently.  The longer this drain goes on, the less likely anyone will notice a recovery.  GDP might improve, but employment and standard of living for the masses will deteriorate.

            Apres Bush, le deluge.

            by melvynny on Thu Mar 22, 2012 at 07:38:11 AM PDT

            [ Parent ]

  •  Can someone elaborate on this further? (1+ / 0-)
    Recommended by:
    shoeless
    That number is expected to begin a sharp decline as a result of a payroll tax cut deal struck in Congress that will reduce the maximum number of weeks out-of-work people can collect benefits in the states worst hit by the economic downturn from 99 weeks to 63 weeks by September.

    "Refuse to believe in the Culture of Fear"-Thievery Corp.

    by A Runner on Thu Mar 22, 2012 at 06:12:43 AM PDT

    •  It was a compromise with the Republicans. (2+ / 0-)
      Recommended by:
      Meteor Blades, bear83

      They held the unemployed hostage during the debt ceiling crisis, which they caused.

      “Organized money hates me--and I welcome their hatred!” ― Franklin D. Roosevelt

      by shoeless on Thu Mar 22, 2012 at 06:26:09 AM PDT

      [ Parent ]

    •  Large numbers of people are on extended... (3+ / 0-)

      ...benefits. Those who will be in the 63-99-week range in next five months are not going to be able to collect those benefits the way people out of work for that long could do in the states where those benefits had been extended. If they find a job, great. But, presumably, many will not, increasing the pain the Little Depression has caused.

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Thu Mar 22, 2012 at 06:29:02 AM PDT

      [ Parent ]

  •  I wouldn't get too exicted.... (0+ / 0-)

    We're still going to be held victim by events overseas.

    1) Europe is not even close to being resolved (in my view, WON'T be resoved and the EU collapses), and

    2) Israel is going to bomb Iran.  Don't blame them....Israel saw how we went with the North Korean situation, and did nothing till they got the bomb.  Obama won't do anything with Iran either.

    Those events will throw us around like a rag doll in a dog's mouth....

    •  You, uh, won't blame Israel if it bombs... (2+ / 0-)
      Recommended by:
      Brooke In Seattle, JML9999

      ...Iran? Because the Begin Doctrine is legitimate? What exactly do you think will be Iran's response to being bombed? How do you think Iranians, including Iranians who despise their government, will feel about this?

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Thu Mar 22, 2012 at 06:25:28 AM PDT

      [ Parent ]

      •  Not to mention that Iran, unlike Iraq in 2003, (4+ / 0-)

        has the ability to fight back.

        I'm sick of people trying to get psyched up about Israel bombing Iran.  The rhetoric was really heated about a month or so ago, but seems to have mellowed some.  Let's hope it stays that way.

        Once in a while you get shown the light, in the strangest of places if you look at it right.

        by darthstar on Thu Mar 22, 2012 at 06:30:32 AM PDT

        [ Parent ]

      •  existence (0+ / 0-)

        For Israel, it's a matter of existence-- the bully is promising to kill them because God wills it.  Jews are paranoid--Nazi Germany proved that optimism--"won't happen again"-- is foolish.  I think that Iran is more sensible than it seems, and realizes Israel will destroy their civilization if this war gets "hot," and, thus, will back down.  But be assured, economics is not the primary concern of Bibi.

        Apres Bush, le deluge.

        by melvynny on Thu Mar 22, 2012 at 06:33:24 AM PDT

        [ Parent ]

        •  I get "Never Again" and fully agree with... (0+ / 0-)

          ...sentiment. But just as the mullahs need to consider what would happen in the 24 hours after they dropped a Bomb on Israel, Bibi and other Israeli leaders need to consider what would happen for the next few years after they bombed Iran. (I think both sides have considered this — in depth.)

          Don't tell me what you believe, show me what you do and I will tell you what you believe.

          by Meteor Blades on Thu Mar 22, 2012 at 07:04:55 AM PDT

          [ Parent ]

    •  Keep looking for that dark cloud! (1+ / 0-)
      Recommended by:
      darthstar
    •  You forgot (2+ / 0-)
      Recommended by:
      darthstar, askew

      locusts and the rapture.

      And while you're on the subject of laying out foreign policy are there any other conflicts you'd like to provide some guidance on?

      "No pessimist ever discovered the secrets of the stars..." - Helen Keller

      by Bogman on Thu Mar 22, 2012 at 06:35:43 AM PDT

      [ Parent ]

      •  Sadly, I don't think the Rapture will have as (1+ / 0-)
        Recommended by:
        Bogman

        large an impact on the unemployment numbers as Christians would have you believe.  Though I wouldn't be surprised if god just said, "Fuck it, I changed my mind...let's take the non-believers and leave those self-righteous pricks behind."

        Once in a while you get shown the light, in the strangest of places if you look at it right.

        by darthstar on Thu Mar 22, 2012 at 06:44:46 AM PDT

        [ Parent ]

    •  I am tempted to hide rate you (2+ / 0-)
      Recommended by:
      Meteor Blades, PorridgeGun

      for saying that we shouldn't blame Israel for bombing Iran. There is absolutely NO excuse for unprovoked aggression on another sovereign state, no matter how much you think they are out to get you.

      You wouldn't blame Israel for starting WWIII???!!!

      I did not hide rate you but I've got to say you have a serious problem with how you see the world.

      You fell victim to one of the classic blunders, the most famous of which is "Never get involved in a land war in Asia".

      by yellowdog on Thu Mar 22, 2012 at 07:11:02 AM PDT

      [ Parent ]

  •  is it a mirage? (1+ / 0-)
    Recommended by:
    darthstar

    It seems that the adjustments to previous month's estimates are much smaller under Obama than Bush--is this true?  Is the government using more kosher numbers--I'm intimating that this administration seems more bent on accuracy than on politics--but I admit to rooting for this to be true.

    Apres Bush, le deluge.

    by melvynny on Thu Mar 22, 2012 at 06:21:00 AM PDT

    •  The stats are prepared by neutrals (1+ / 0-)
      Recommended by:
      bear83

      Nothing to do with the Obama administration.

      "No pessimist ever discovered the secrets of the stars..." - Helen Keller

      by Bogman on Thu Mar 22, 2012 at 06:37:51 AM PDT

      [ Parent ]

      •  except (0+ / 0-)

        The previous administration had a litmus test for agency employees--do you believe in evolution?  also, they continually reduced staffs of regulatory agencies.

        Apres Bush, le deluge.

        by melvynny on Thu Mar 22, 2012 at 07:15:54 AM PDT

        [ Parent ]

        •  The Bureau of Labor Statistics (1+ / 0-)
          Recommended by:
          Pozzo

          Is not staffed by political cronies. You can disagree with their statistical methods but they are transparent and there is no suggestion of any impropriety. When controversies arise they are usually open to looking at the impact of alternative statistical approaches.

          "No pessimist ever discovered the secrets of the stars..." - Helen Keller

          by Bogman on Thu Mar 22, 2012 at 07:34:45 AM PDT

          [ Parent ]

  •  What is really interesting here (5+ / 0-)

    is how few economists saw this coming.  Go back six months and you would see a number of well regarded organizations predicting another recession.  Perhaps most prominently is ECRI - who seldom misses a call.

    These numbers are kind of amazing given the cuts in local governments (which are finally slowing),  the real estate market (though CalculatedRiskblog notes new construction is increasing) and the continuing effect of globalization.

    The bitter truth of deep inequality has been disguised by an era of cheap imported goods and the anyone-can-make-it celebrity myth - Polly Toynbee

    by fladem on Thu Mar 22, 2012 at 06:30:16 AM PDT

    •  Consistent, slow, and steady. (2+ / 0-)
      Recommended by:
      fladem, askew

      I'll take a little drop every month that's going to last, rather than a big spike in new hiring that can't last (like we had at my company recently, and now we're in our own little temporary austerity phase and I can't hire one engineer I wanted, and have to let two contractors go).

      Six or seven more months like this, and we'll be in the 7.8% realm come election time.

      Once in a while you get shown the light, in the strangest of places if you look at it right.

      by darthstar on Thu Mar 22, 2012 at 06:36:03 AM PDT

      [ Parent ]

    •  I think a piece of the reason is that... (2+ / 0-)
      Recommended by:
      Pozzo, TexasTom

      ...they got burned last year just about this time. the week of April 2, 2011, was the seventh week out of nine in which claims were below 400,000. They stayed above 400,000 for most of the next six months. I think analysts were just being very cautious as a result. Remember, at the beginning of 2011, we had most analysts saying that GDP growth would be 3.5% to as high as 5% for the year. They, obviously, were way off the mark.

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Thu Mar 22, 2012 at 06:42:36 AM PDT

      [ Parent ]

      •  I am talking about (1+ / 0-)
        Recommended by:
        Meteor Blades

        what analysts were saying in September of 2011.  Very few saw job growth of 200K a month in early 2012.

        I return to what Keynes said about animal spirits:
        "Even apart from the instability due to speculation, there is the instability due to the characteristic of human nature that a large proportion of our positive activities depend on spontaneous optimism rather than mathematical expectations, whether moral or hedonistic or economic. Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as the result of animal spirits – a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities"

        What we are looking for is essentially a point where the doomers capitulate, and say yes, things are getting better and likely to keep getting better.  As Keynes wrote - that isn't a straight mathmatical calculation.  When that happens, as I have written here before, the rapid increase in productivity we have seen over the last few years is going to create an enourmous surprise on the upside.  

        We aren't there yet - but what I find fascinating is that there is little evidence that suggests that human beings are capable of predicting when that will happen, or indeed if it will.

        The BLS is close to completing their unemployment survey for March,  so the March unemployment number based on NDD's calculations of the relationship between UI claims and job growth suggests we are likely to be over 200K in jobs created again.

        The bitter truth of deep inequality has been disguised by an era of cheap imported goods and the anyone-can-make-it celebrity myth - Polly Toynbee

        by fladem on Thu Mar 22, 2012 at 07:34:33 AM PDT

        [ Parent ]

        •  Having been neither a "doomer" nor... (0+ / 0-)

          ..."happy talker," I think it's fair to say that neither has had a perfect track record. One of the smartest commenters around, as I think you'll agree, is New Deal democrat. And yet, for months he was predicting, adamantly I might add, that we would see a "V"-shaped recovery, not just in GDP but in jobs. That obviously didn't happen. And it still hasn't, although the picture certainly looks more promising than it did two years ago and a year ago.

          For me, the good news about the improvement in the acute economic problems that came with the recession means we can finally start thinking more seriously about the chronic ones, some of which, of course, helped create the acute one, as they always do.

          Don't tell me what you believe, show me what you do and I will tell you what you believe.

          by Meteor Blades on Thu Mar 22, 2012 at 05:26:17 PM PDT

          [ Parent ]

      •  is it possible (0+ / 0-)

        That we are in for the growth that we should have had over the past two years (in the first half) before events intervened? Two years ago, things looked all set to pop and then the BP oil spill happened, as did the flash crash and the growing of the Greek debt crisis. Last year, we were looking for an acceleration and Fukushima happened and the Arab spring.

      •  the debt ceiling (0+ / 0-)

        Created a big headwind.

    •  ECRI (0+ / 0-)

      While it's true that they've seldom missed a call, how long is their track record?

  •  This and the jobs report is where Optimist (2+ / 0-)
    Recommended by:
    RoseRash, sreeizzle2012

    meet the pessimist and have a futile war of words ....futile because if they just wait awhile..time will prove one of them right.

    /If a man does not keep pace with his companions, perhaps it is because he hears a different drummer/. Thoreau

    by hron on Thu Mar 22, 2012 at 07:40:35 AM PDT

  •  Steve can't get a link? n/t (0+ / 0-)

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