There's that damned word again....
Does ANYBODY really know what the hell is going on out here in the economy, anymore??
ADP reported that Private Sector Payrolls DROPPED last month, yet last week were treated to a bunch of "Economy Improving!!" stories. And then we get this from CNN, as reported by several other sources:
NEW YORK (CNNMoney.com) -- The number of Americans filing for unemployment insurance for the first time jumped last week, according to government data released Thursday.
There were 460,000 initial jobless claims filed in the week ended April 3, up 18,000 from an upwardly revised 442,000 the previous week, according to the Labor Department's weekly report.
Economists surveyed by Briefing.com expected new claims to fall to 435,000 in the week. The number of new claims were just below the level reached in the Feb. 27 week, when initial claims totaled 466,000.
http://money.cnn.com/...
Per the CNN article, we currently have 4,550,000 on continuing unemployment benefits. The 4 week moving average has actually declined a small bit, but that's due more to people running out of benefits, than anything else.
From CNN:
Continuing claims data exclude people whose benefits expired or those who have moved to state or federal extensions. It reflects those filing each week after their initial claim until the end of their standard benefits, which usually last 26 weeks.
The outlook for summer teen jobs sucks, as well, as laid off factory workers who have run out of benefits are competing for those burger-flipping and amusement park jobs. Consumer Borrowing fell $11.5 Billion in February it was announced today, down from 2009(!!!).
Some will point to a slight, almost neglible increase in consumer spending, but they won't mention the qualifier, as noted HERE:
The Discover U.S. Spending Monitor, which tracks consumer confidence, fell 1.5 points in March. Families were the least confident consumers in March, as many felt economic conditions and their personal financial situations were getting worse.
42% of married couples with children at home said they expected an income shortfall in April, according to the Discover study. The Monitor reported 57% of consumers planned to keep their spending flat in April, with some planning to increase discretionary spending and spending on gas and groceries.
http://www.mybanktracker.com/...
One day we see articles like "Economy Improving!!!" and the next day we see others like this. Is it any WONDER why business has no confidence to plan for the future right now?
NOTE:This means 460,000 U.S. Jobs were lost, LAST WEEK, folks...
Not one single diary today has pointed out this news. NOT ONE...
The voters have been telling us for a year what our priorities should be, and it sure as hell wasn't a lifetime mandatory handout to Insurance Companies. the people outside D.C. are hurting, and nearing dire starights. Is anyone in DC listening?
As Clinton once said, "IT's THE ECONOMY, STUPID!"
PS-Yeah, it's a rant...