Yes, I know, the news is quite unexpected. Jobless claims have again jumped to over 400,000. I’m shocked. Shocked, I tell you! But not to worry, a Labor Department official tells us that it’s not at all unusual for jobless claims to spike in the beginning of a new quarter.
“New claims for unemployment benefits unexpectedly rose last week, bouncing back above the key 400,000 level, while core producer prices clumbed faster than expected in March, government reports showed on Thursday.
Initial claims for state unemployment benefits rose 27,000 to a seasonally adjusted 412,000, the Labor Department said.
Economists polled by Reuters had forecast claims slipping to 380,000.
The prior weeks figure was revised up to 385,000 from the previously reported 382,000.
The four-week moving average of unemployment claims—a better measure of underlying trends—climbed 5,500 to 395,750.”…
To add to the misery, the cost of living continues to rise.
Thanks, Obama! That’s some recovery you’ve got going there.
Update 2: Ironic Surrealism linked – thanks!