Didn’t the economists and journalists who report on the economy get the message that we’re on to their claims that bad news is “unexpected?” Apparently not, since Reuters just reported that the latest dreary jobless report is unexpected. Seriously. This is getting so old.
The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, according to a report on Thursday that could reinforce fears the labor market recovery has stalled.
Initial claims for state jobless benefits increased 1,000 to 427,000, the Labor Department said. However, economists polled by Reuters had forecast claims dropping to 415,000 from a previously reported count of 422,000.
The rise kept first-time claims perched above the 400,000 mark for the ninth week in a row. Analysts normally associate a level below that with steady job growth.
Oh, and Obama doesn’t want you to blame him. He’s hip and cool, so it can’t possibly be his fault.
Update: See Steve Egg’s pithy post summing things up.