Jobless Claims Poised to Reach 7 Million, MSM Blames Automakers
Damn, automakers! Detroit is taking all of the blame for the banking shenanigans, aren't they? I suppose someone's got to be the mark in all of this, might as well be Detroit with their shitty cars that America didn't want. Yeah I said it. I've owned three Nissans and haven't driven an American-made car since I learned how to drive on my grandparents' 1988 Buick LaSabre. Sexy, right? Sorry, it was 1997.
Detroit is taking a hit and we are supposed to buy that it is the collapse of the automakers that is causing continued contraction despite Bernanke's green shoots, FOMC instance that things are looking up, and disgraceful analyst predictions that seem to defy all natural laws of the universe. Get. off. the. drugs. and. get. real. Please!
WASHINGTON (AP) — The number of newly laid-off workers requesting unemployment insurance dropped slightly last week after spiking due to auto layoffs, while continuing jobless claims moved closer to 7 million.
Jobs are likely to remain scarce through next year and maybe beyond that even though the overall economy seems to be picking up. Fresh evidence of improvement came Thursday from a private research group. It said its index of leading indicators rose in April for the first time in seven months.
The Labor Department said Thursday that initial claims for jobless benefits fell to a seasonally adjusted 631,000, down from a revised figure of 643,000 the previous week. That nearly matched analysts' expectations of 630,000 new claims.
Many economists said that while layoffs probably are still declining, they may not be doing so as fast as had been hoped. New jobless claims, which had dropped to a 14-week low of 605,000 earlier this month, are seen as a measure of the pace of layoffs.
So how are those green shoots now?