Source: Reuters (via Yahoo)
WASHINGTON (Reuters) - The number of Americans filing new claims for unemployment benefits bounced off five-year lows last week, pulling them back to levels consistent with modest job growth.
Initial claims for state unemployment benefits increased 38,000 to a seasonally adjusted 368,000, the Labor Department said on Thursday. The prior week's claims figure was unrevised.
Economists polled by Reuters had expected claims to increase to 350,000.
Read more: http://finance.yahoo.com/news/jobless-claims-push-off-five-133118083.html
Let's be clear here. The number of Americans claiming first-time UE benefits last week jumped 10% (from 330,000 to 368,000). Combined with the news yesterday that GDP shrank 0.1% in the fourth quarter of 2012, the news again underlines that under Rape-publi-scum leadership, the economy is in a dead-cat bounce.
See also: http://www.democraticunderground.com/1014384951
Time for Obama to start campaigning for 2014 mid-terms NOW. Campaigning against the Do-Nothing Congress. Time for the Dem Party to look to mount strong competitors in EVERY House district.
ETA: First paragraph is one of the worst I've read in a long time. When first-time UE claims climb 10% in a single week, that does NOT point to 'modest job growth'. For fuck's sake. That Yahoo editor should be fired.
WASHINGTON (AP) -- The U.S. economy shrank from October through December for the first time since the recession ended, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles.
The Commerce Department said Wednesday that the economy contracted at an annual rate of 0.1 percent in the fourth quarter. That's a sharp slowdown from the 3.1 percent growth rate in the July-September quarter.
The surprise contraction could raise fears about the economy's ability to handle tax increases that took effect in January and looming spending cuts.
Read more: http://finance.yahoo.com/news/us-economy-shrinks-0-1-133115372.html
On a positive note , GDP grew annually at a 2.2% rate.
Most economists define a "recession" as 2 or more successive quarters of negative growth in GDP. This quarter's -0.1% thus starts the counter ticking. Will the Rape-publi-scum Congress deliver the coup de grace in Q1 2013?