When bad things happen during the Obama administration it’s always so “unexpected”. The latest round of unexpectedly unexpected news was in the jobs arena. The AP reports:
WASHINGTON (AP) — The number of newly laid-off workers filing initial claims for jobless benefits rose unexpectedly last week, evidence that layoffs are continuing and jobs remain scarce.
The rise is the fourth in the past five weeks. Most economists hoped that claims would resume a downward trend that was evident in the fall and early winter.
The Labor Department said Thursday that new claims for unemployment insurance rose by 8,000 to a seasonally adjusted 480,000. Wall Street economists had expected a drop to 460,000, according to Thomson Reuters.
The four-week average, which smooths fluctuations, rose for the third straight week to 468,750.
The figure is the highest in the past two months. Initial claims dropped sharply in late December, raising hopes among economists that layoffs were nearing an end and the economy would soon start generating net gains in jobs.
Why one might think that the easing of joblessness in December (people STILL lost jobs) was due to seasonal hirings and that now, those people and many, many more don’t have jobs.
One would think that, if they weren’t a press person who had their heads so far up the administration’s financial guru’s rear that he too was blinded by Obama’s light.
The American people find this “unexpected” news laughable. It’s what they see all around them. And they don’t expect things to get better any time soon.
If this was the Bush administration, the recession would be called The 2nd Great Depression.
The jobless numbers are disheartening. There are reasons they’ll continue to get worse. And it will continue to be unexpected because any bad news surrounding the Obama administration is unexpected.
It’s going to get worse, morons. There are so many reasons in the underlying economy (commercial mortgage loan resets, increasing home defaults, scaling back work force–many companies cut salaries, not employees, etc.) for bad, not good, things to happen.
Layer on to the actual economy the administration’s mixed messages and outright hostility toward business, and you have an EXPECTEDLY unstable economic environment.
The jobless woes should surprise no one.