Friday, May 4, 2012

Economic News - #3859 - Rush Limbaugh: Real Facts About Obama Economy (2) Even After Jobless Claims, Jobs Picture Isn't Pretty - WSJ (3) Maybe No Housing Rebound for a Generation - Chicago Tribune (4) Factory Orders Biggest Decline in 3 Years - U.S. Business News (5) Retail Sales Slow, Service Index Drops - Hot Air

A couple of stories here from the Associated Press. The first one: "US Applications for Unemployment Aid Drop Sharply -- The number of people seeking unemployment benefits fell last week by the most in nearly a year. The figure was a hopeful sign that hiring could pick up in coming months." This is a seesaw. Just yesterday we had the news from ADP that new jobs were paltry, 119,000. Now, this report contradicts what ADP put out yesterday. "US Applications for Unemployment Aid Drop Sharply," which means fewer people are supposedly out of work. Now, we've told you before, both the AP and Reuters have made this claim for about six weeks. Back on April 5th, a month ago, AP's headline: "US Unemployment Claims Hit Four-Year Low of 357,000." Today's headline: "US Applications for Unemployment Aid Drop Sharply," and the first sentence talks about it being lower than it's been in three months. Reuters on March 29th: "Jobless Claims Fall to Four-Year Low in Latest Week." They keep talking about how great it is, and then every week the number is revised. Every week the number is revised, which we don't hear about. Well, you do because we tell you. But the revised number is never reported. It's always revised up or worse. The original report that we get from the BLS is never accurate. They do "seasonal adjustments" and "revisions." So this is a purely political number. AP goes on to say this is "a hopeful sign one day before the government releases the April jobs report." Now, there's another AP story, and the headline of this story is: "AP Survey: Steady Job Gains to Sustain US Recovery."  Read more.........


Even After Jobless Claims, Jobs Picture Isn't Pretty - Wall Street Journal - We got two more pieces of the jobs picture this morning. Let’s look at them: First, initial claims took a big dive last week, dropping 27,000 to 365,000. You can all breathe now. It’s not all sun and roses, of course. Last week’s initial claims were revised higher, as they are seemingly every week, to 392,000, a distressing number. The four-week average nudged up by 750 to 383,000, still too high. Also, announced jobs cuts rose 7.1% in April, according to Challenger, Gray & Christmas, to 40,599 — and up 11.2% from last April — another bit of evidence that the jobs market isn’t doing well.  Read more..........


Maybe No Housing Rebound for a Generation - Chicago Tribune -The Housing market is likely to remain weak and may take a generation or more to rebound, Yale economics professor Robert Shiller told Reuters Insider on Tuesday. Shiller, the co-creator of the Standard & Poor's/Case-Shiller home price index, said a weak labor market, high gas prices and a general sense of unease among consumers was outweighing low mortgage rates and would likely keep a lid on prices for the foreseeable future.


Factory Orders Biggest Decline in 3 Years - US Business News - New orders for U.S. factory goods in March recorded their biggest decline in three years as demand for transportation equipment and a range of other goods slumped, government data showed on Wednesday.  Read more........

Retail Sales Slow, Service Index Drops - Hot Air - All eyes will focus tomorrow on the April jobs report, but two more economic indicators hit today that underscores the weakening of the American economy in the spring. Retail sales slowed down, perhaps thanks to a warm winter that shifted demand: With the early start of spring and Easter behind us, retail sales slowed in April, with many large U.S. retailers falling short of analysts’ estimates.  Read more.........

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