s skippy the bush kangaroo

skippy the bush kangaroo

Thursday, December 04, 2003

happy holidays from the bush economic team

much to the experts' surprise (but not actual working folk), initial claims for unemployment rose last week. the bosglobe says:

the number of americans lining up to claim state unemployment insurance pay rose to 365,000 in the nov. 29 week from a revised 354,000 the prior week, the labor department said.

the uptick reined in stock market gains while the u.s. dollar fell to new record lows against the euro. treasury bond prices profited from the higher jobless claims number.

analysts polled by reuters had expected the claims number, a rough guide to the pace of u.s. layoffs, to dip to 350,000 last week from the 351,000 originally reported for the prior week.

of course, the analysts are saying it's nothing, it's just a fluke, holidays are volatile, anything to keep plugging the pr that the economy is getting better.

we'll watch for tomorrow's november employment report. remember, after the huge uptick of 126,000 new jobs in october, if november produces the expected 150,000 jobs, that only leaves awol -3,22,4000 jobs in the hole altogether.

yup, that economy is sure picking up steam!

too bad it's not picking up the jobs lost in the last 3 years.

posted by skippy at 12:22 PM |


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