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May 08, 2008

Jobless Claims Plunge. Democrats And…Well, Just Democrats Hit Hardest.

This word recession they keep using, I do not think it means what they think it means.

The number of newly laid off workers seeking unemployment benefits dropped much more than expected last week.

The Labor Department reported Thursday that applications for unemployment benefits fell to 365,000, a decline of 18,000 from the previous week. Economists had been looking for a much smaller decrease of around 5,000.

But fear not! They are still looking for that pony amid the pile of shit.

Many economists believe that a prolonged housing slump and severe credit crisis have pushed the economy into a recession. For that reason, they believe job layoffs will rise in coming months as the unemployment rate climbs higher.

Ian Shepherdson, chief U.S. economist for High Frequency Economics, said that even with the improvement this week, claims are now at a level equal to where they were at the start of the last recession in March 2001. He predicted that layoffs would increase further in coming months.

Admitedly this is just a one week snapshot of one economic indicator (and not a great one at that) but the realities of what’s going on the economy are simply swamping the Democrat/MSM narrative.

A slow and sluggish economy? Yes, it happens every so often.

Worst economy ever? No but that rhetoric gets trotted out every so often…like whenever there’s a Republican in the White House.

Update [Ace]: AP economics reporters still bitterly clinging to their recession meme.


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posted by DrewM. at 10:42 AM

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