Just keep saying, “It’s a recovery, It’s a recovery, It’s a recovery.” And then click your heels three times. And you’ll be in Obamaland. Obamaland is a lot like America, but everyone pretends that the economy is doing great and that a new age of world peace is upon us.
Applications for jobless benefits increased 10,000 to 354,000 in the week ended May 25, Labor Department figures showed today in Washington. Economists called for 340,000 claims, according to the median forecast in a Bloomberg survey.
Somehow the real world numbers never live up to the economic projections. But wait, there’s good news…
Dismissals have been waning as employers hold on to workers to meet sales, helping to pave the way for a pickup in hiring once companies see demand accelerate.
So companies have already cut their workforces to the bone and if people start buying more, then we may actually see an increase in employment. And if that doesn’t happen, then we’re still in Obamaland.
“This week we had a bit of a pop, but we still are seeing a gradual improvement in the labor market,” said Bricklin Dwyer, an economist at BNP Paribas in New York. “The problem hasn’t really been from firing — it’s been on the other side with a lack of hiring.” Economists at BNP Paribas projected claims would rise to 350,000.
Oh I’m sure the firing will pick up with ObamaCare.
The number of people continuing to collect jobless benefits rose by 63,000 to 2.99 million in the week ended May 18. The continuing claims figure does not include the number of workers receiving extended benefits under federal programs.
“We’re not yet where we want to be,” Bernanke said during testimony to the Joint Economic Committee on May 22. “The job market remains weak overall. The unemployment rate is still well above its longer-run normal level, rates of long-term unemployment are historically high and the labor force participation rate has continued to move down.”