Totally "Unexpected" Most Unemployment Applications November

[Kathianne]

http://news.yahoo.com/s/ap/us_economy


Jobless claims rise to highest level in 9 months

By CHRISTOPHER S. RUGABER, AP Economics Writer – 10 mins ago
WASHINGTON – Employers appear to be laying off workers again as the economic recovery weakens. The number of people applying for unemployment benefits reached the half-million mark last week for the first time since November.

It was the third straight week that first-time jobless claims rose. The upward trend suggests the private sector may report a net loss of jobs in August for the first time this year.

Initial claims rose by 12,000 last week to 500,000, the Labor Department said Thursday...

[KarlMarx]

1. The Easter Bunny
2. Santa Claus
3. The Tooth Fairy
4. This Recovery

I don't have to tell you what these 4 have in common

[Kathianne]

The news on unemployment apps and the fact that Philadelphia Fed reports =7 contraction in that region, may well indicate we've entered the 'double dip' that the Obama bucks were supposed to avoid.

http://www.marketwatch.com/story/philly-fed-index-negative-for-first-time-in-year-2010-08-19?siteid=yhoof


Aug. 19, 2010, 10:55 a.m. EDT ·
Philly factories show weakness in August
Index slips to negative 7.7, first decline in year

U.S. jobless claims hit 500,000, a nine-month high
By Greg Robb, MarketWatch
WASHINGTON (MarketWatch) -- The factory sector in the Philadelphia region showed unexpected weakness in August, the Federal Reserve Bank of Philadelphia said Thursday, falling into negative territory for the first time in a year.

The Philly Fed's business activity index fell to negative 7.7 in August from positive 5.1 in July, well below the positive 7.0 expected by economists surveyed by MarketWatch.

The surprisingly weak Philly Fed report, as well as a simultaneously released report showing a slight rise in leading economic indicators in July, combined to rattle U.S. stocks. See Market Snapshot.

The Dow Jones Industrial Average (DJIA 10,253, -162.42, -1.56%) was recently down 154 points at 10,261.

As recently as March, the Philly Fed index stood at a healthy 21.4...

[KarlMarx]

The Double Dip... Obama and Biden

[Kathianne]

A bit more on that 'unexpected news' and what it implies for November:

http://www.powerlineblog.com/archives/2010/08/027035.php


UNEXPECTED!
August 19, 2010 Posted by John at 9:34 PM

Glenn Reynolds has humorously documented the seemingly-endless parade of bad economic news, which time after time is described in the press as "unexpected." Apparently it is always a surprise when left-wing economic policies don't work. It happened again today, with the announcement that new unemployment claims rose to a nine-month high of 500,000. This is one of hundreds of news stories that called the bad news "unexpected."

The Hill supplies the political context: "White House's 'recovery summer' could be slipping away."

...

While our economy is enormously complicated, it seems reasonably clear that the current slump has turned into the "worst downturn since the Great Depression" precisely because of the ill-advised policies of the Obama administration. Those policies contradict the lessons of history, and there is no reason why their failure should be unexpected.