Thursday, August 6, 2009

Jobless Claims 550,000, Continuing Claims Up to 6.3 Million, Press Sees Good News

The Labor Department said Thursday initial claims for jobless benefits numbered 550,000 for the week ending Aug. 1, slightly down from a predicted figure of 588,000.

Since the actual number was fewer than the guess, mainstream press reports see good news, even though more than half a million more jobs vanished last month.

If the press is reporting that the labor market and the economy is stabilizing, the question has to be asked: Is 9.6 percent unemployment the new status quo in the Obamaconomy?



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