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That certainly is a bit of good news on this cold Thursday morning.
Claims for first-time unemployment benefits plunged last week to a 5-year low of 335,000, the Labor Department reported Thursday.
The economy really wants to take off (sorry about being so anthropomorphic). We just need to get past these serial Congress made crisis. If the debt ceiling is raised and deficit reduction is agreed upon, we will be in good shape.
It looks like the markets liked today's news.
As I type this, the Dow is +110 for the day.
I'm surprised the market liked the news, but I'll take it. In the new normal, the market has typically rallied on news that things are getting worse, not better.
The cynic in me says holiday employment + 'seasonal adjustment' = phantom numbers, but if the next print continues the trajectory I'll be definitely more optimistic about the future.
The Dow and The S&P 500 closed at 5 year highs today.
U.S. stocks were little changed Friday as investors digested a mixed bag of corporate earnings.
but it is worse then obama thought and we still have those middle class bush tax rates....so i don't think it is time to give obama credit yet, wait till his 4 th term
Damn the OT board has died, I blame teo
As much as I would like to blame Te'o, I just can't do it.
Something else is happening here. What it is, ain't exactly clear.........but I would like to get it completely figured out.
No posting unless you are a paid subscriber.
True; however, I want to understand the "why" behind this change.
I don't believe the situation is as simple and straight forward as it might seem at first glance.
I am fairly certain that the driving force was the spam. Perhaps there is not much motivation to find another solution because unpaid posters are not important enough to them, but I believe the spam was what initiated this.
We hit another 5 year low.
Also, The Dow is getting pretty close to 14,000. It's been a long time since we've been at 14,000.
WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell last week to the lowest level in five years. The Labor Department says weekly unemployment benefit applications dropped 5,000
Conservatives must be getting very upset.
Maybe but they still have the "Worst Recovery Ever" to hang their hat on.
WRT todays numbers: "The reason is, as always when there is a massive "beat" in any US economic data, the same tried and true estimation magic out of the BLS appearing so conveniently at appropriate times, which estimated the claims numbers of 3 states, among which those of the most populous: California."
Let's wait for the revisions before we start celebrating.
If there was any debate whether the Fed's policies have helped the economy or just the market (and specifically the Bernanke-targeted Russell 2000), the following two charts will end any and all debate. As the following chart from the St Louis Fed shows, as of the just completed quarter, US GDP is now the worst in US history, having just dipped below the heretofore lowest on record.
The interesting thing here is that the recovery has actually been stronger than what a lot conservatives on our boards stated that they expected to see.
We have never had a recovery in the past where the states have had to curtail their spending and the federal government had to curtail its to such an extent during the recovery. Also, remember that the recovery during Great Depression took over a decade to start (when WWII and domestic spending skyrocketed). I.e., if you look at the economy 5 years after the start of the Great Depression it was much worse than now. The recovery was much better in the 1940s, but again, it began much later.
The Fed Gov has curtailed its spending? Seems to me that the deficit has expanded dramatically. Swing and a miss there.
To your other point, yes, recovery is easier when the entire world is razed and we're the only ones with an intact industrial complex!
The Fed has curtailed its discretionary domestic spending. Of course, it is spending a lot overseas. Even domestic spending is not on productive things. A lot is for maintaining our elderly with SS and Medicare (demographics hurt us). In the past, a lot of our deficit was maked by large amounts of SS and Medicare taxes being counted against the deficit even though that was supposed to be saved for the future. Now the opposite happens. We are spending what was supposed to be saved and that counts against our deficit.
If you want to compare to recovery after the Depression, it is not even close. We spent ridiculously on manufacturing for the war effort. After the war, we built our interstate highway system and many other public works projects.
In any event, we are doing far better than if we had let the banks, AIG and the car companies go under as some have suggested we should. We have done much better than we would if the Fed had not intervened as some have suggested they shouldn't.
I would tend to agree with that.
However, I think there's a lot of factors at work that are coming together to keep the ship afloat. For example, inflation kept in check by 11" footlongs at Subway and the mass substitution of lower quality beans in name-brand coffees. This kind of 'shadow inflation' will continue until it's pervasive throughout consumables, affecting our quality of life.
I can't hold it against the companies for doing this. Which would you prefer: cuts in workforce or length of sandwiches?
So we have to go back to the times of Bush to see prosperity better than today?
"...an economy hampered by restrictive tax rates will never produce enough jobs or enough profits" JFK
..makes one think, doesn't it?
Feelings get hurt, best not to have any!
Under most measures, things were not better under Bush.
This post was edited by Morethanafan 15 months ago
I am happy to see that you agree.
I am also happy to see you use the phrase "shadow inflation". That seems to be an indication that we haven't seen the type of actual inflation that some have insisted we have seen dating back to 2008.
When you said measure this came to mind...
"a spoon full of sugar (entitlements) helps the medicine (taxes) go down (accepted)"
Not Let's Go Fly a Kite referring to the trajectory of our economy?
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