397,000 of our neighbors filed for unemployment benefits for the first time last week. That means that an average of 1.5-1.6 millions Americans are filing for benefits for the first time each month! These are not people that have been unemployed for any length of time these are newly jobless individuals.
So although President Obama may be touting a recovery, it doesn’t seem to being going very well. There are certainly businesses out there that have recently re-hired employees or added employee when maybe they should have waited a few more months. With rising fuel prices, rising commodity prices, and Obamacare uncertainty look for continued increasing unemployment claims.
The only way the unemployment rate has dropped below 9% is through a numbers game of unemployment benefits expiring (for those on unemployment for over 99 months for example) and decreasing the overall number of available job. Rush said it on his show last week that only one president in history has ever been re-elected with unemployment over 8.5%.
So look for more number games and “tweaking” of the statistics in the future.
Just a quick follow-up: Remember my post on how the administration consistently reports a lower number of jobless claims and then convieniently and quietly revises that number a couple weeks later? Its still happening week after week, and month after month. Link: http://notadriveby.com/?p=254