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(Reuters) - U.S. retail sales rose at the weakest pace in seven months in December and first-time claims for jobless benefits moved higher last week, signs the economic recovery is shaky despite a recent pick-up in growth.
"The retail sales (data) suggests that spending isn't really picking up any momentum," said Sean Incremona, an economist at 4Cast Ltd in New York.
A Labor Department report that showed a surprisingly sharp increase in initial unemployment claims to a six-week high of 399,000 last week reinforced lingering concerns about the economy.
Jobless claims up 24,000 for the week. That is NOT good news.
The way all those "experts" were talking about the robust holiday sales, I was expecting something a bit more positive here.
Just another example they have no idea what they're talking about. When are they ever right?
Jobless claims up 24,000 for the week. That is NOT good news.
The way all those "experts" were talking about the robust holiday sales, I was expecting something a bit more positive here.
Just another example they have no idea what they're talking about. When are they ever right?
Quote:
Originally Posted by HappyTexan
But there was also a report about record consumer credit (DEBT). So what did they spend all that money on if not retail shopping ?
Did that CC card go for food/gas/housing ???
Quote:
(Reuters) - U.S. retail sales rose at the weakest pace in seven months in December and first-time claims for jobless benefits moved higher last week, signs the economic recovery is shaky despite a recent pick-up in growth.
B...b...b...but I thought it was the best Christmas ever.
Okay, I'm game, what did they spend that credit card debt on?
I need to look at utilities and natural gas usage for home heating. A bad winter could be disastrous.
Oh, the jobless claims thing.
Uh, as I understand it, you have to wait 2 weeks from date of last paycheck to file. Those are jobless claims from week-ending January 6, so that would mean those people were terminated before the Christmas holiday.
Ooops.
People terminated on or about December 31 would be filing their clams during the week-ending January 20 or so. Next week, the week after and well, all of January would be the trend to watch.
Jobless claims up 24,000 for the week. That is NOT good news.
The way all those "experts" were talking about the robust holiday sales, I was expecting something a bit more positive here.
Just another example they have no idea what they're talking about. When are they ever right?
Are you surprised and we have been told over and over, the drop in claims last week had nothing to do with the holiday season. It was an adjusted number: Sure!!!!!!!!!!!!!
Unemployment claims rise after the holiday season so this is not unusual. As for retail sales they hit a record $400.6 billion dollars in December which was one of the best in years.
Unemployment claims rise after the holiday season so this is not unusual. As for retail sales they hit a record $400.6 billion dollars in December which was one of the best in years.
And returns hit records as well and that record hit before Christmas which they say was odd. Holiday returns hit $46 billion.
Then again. Lets look at moving mult-week averages not one week snap shots. The Feb unemployment annoucement for January should be telling if it at least able to stay the same.
Why is this even a surprise? Most of the jobs created over the last quarter were seasonal workers. They put in their 3 months at Target after sitting on UI for almost 2 years, and now get to get a fresh new 99 weeks of unemployment! Being unemployed in America today is a lot like being unemployed in Greece: It's a profession. And the moment someone threatens to take it away from them, they either riot in the streets (Greece) or "Occupy" parks (America).
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