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The number of newly laid-off workers filing claims for unemployment benefits rose unexpectedly last week and retail sales disappointed in July. The latest government reports reinforced concerns about how quickly consumers will be able to contribute to a broad economic recovery. "There is really no positive spin to put on these numbers," Jennifer Lee, an economist with BMO Capital Markets, wrote in a research note. "The U.S. consumer remains very weak. The jobs situation, while slowly improving, is still dismal."
The Labor Department says initial claims increased to a seasonally adjusted 558,000, from 554,000 the previous week. Analysts expected new claims to drop to 545,000, according to Thomson Reuters.
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Meanwhile, the Commerce Department said retail sales fell 0.1 percent last month. Economists had expected a gain of 0.7 percent.
While autos, helped by the start of the Cash for Clunkers program, showed a 2.4 percent jump — the biggest in six months — there was widespread weakness elsewhere. Gasoline stations, department stores, electronics outlets and furniture stores all reported declines.
Even though it will be Bush's fault for generations to come or the end of days, it's hard for the employment problem to get better when our government is still bringing in over a million guest workers a year, most replacing American workers.
Blaming Presidents for this economic debacle is too short sighted. Bush had his bailouts and Obama has his stimulus. The only thing we can blame them for is if it is discovered these taxpayer funds were grossly misused.
Blaming Presidents for this economic debacle is too short sighted. Bush had his bailouts and Obama has his stimulus. The only thing we can blame them for is if it is discovered these taxpayer funds were grossly misused.
Very true,our society is to blame for this mess we find ourselves in.
We cannot climb out of this hole we dug for ourselves without changing how we live.
I see few people wanting to do that...they seem to think we will go right back to doing what we were doing to get ourselves into this very deep hole.
"The jobs situation, while slowly improving, is still dismal."
Nobody EVER said you recover from a recession that was damn near a depression with the snap of a finger. Fortunately fast action helped us avoid another depression and the jobs situation is slowly improving.
I am shocked to hear a couple of notorious wingers admit that American greed as played an enormous role in this..Golf Clap.
"The jobs situation, while slowly improving, is still dismal."
Nobody EVER said you recover from a recession that was damn near a depression with the snap of a finger. Fortunately fast action helped us avoid another depression and the jobs situation is slowly improving.
I am shocked to hear a couple of notorious wingers admit that American greed as played an enormous role in this..Golf Clap.
I would be shocked if someone told me greed did not play a role. Did someone say that to you?
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