Thursday, January 31, 2013

Contraction Claims

As President Obama folds his jobs council, some more news that their job might not have been finished:
The number of Americans filing new claims for unemployment benefits last week stayed in a range consistent with job growth and incomes rose in December by the most in eight years, mildly positive signs for a still-fragile economy.

The data suggests points to some underlying momentum in the economy despite a surprise contraction in gross domestic product during the fourth quarter, which largely came from temporary factors.

Last week, initial claims for state unemployment benefits increased 38,000 to 368,000, the Labor Department said on Thursday.

The increase follows a week where new claims were at their lowest in five years and still points to an economy where employers are adding jobs, albeit at a lackluster pace.
But hey, don't knock the recovery...

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