Jobless Claims Fall to a Two Month Low

     So how is the economy looking these days? It's a mixed bag as today's numbers were. However, what's good is that the market hasn't given back any of the big gains the day of Bernanke's announcement of QE Infinity-while many of its detractors call it that I actually love the name myself as a want to be bull.

    We do see signs that the housing market is in recovery. Also, it's very positive to see the coming down of bond yields in Spain and Italy.

    Krugman lauds Draghii http://diaryofarepublicanhater.blogspot.com/2012/09/krugman-two-cheers-for-draghii.html

    Today we saw jobless claims drop sharply from 385,000 to 359,000. This was after 4 weeks that mostly showed them increasing:

    "The number of Americans filing new claims for jobless benefits fell last week to the lowest level in two months."

     "Initial claims for state unemployment benefits dropped 26,000 to a seasonally adjusted 359,000, the lowest level since July, the Labor Department said on Thursday. The prior week's figure was revised up to show 3,000 more applications than previously reported."

 

     "Economists polled by Reuters had forecast claims falling to 378,000 last week. The four-week moving average for new claims, a better measure of labor market trends, fell 4,500 to 374,000, breaking five straight weeks of increases."

     "A Labor Department official said there were no special factors influencing the report and no states had been estimated."

 

     http://www.cnbc.com/id/49192514    

 

     Then, just for some comic relief, watch CNBC suddenly veer off into editorializing. Listen to this:

 

     "The labor market has been mired in weakness as worries about higher taxes and deep government spending cuts in January, the ongoing debt problems in Europe and slowing global growth lead employers to be cautious about ramping up hiring."

 

     "The unemployment rate has been stuck above 8 percent for more than three years, the first time this has happened since the Great Depression, a hurdle for President Barack Obama's quest for a second term in office."

 

      Yes that fiscal cliff is an ongoing obsession of the David Brooks' media-the Very Serious People. Actual people-of the kind of whom it's Romney's job not to worry about-not so much.

 

      I also like that little jibe about how 8 percent unemployment is a hurdle for the President's re-election. Some hurdle. Right now Nate Silver gives him an almost 82% chance of winning re-election.

 

      Rick Lowry and Bill Kristol want to turn the page on the referendum-as it's been a dud. Meanwhile CNBC still thinks this is a pure referendum election. How quaint. Remember back when everyone used to think this election was going to be super close?

 

     http://www.politico.com/news/stories/0912/81723.html?hp=l1

 

     http://diaryofarepublicanhater.blogspot.com/2012/09/the-closeness-of-2012-may-have-been.html