Thursday, February 27, 2003
CNBC, the mother of all stock hype, never ceases to amaze on the bullish side. At 8:30 this morning, they reported the durable goods report, which came in with a healthy 3.3% increase for January. Jubilation! The economy is moving forward! At the very same moment the weekly new unemployment claims report came out and was UNREPORTED on CNBC. Why? Maybe because the number of new unemployment claims for the prior week was 417K, while the experts were expecting a number in the range of 370K. More unemployment claims, unabated, week after week, which the government and CNBC do not want you to know about. As long as the number of new claims remain in the 400K per week range, there will be NO RECOVERY. There is no such thing as a jobless recovery.
Posted by Rick at 8:51 AM