Thursday, May 20, 2010

Uh Oh. Another "Unexpectedly"

U.S. Jobless Claims Surge
In a troubling sign for the U.S. labor market, the number of workers filing new claims for unemployment benefits unexpectedly surged by 25,000 to 471,000 last week to wipe out most of the recent declines

Note to the MSM: all is not well.  Unemployment is still near 10%, mortgage applications are plummeting with the expiration of the tax credit, mortgage delinquencies are rising.  In the mean time the government is on an anti-business crusade demonizing anything and anyone who makes money (and these are the folks who employ people).
In the mean time we are watching a realtime melt-down of the Euro, with money outflows from Germany accelerating now with the new trading rules being put in place (which will decrease liquidity). Additional outflows are expected out of the Continent if the rules go pan-European.  Once the Euro crashes and burns, along with some of the European capitals, it might be a good time to take a cheap vacation there later this summer - if anything is functioning.

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