Obama Triple Play: Jobless Claims, Inflation, Trade Deficit Surge

2010 October 14
by bc3b

More bad news for Obama and the Democrats … just in time for the election.

Weekly jobless claims, headline inflation and the US trade deficit all moved higher, according to data released Thursday that posed more questions for the economic recovery.

The number of people filing new claims for unemployment insurance rose to a higher-than-expected 462,000 in the latest week, the Labor Department said on Thursday, while the number of people still collecting jobless benefits fell to an almost two-year low.

First-time jobless claims rose 13,000 in the week ended Oct. 9 from the prior week’s upwardly revised 449,000 seasonally adjusted claims. The four-week average of first-time jobless benefits, which economists prefer because it smoothes out weekly fluctuations, rose 2,250 to 459,000.

Economists polled by Reuters had expected about initial 445,000 claims in the latest week.

The number of unemployed workers continuing to collect insurance benefits fell 112,000 to 4.399 million in the week ended Oct. 2, the lowest level since November 2008. The four-week average of continuing claims fell 34,500 to 4.489 million. Economists were expecting about 4.450 million continuing claims.

(snip)

Meanwhile, rising food and energy prices pushed inflation at the wholesale level up twice as fast as expected last month, and prices excluding those staples rose at the fastest annual pace in a year, data released by the Labor Department showed on Thursday.

(snip)

Also, the U.S. trade deficit widened sharply in August, reflecting a surge in imports of consumer products as businesses restocked their shelves in hopes of a pickup in consumer demand.

The politically sensitive deficit with China climbed to an all-time high, a development that was certain to increase pressure on the Obama administration to take a tougher line on trade issues including China’s tightly controlled currency.

Read more.

Hat tip: CNBC

Barack.jpg image by bc3b

Change isn’t always a good thing.

8 Responses leave one →
  1. 2010 October 14 9:58 am
    [1]
    bc3b permalink

    In 2-1/2 weeks Obama has gone from +1 to -11 in the Daily Ras. He went from -3 four days ago to -11 today (with no major events that would cause a dramatic shift).

    Does anyone (other than Eph) have any confidence in Ras any more?

  2. 2010 October 14 10:03 am
    [2]
    drdog09 permalink

    I see ‘higher-than-expected’ has replaced ‘unexpectedly’ in the lexicon. Guess I need to join the new jurnolist as I didn’t get the memo.

  3. 2010 October 14 10:04 am
    [3]
    justrand permalink

    I blame BUUUUUUUUUUUUUUUUUUUSSSSSSSSSSHHHHHHHHHHHHHHHHH!!!

  4. 2010 October 14 10:08 am
    [4]
    drdog09 permalink

    whoa —

  5. 2010 October 14 11:25 am
    [5]
    justrand permalink

    drdog…WOW!!

  6. 2010 October 14 1:08 pm
    [6]

    Triple play.. lol Reads like a comcast add… get Xfinity triple play today… 159mo$ TV,Internet,voice…. jobless claims, inflation, debt join you’re friends today.

  7. 2010 October 14 4:25 pm
    [7]
    booshkindoggin permalink

    The Misery Index – worked great for Carter.

  8. 2010 October 14 4:59 pm
    [8]
    mulletover permalink

    The Misery Index – worked great “on” Carter.

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