Posted on 09/03/2009 3:39:29 PM PDT by tobyhill
New claims for jobless aid fell less than expected last week, and the number of people continuing to receive unemployment benefits rose — further signs that any economic recovery will be hindered by a weak job market and flat incomes.
Most economists think the recession is over, but they say the jobless rate will keep rising until at least next summer as the economy struggles to mount a sustained recovery. That means household incomes will remain depressed and consumer spending, which accounts for 70 percent of the economy, will continue to lag.
"Firms are still not hiring, and that reflects deep pessimism about the sustainability of the economic recovery once government stimulus programs wear off," said Sal Guatieri, senior economist at BMO Capital Markets. "The lack of job creation remains a big headwind for cash-starved and credit-constrained consumers."
The nation's major retailers on Thursday reported lackluster results from August back-to-school sales. Results in established stores fell 2.1 percent in August compared with the same month last year, a compilation of 31 retailers' results by the International Council of Shopping Centers and Goldman Sachs indicated. Some major discounters managed to exceed expectations.
The Labor Department said the number of laid-off workers applying for benefits dipped to 570,000 from an upwardly revised 574,000 the previous week. That was a smaller improvement than economists had expected.
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Biden is behind the times. Hussein said it had worked last month.
Just look who is surrounding the community organizer and chief, there mostly dumb white guys.
Biden is an idiot, and most of what comes out of his mouth is idiotic. 0 chose him because he is an idiot, the dumb, white guy who can be laughed at and ignored.
Doesn’t there have to be a “recovery” for something to slow it down?
Smoke and mirrors, same bull that has been going on for decades, fix 30 years or more of deficit spending in a few months? Come on, how long does it take to pay for a home with interest? Our interest has broke the future for all of us..Time for some leaders with focus, pass laws requiring the government have zero deficit spending forever, arguments can be made about emergency funds, but it better darn well have merit, I’d rather have a country whose roads are full of potholes than a fake economy designed to rob its citizens..same old same old, I hope the same debate about healthcare goes all the way to get accountability to us the paying citizens...
Folks if we don’t have the cash, don’t buy it..
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