First-time jobless claims expected to rise

WASHINGTON (AP) -- The number of newly laid-off workers seeking unemployment benefits likely rose last week, evidence that jobs remain scarce.

Wall Street economists forecast that first-time claims for unemployment insurance rose to a seasonally-adjusted 555,000 last week from 550,000 the previous week, according to a survey by Thomson Reuters. The number of people remaining on the jobless benefit rolls also is expected to increase slightly, to 6.1 million from 6.09 million.

The Labor Department report scheduled for Thursday comes even as the Federal Reserve said Wednesday that production by the nation's factories, mines and utilities increased for the second straight month in August, the latest sign the economy is recovering. Inflation, meanwhile, remains essentially nonexistent, as prices rose only modestly last month.

Still, the economy isn't improving fast enough to spur greater hiring. Jobless benefit claims have trended down since topping 670,000 in early April, but remain far above the 325,000 per week associated with a healthy economy.

Fed Chairman Ben Bernanke on Tuesday said the recession is likely over, though he noted that the economy isn't likely to grow fast enough to lower unemployment anytime soon. Most economists expect the jobless rate to top 10 percent next year, up from its current 9.7 percent.

No worries. The Stock Market will most likely hit 10,500 by year end. Then in first or second quarter 2010, watch it sink back to about 8000 or less.

Buy good companies now that are working the momentum and irrational exuberance...make a small profit...and sell before year end. DO NOT BUY AND HOLD FOREVER!

The Bush tax cuts expire this year end, which also raises capital gains, if I recall correctly.

Never thought I'd say this, but if you are an investor, "emerging markets - especially China", is the place to put your money.

Interestingly, I was one of two of the original protesters on this board back in early 1998. "SeekingTheTruth" was fighting the good fight in Florida, while I and others were fighting against China taking over the closed US Naval Station property in Long Beach, CA (we won that one to the chagrin of clinton - thanks to Sen. Inhofe).

But now, since the USA is turning socialist while China is turning capitalistic, the latter is where my money is going. I've almost made up ALL my losses from the "crash" simply by investing in China stocks. And yes, there are still some sweat-shops, but you would be surprised how civilized they've become since taking over and experiencing Hong Kong. The Chinese, including their leadership, are forward thinking people.

I talk to people almost every day about the internal workings of China, and I always hear the the leadership is trying to build up their middle class and bring the rural people out of poverty. I've made mucho dinero from Las Vegas Sands because they (and others) have and are building gambling resorts in China and making a profit to counter their losses in Vegas.

The middle class is growing in China. They have money to spend (guess where it came from?). They expect a 8% GDP by year end. The US and Europe will be lucky is we're not still a negative GDP.

Think of me what you will. I've come to the point that until the sh**t starts, I'm going to recoup my losses and live out a comfortable life with my wife, family, friends, and my stupid little dog.

However, once the stuff hits the Constitutional fan, it will be time to fore go the above and do what my Oath tells me to do. I'm looking to transfer my assets off shore...

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