Jobless claims post surprise fall
New applications filed for unemployment benefits fell by a sharp 15,000 to 298,000 last week; economists expected claims to rise to 320,000.
We continue to see great activity in our own business. At some point you have to wonder if the media is attempting to “talk down” the economy. I give you this sentence from another CNNMoney.com article titled Economy shows growth, but misses forecasts (emphasis mine):
A deepening housing slump and a painful credit crunch since the spring has darkened the mood of individuals and businesses alike.
Stephen King would be proud of that writing especially in light of a 3.8% growth in GDP last quarter. The economy is going to slow down at some point, but I think the eagerness of that expectation is clearly evident within some mainstream media outlets.
Further, at what point do you fire your current crop of economists and get some new ones? I wish these present economists were in my weekly football pool – I’d be rich.