U.S. Unemployment Claims Fall But Still ‘Sticky’ Above 400,000:
Initial Jobless Claims Move Down Marginally -Again.
U.S. unemployment benefits claims fell for the second time in two weeks. Initial jobless claims fell from 427,000 to 405,000 although the prior week was revised upward. The Labor Department said today the jobless rate had remained stubbornly above 400,000 for over 3 months and the effects of prolonged unemployment have caused economists to downgrade U.S. economic performance for the next few quarters. The weekly moving average fell to 423,250 from 427,000.
President Obama, Elections 2012 and Job Losses
The unemployment crisis spell trouble for President Obama as he looks to get ready for the 2012 elections. President Obama may not have the ability to campaign like he did in 2008 as an incumbent. His message of hope is being used against him by political challengers who will use long unemployment lines and the housing crisis against him. How can Obama make gains? He must pivot. The current path doesn’t look ‘hopeful’.