Average initial jobless claims still stubbornly high
The U.S. Department of Labor confirmed that for yet another week average jobless claims remain in the 560-580K range where they have been for two months. Initial claims for the week ended Sep. 5 were down to 550,000, a decline of 26,000 from the previous week. And continuing claims dropped as well.
But my focus is on the seasonally-adjusted average number and this is not coming down yet. It is still 128,000 more than at this time last year. Long story, short. The U.S. jobs market is still weak and remains the most serious threat to a sustained recovery.
How does one define recovery?
One would think we would of had the v rebound already after they have nearly bankrupted the country with bailout schemes and phoney stimulus packages.
Lack of income growth and high Leverage is killing any rebound in the consumer sector and the govt (fed & state) are in a debt bubble.
After watching the graph just one thing came into my mind. We, the people who are from so called third world countries always mocked by the people from developed countries because our governments take a huge amount of loan but can’t repay it. As far as I know US is not a third world country. Then why this is happening? It’s because, in USA individuals are far more dependent on credit rather than us. And who doesn’t know individuals are the primary economic unit.