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More Troubling Jobs Data

INITIAL UNEMPLOYMENT CLAIMS ON THE RISE … Looks like there could be more bad news where April’s anemic jobs report came from … According to data released this week by the U.S. Bureau of Labor Statistics (BLS), initial claims for state unemployment benefits unexpectedly shot up from 274,000 to 294,000 –…

INITIAL UNEMPLOYMENT CLAIMS ON THE RISE …

Looks like there could be more bad news where April’s anemic jobs report came from …

According to data released this week by the U.S. Bureau of Labor Statistics (BLS), initial claims for state unemployment benefits unexpectedly shot up from 274,000 to 294,000 – their highest level since late February of last year.  Analysts had predicted a modest dip to 270,000, but the sharp uptick revived fears about the fundamental health of the American labor market.

Last week, BLS data showed weaker-than-expected monthly jobs growth – and an uptick in the number of working age Americans not participating in the labor force.  Recent consumer comfort data has also slipped, likely in response to deteriorating job prospects.

Additionally, overall economic growth (both actual and projected) continues to underperform.

Bottom line?  The so-called “recovery” of the last five years is clearly losing steam … to the extent it ever really built any up.

What should be done?

As we’ve said repeatedly, government has to learn to say “no.”

No more perpetual incentivizing of dependency.  No more status quo deficit spending.  No more crony capitalism (a.k.a corporate welfare).  No more invasive bureaucracy.  No more reckless global interventionism.  No more open borders.  No more secretive central bank “stimuli.”  No more rigged trade deals.

Rejecting such policies is advisable in any economic climate … but essential in the current malaise in which we find ourselves.

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