Saturday, October 30, 2010

Not that anybody noticed or cares but...

Bloomburg reported that:

Applications for U.S. unemployment benefits unexpectedly fell last week to the lowest level in three months, a signal the labor market may be starting to mend.

Initial jobless claims decreased by 21,000 to 434,000 in the week ended Oct. 23, the lowest since early July when fewer auto plants than normal closed for retooling, Labor Department figures showed today in Washington. The total number of people receiving unemployment insurance dropped to a two-year low, while those getting extended payments also fell.

Consumer spending, which accounts for about 70 percent of the economy, is beginning to gain speed and may give companies reason to increase payrolls heading into the holiday shopping season. Ford Motor Co. is among companies planning to add staff as sales improve. "


But of course such realities can't possibly matter, or even be heard, when Bloomberg can also report:

The Obama administration cut taxes for middle-class Americans, expects to make a profit on the hundreds of billions of dollars spent to rescue Wall Street banks and has overseen an economy that has grown for the past five quarters.

Most voters don’t believe it.

A Bloomberg National Poll conducted Oct. 24-26 finds that by a two-to-one margin, likely voters in the Nov. 2 midterm elections think taxes have gone up, the economy has shrunk, and the billions lent to banks as part of the Troubled Asset Relief Program won’t be recovered
."

No comments: