Back over 400K.
Applications for jobless benefits increased by 25,000 to 410,000 in the week ended Feb. 12, exceeding the 400,000 median forecast of economists surveyed by Bloomberg News, Labor Department figures showed today. The total number of people receiving unemployment insurance was little changed, while those collecting extended payments decreased.
A reduction in firings by U.S. firms is needed to keep unemployment going down. Bigger job gains are needed to boost consumer spending, which accounts for 70 percent of the world’s largest economy.
- There will be no increase in consumer spending until the number of consumers who have something to spend increases significantly. The DOW doesn’t spend.
- The unnamed experts forecasting the figures should maybe read the racing form before placing their bets.