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AP Crows: No Economic Recovery Near!

From an elated Associated Press:

In this April 17, 2009 file photo, hundreds job applicants stand in a snaking line in Hanahan, S.C. as they wait to get into a job fair.

New data on jobs, housing signal no recovery near

By Christopher S. Rugaber, AP Economics Writer

WASHINGTON – Worse-than-expected news on unemployment and home sales Thursday dampened optimism that a broad economic recovery might be near.

The Labor Department said initial claims for unemployment compensation rose to a seasonally adjusted 640,000, up from a revised 613,000 the previous week. That was slightly more than analysts’ expectations of 635,000…

As a proportion of the work force, the total jobless benefit rolls are the highest since January 1983. The continuing claims data lag initial claims by a week.

Meanwhile, the National Association of Realtors said home sales fell 3 percent to an annual rate of 4.57 million last month, from a downwardly revised pace of 4.71 million units in February. Sales had been expected to fall to an annual pace of 4.7 million units, according to Thomson Reuters. The median sales price plunged to $175,200, from $200,100 a year earlier, but up from $168,200 in February…

The jobless rate in the U.S. is expected to average 8.9 percent this year and climb to 10.1 percent next year, the IMF said.

The Labor Department also reported Thursday that mass layoffs, or job cuts of 50 or more by a single employer, increased to 2,933 in March, the most on records dating to 1995. More than 299,000 workers were fired in last month’s cuts. The manufacturing sector alone accounted for 1,259 mass layoffs, resulting in nearly 156,000 new jobless claims, also records…

The International Monetary Fund estimated Wednesday that the global economy would shrink 1.3 percent this year, the first drop in more than six decades. The IMF projects the U.S. economy will decline 2.8 percent, the worst since 1946.

"The world economy is going through the most severe crisis in generations," Treasury Secretary Timothy Geithner said Wednesday…

We had not noticed this detail in any of the previous articles on the IMF’s report from last Wednesday:

The jobless rate in the U.S. is expected to average 8.9 percent this year and climb to 10.1 percent next year, the IMF said.

Isn’t it odd how economic news trickles out?

And how so much of it is just predictions that almost always turn out to be wrong?

This article was posted by Steve on Thursday, April 23rd, 2009. Comments are currently closed.

7 Responses to “AP Crows: No Economic Recovery Near!”

  1. Liberals Demise says:

    I can see why those approval ratings of BlackBarry da Pirate are skyrocketing.
    I can’t wait till tomorrows unemployment figures show that “ONLY” 600,000 more Americans lost their jobs for the week. Why…… that is only 1.2 million for 2 weeks. Farrrrrr below their estimates!!

  2. proreason says:

    There can be no recovery until godbama declares it to be so.

  3. 12 Gauge Rage says:

    The economy could be better but it’s not as dire as the gang of idiots in D.C. are making it out to be. I’m firmly convinced that they’re only preaching gloom and doom just to hold a hypnotic sway of power over a gullible, gutless section of our society.

    • Liberals Demise says:

      Almost there 12 Gauge Rage……..preach doom and gloom till 2010 elections so they can crow, “Looky what weez did for ya’ll.”
      Now I think the picture is complete!!

  4. 12 Gauge Rage says:

    ‘Give me Germany and in twelve years you will not recognize it.’ Adolph Hitler, 1930 something.


    ‘Give me America and in less than four years my cronies and I will FUBAR it so badly that nobody will be able to salvage nor recognize it.’ A paraphrase of our current president.

    • Rusty Shackleford says:

      Oops, Minnesota beat me to it by a whole day.

      In any case the US is in for a long struggle, I think. Power corrupts, etc etc.

  5. MinnesotaRush says:

    America, ” .. the greatest nation in the world! Join me as we change it!” .. b. oblah-blah

    He just wasn’t kidding, was he?

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