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Sales Up, Jobless Down – Unexpectedly

You really have to work at it to get the actual news from this typical Reuters piece of doom and gloom and outright mendacity:

In this Feb. 6, 2009, file photo Hunger Network of Cleveland volunteer Diane Zellmer, left, distributes free bread in a church basement on the city’s west side.

U.S. retail sales rebound, new jobless claims slip

By Lucia Mutikani

WASHINGTON (Reuters) – Sales at U.S. retailers rebounded in January, government data showed on Thursday, likely boosted by post-holiday discounts and providing a rare glimmer of hope for the recession-hit economy.

But the upward trend in sales could prove unsustainable as companies, reeling from a year-long recession continue to layoff workers in large numbers.

The Commerce Department said total retail sales rose 1 percent, advancing for the first time in seven months, after slumping by a revised 3 percent in December.

January’s increase in retail sales was the biggest since November 2007 and beat economists’ expectations for a 0.8 percent decline. But compared to January 2008, sales dived 9.7 percent.

"It is a bit of a puzzle because consumer fundamentals remain poor. Maybe retailers lured shoppers with aggressive discounting. Still it’s a small piece of good news," said Zach Pandl, an economist at Nomura Securities International in New York.

The U.S. economy slipped into recession in December 2007, following the collapse of the housing market and the resulting global credit crisis…

LIFELESS LABOR MARKET

Highlighting that the gains in retail sales were unlikely to be sustained, a separate report from the Labor Department showed the number of people staying on unemployment benefits after drawing an initial week of aid rose by 11,000 to a record 4.810 million in the last week of January.

"What that’s telling us is the underlying trend is bad and seems to be getting worse. For job losses February could be worse than January," Nigel Gault, chief U.S. economist at Global Insight in Lexington, Massachusetts.

The Labor Department also said initial claims for state unemployment insurance benefits slipped 8,000 to a seasonally adjusted 623,000 last week, from an upwardly revised 631,000 the prior week.

Analysts polled by Reuters were expecting 610,000 new claims.

Escalating job losses and falling household wealth have forced consumers to become more frugal, hitting spending, which accounts for about two-thirds of U.S. economic activity.

This risks exacerbating the economy’s downward spiral, which the Obama administration is hoping to break with a $789 billion package of tax cuts and spending moving through Congress

You see, the ‘stimulus’ package must be pushed through before there is any more of this unexpected good news.

But just look at the article. It is almost a paradigm of propaganda. From its outright lies:

The U.S. economy slipped into recession in December 2007…

To its artful juxtaposing of bad news surrounding the buried figures that show things really aren’t quite as bad as they pretend.

But, after all, that is the job of our one party media.

They have to push their masters’ agenda.

This article was posted by Steve on Thursday, February 12th, 2009. Comments are currently closed.

6 Responses to “Sales Up, Jobless Down – Unexpectedly”

  1. Reality Bytes says:

    Thankfully, it doesn’t look like anybody’s starving in the accompanying photo. Pheww!

  2. Consilience says:

    Exactly RB; these folks appear to have found more than enough bread!

  3. BillK says:

    Come on, all this means is that the public was so uplifted by The Chosen One’s inauguration that they felt there was hope!

    I actually heard one Democrat on the radio this morning stating that this was a sign that people felt confident the “stimulus” package would turn things around!

  4. TwilightZoned says:

    Poor delusional fool!!!

  5. gipper says:

    Hurry, hurry! Pass the stimulus bill before any more good news comes out.

  6. VMAN says:

    I’ll bet the O hole’s mother had to keep him from picking scabs when he was a kid. I can hear her now “now Barry if you pick at it it won’t heal”. Let’s all say it together about the economy “leave it alone Barry! If you pick at it it won’t heal”


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