The Week's unemployment claims

Initial unemployment claims for last week were at 414,000 according to figures released this mornng. That marks the eighth consecutive week at a level above 400,000. This week the reports highlight that the number was lower than expected by 6000. Of course last week was lower than expected too when first reported, but today that number was revised upward to a level that would have been higher than expected. The key here is not expectations. What is important is that it is now two months in a row that claims have exceeded 400,000. Numbers this high certainly mean that the economy is not creating jobs at a fast enough pace to reduce unemployment. Indeed, if this continues we may see June unemployment rise as it has for the last two months. It is tragic that two years into this "recovery" unemployment is rising. President Obama may think it is due to ATM machines, but the reality is that the rising unemployment is due to the lack of growth. Washington (meaning Obama) is holding down the economy through tax uncertainty, regulatory uncertainty, energy moratoriums, new regulations that make doing business more difficult, etc. one can only hope that Obama wakes up to the harm he is doing and changes course. But that is hope for change, something that Obama talked a lot about but never did.