WASHINGTON (AP) — The economy delivered two upbeat reports Thursday: New claims for unemployment benefits dropped more than expected in the most recent week, to 601,000 and May retail sales rose by the largest amount in four months.Ummmm...nothing dropped. Read it slowly so USA Today doesn't get their "water carrier" certificate. The initial claims for unemployment were 24,000 less than previous. BUT, UNEMPLOYMENT IS STILL GROWING FROM AN INITIATED BASIS. Additionally, this is a report that claims to be seasonally adjusted. Uh huh. Think about it. This is the start of summer and day labor/ construction jobs rule the roost. In other words, those lackeys putting together the "estimates" can fudge anything they please.
The Labor Department says initial claims for unemployment insurance dropped last week by 24,000 to a seasonally adjusted 601,000, below analysts' estimates of 615,000.
But continuing claims for the unemployed receiving benefits rose 59,000 to 6.8 million, the highest on records dating to 1967.
Bottom line...Obama has placed this country in a position to have more people receiving unemployment benefits than we have had doing so in over 40 years. The press just gives him a pass.