BMO Capital Markets Economist: "We've definitely seen the economic recovery hit a wall,"

[Better Believe It]

New jobless claims up sharply as layoffs persist
By ALAN ZIBEL, AP Business Writer Alan Zibel
June 17, 2010

WASHINGTON – The number of people filing new claims for jobless benefits jumped last week after three straight declines, another sign that the pace of layoffs has not slowed.

The rise in jobless claims highlighted concerns about the economic rebound — especially after a report earlier this week said home construction plunged in May after government tax credits expired.

If layoffs persist, there's a concern that the June employment numbers may show a decline in private-sector jobs after five straight months of gains, said Jennifer Lee, an economist with BMO Capital Markets.

"We've definitely seen the economic recovery hit a wall," Lee said.

Kevin Logan, an economist with HSBC Securities, said many economists have been expecting claims to fall below 450,000 for several weeks now.

"The wait is getting longer and longer," said Logan. "As each week goes by, doubts about the underlying strength of the economic expansion grow."

Read the full article at:

http://news.yahoo.com/s/ap/20100617/ap_on_bi_go_ec_fi/us_economy

[Aramchek]

1. up to your usual antics, I see

[inna]

7. Huh?

WTF is wrong with you??

:wtf:

[WeDidIt]

2. All bad news all the time? Better believe it. n/t

[Better Believe It]

3. I'm looking for all the good economic news along with over 10 million unemployed.

So please share your happy thoughts and great economic news with us. I'm listening.

Do you have a good job?

[WeDidIt]

6. Yeah, sure you are.

You certainly aren't looking very hard.

:eyes:

[Better Believe It]

9. Perhaps you can help everyone.

"You certainly aren't looking very hard."

Please post all of the great economic news you found today with links.

I'll read it all. I suppose it might take a few days to accomplish that.

[DJ13]

4. There was no real recovery

Lots of propaganda to claim there was, but it was always a lot of Wall Street hot air.

[marmar]

5. Agreed.....It was a chimera to begin with.

nt

[inna]

8. WTF is going to happen when unemployment benefits expire for millions of unemployed??

There might be riots at some point in the next year or two. We live in interesting times.

2012 is sure going to be "interesting", on several levels.