Bushomnomics triumphant! Jobless up! Trade deficit up!

[rfranklin]

ECONOMIC REPORT
U.S. jobless claims rise to 303,000

By Robert Schroeder, MarketWatch
Last Update: 8:33 AM ET Mar 9, 2006


WASHINGTON (MarketWatch) -- Initial applications for U.S. state unemployment benefits unexpectedly rose by 8,000 to 303,000 in the week ending March 4, the Labor Department said Thursday.
Such claims had been below 300,000 for seven weeks in a row for the first time since the summer of 2000.
The number of people collecting unemployment benefits rose by 29,000 to 2.50 million in the week ending Feb. 25. It's up from the five-year revised low of 2.47 million for the prior week.
The four-week average of new claims rose by 6,250 to 293,500. The four-week average smoothes out the data to reduce the impact of one-time events such as storms or holidays.
Economists expected a slight drop in initial claims to about 293,000, according to the MarketWatch survey.
--more at--
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ECONOMIC REPORT
U.S. trade gap widens again in Jan.
Deficit widens to record $68.5 billion
By Greg Robb, MarketWatch
Last Update: 8:35 AM ET Mar 9, 2006


WASHINGTON (MarketWatch) - The U.S. trade deficit continued to expand in January after setting a new annual record in 2005, a government report showed Thursday.
The nation's trade gap widened 5.3% to a new monthly record of $68.5 billion, the Commerce Department said. The previous record was $67.84 billion in October. Read full government report.
Both exports and imports hit new records in January, although imports outpaced goods shipped overseas.
Analysts surveyed by MarketWatch had expected the deficit to increase to $66.4 billion. See Economic Calendar.
Economists say global economic fundamentals are driving the deficit to new heights.
"The trade deficit seems to only get bigger and never recede," said Robert Brusca, chief economist at FAO Economics.
"The reasons are clear, oil prices are up, foreign growth is still relatively weak and U.S. growth is strong. There is no reason to forecast a lower deficit," he said.
The Commerce Department lowered its estimate of the December trade deficit slightly to $65.1 billion from the initial estimate of $65.7 billion.
The deficit for 2005 was revised down to a record of $723.6 billion from the previous estimate of $725.8 billion.
In December, imports rose faster than exports.
Imports increased 3.5% to $182.9 billion. December exports rose 2.5% to $114.4 billion.
Imports of goods alone rose 3.9% to a record $155.1 billion, with large increases coming in industrial supplies including oil, capital goods, auto and auto parts and consumer goods.
Meanwhile, exports of goods alone rose 3.3% to $81.7 billion. The United States exported a record amount of industrial supplies,

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[DainBramaged]

1. Doncha just luv good news, dontcha?

[fasttense]

2. If the government is actually reporting an increase in unemployment

and trade deficit. Can you imagine what the real numbers are? Some people say the unemployment rate is actually about 12%. I think it is a lot higher. Ever time I visit the local town (pop. 15,000) another store is closed. This has accelerated since Wal-Mart has put in a super-center on the outskirts of town. But if the economy was grrrrreat, as reported by the corporate media, then all these stores would not be closing.

[area51]

3. Exactly.

I also think the unemployment rate is a lot higher than 12%. It seems like everyone knows someone who is unemployed.

Also, I see a lot of closed stores here too. If the economy was booming like the nazis claim it is, stores wouldn't stay empty long, like they are.