Surprising news from the Department of Labor today. There were 640,000 new jobless claims last week, bringing the total number of people continuing to collect unemployment benefits to a whopping 6.13 million. If that’s not bad news enough, analysts are predicting an 8.9% unemployment rate and many more new unemployment claims. Does that mean it’s a foregone conclusion that there is no end to the recession in sight? I’m thinking not.
Analysts predicted 635,000 new claims. They failed to predict financial disasters in their sectors. And, these days, they seem to predict doom and gloom as a matter of course. So, I’m not sure we can trust them implicitly.
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