I've been fascinated by the complexity of economics in general for a long time. Not enough to pursue a college degree in it, but never-the-less. The latest numbers are in.
The number of Americans filing new claims for unemployment benefits posted a big decline last week, reflecting fewer layoffs in the auto industry.
That's just one part of it.
Follow this if you can.
The Labor Department reported that 304,000 newly laid off workers filed applications for benefits, a drop of 30,000 from the previous week, when claims had surged by 20,000.
Employers added a disappointing 121,000 jobs last month, below the 175,000 job increase that economists had expected.
Federal Reserve Chairman Ben Bernanke, delivering the Fed’s twice-a-year economic forecast to Congress, said Wednesday that “the anticipated moderation in economic growth now seems to be under way,” comments that sent financial markets soaring as investors believed they indicated that the Fed’s two-year long campaign to hike interest rates was drawing to a close.
For the week ending July 8, 44 states and territories had increases in (new unemployment) claims and 9 had declines in claims.
So, what does all this mean? It looks like the only people who consistently make out are the speculators and investors that simply move one way or the other based on economic news.
Kind of like bookies in Vegas and Atlantic City.
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