"Initial jobless claims fell by 52,000 to 565,000, a lower level than forecast, in the week ended July 4, from a revised 617,000 the prior week, the Labor Department said today in Washington. Meanwhile, the number of people collecting unemployment insurance jumped to a record in the prior week."
While people still lossed their jobs, it was the lowest all year and below expectations. This doesn't get Obama off the hook.
From Hillary Clinton's pollster Mark Penn:
"Unless some tough decisions are made soon, rising jobless figures will most likely hit what could be a public opinion and political tripwire: 10 percent unemployment.
If and when the country crosses that line, it will be the No. 1 news story for days, recent stock market gains could recede, and consumer confidence will fall. And whether or not the economic crisis is coming to an end, such a high unemployment level has the potential to undermine the hard-won confidence enjoyed by the Obama administration. The Republicans will quickly claim all we have is more debt and fewer jobs. "
The problem is that if it does hit 10% it will start to drag other things down like the stock market. He can no longer claim that he inherited this economy. The economy is now his. Whether it is fair or not. He now owns it.
He needs to get that stimulus money out faster. Get people in jobs and all this will go away.
