I always find it amusing that NBC News and its affiliates always tries to spin the continued worsening of joblessness in this country as a positive now that a left-wing zealot occupies the White House, despite that there is no significant improvement yet. Here is the press release from Bloomberg, which includes both the "good news" and the "bad news":
More Americans than forecast filed claims for unemployment insurance last week, and the total number of workers receiving benefits rose to a record, signs the job market continues to weaken even as the economic slump eases.While this past week's jobless claims were slightly lower than expected (good news), the previous week's claims were revised higher (bad news) and the total number of unemployed continues to rise (even more bad news). To me, the bad news continues to outweigh the "green shoots" of good news, but NBC continues to intentionally distort and spin the news in favor of its bed partner, the Obama Administration.Initial jobless claims fell by 12,000 to 631,000 in the week ended May 16, from a revised 643,000 the prior week that was higher than initially estimated, the Labor Department said today in Washington. The total number of people collecting benefits rose to 6.66 million, a record reading for a 16th straight week, and a sign companies are still not hiring.
Job losses are likely to continue after Chrysler LLC filed for bankruptcy and General Motors Corp. may follow suit and terminate 1,100 U.S. dealers. The auto slump threatens to slow any recovery from the deepest recession in half a century and keep pushing unemployment higher.
“We expect upward pressure on claims stemming from auto- related layoffs,” said Maxwell Clarke, chief U.S. economist at IDEAglobal in New York, who acurately forecast the initial claims number. “The labor market will remain weak, with gradual improvement on the horizon.”
