The Labor Department reported today that claims for unemployment benefits fell to a 14-year low.
This comes on the eve of its monthly jobs report, due out Friday.
So, what will happen? Usually, when the jobless claims dip as they did this week, it means a glowing jobs report is sure to follow.
I’m not going to predict any numbers here, because I have no clue what they’ll be. I’m thinking, though, the job growth in the private sector will match the recent trend, which has been very good.
So, how will the Obama administration’s critics react to this latest bit of sparkling economic news?
They’ll say, “Oh well, the Christmas buying season is almost here and retailers are hiring temporary help to assist with the boost in business.” They’ll pooh-pooh the numbers as a seasonal aberration. Big deal. Where’s the beef? The economy is still in dire straits. Didn’t the mid-term elections just prove that Americans are uneasy about the economy and the direction the country is heading?
This goes to show what politics does to reality.
The reality is that the economy has come back. It’s getting even stronger.
I heard an oil-and-gas analyst today suggest that lower fuel prices are going to give consumers more disposable income to spend at shopping malls across the country, suggesting a booming holiday shopping season that commences with Black Friday the day after Thanksgiving.
Oh, but that’s all smoke and mirrors, the critics will say.