Last week’s jobless claims number was 365,000. But, as you most probably guessed, during the week it was revised up to 368,000. So this morning’s 367,000 looks like a decline of 1,000, but in essence, it was up 2,000 from last week. That’s how they play the “make a positive headline game.”
Our trade balance came in worse than expected. Instead of last month’s minus 50 billion, this month’s was plus $51.83 billion. What does that mean? ZeroHedge translates. The upsurge, he says, means that the first quarter GDP, now at 1.9% will drop to 1.5%.
What does economist Charles Biderman think all this and the European troubles mean? In this video he describes what has to happen for the economy here and in Europe to improve. Hint: it involves tough love.