The president chose an unfortunate day to take his economic plan to the American people. He is set to give a speech about it in Ohio at 12:45 Central time.
In it, he looks to retrench on his original economic plan and not offer anything new.
It’s unfortunate for him since the jobless claims this morning jumped to 386,000. That’s a continual increase for the past month and it’s edging perilously near the all important 400,000 which indicates big economic trouble. Last week it had been announced at 377,000 then upped during the week to 380,000. So the apparent jump of 6,000 is really a jump of 9,000.
As for continuing claims, they went higher from 3270K to 3278K and 135,000 more people fell off the jobless claims as they hit the 99 week wall. ZeroHedge blog says, “Recall that last week 105K dropped of extended claims. This means that in the past two weeks alone 240,000 people no longer collect the last possible form government unemployment benefits, the most in a two week period since December 2010! We can only hope they are fat enough to collect the new normal stimulus check: disability.”
Not a pretty picture which Obama will frame his speech around today.