Last week’s new unemployment claims are up again — and it was “unexpected,” of course. But don’t worry, ladies and gentlemen. It’s just another bump in the road, sort of the way the Rocky Mountains are a bump in the road on the way to California. You know, it just keeps worsening — there’s no sign of any improvement — and here we go again Reuters (and I’m convinced these people are still tweaking me): “The number of Americans filing new claims for unemployment benefits unexpectedly rose last week, according to a report on Thursday that could reinforce fears the labor market recovery has stalled. Initial claims for state jobless benefits increased 1,000 to 427,000, the Labor Department said.
“However, economists polled by Reuters had forecast claims dropping to…” Every week they’re wrong and thus every week they are surprised — and very luckily for these people, “discouraged workers are no longer counted in the Department of Labor’s official unemployment numbers,” otherwise that’s the U6 number that would be much, much bigger. TIME Magazine’s Richard Stengel (this is on Morning Joe today), he’s the managing editor. They were talking about the new cover for this week’s TIME Magazine and the cohost Willie Geist said, “Let’s do the big reveal. TIME Magazine, what do we have on the cover here?”