Skip to comments.Jobless Claims Rise, Consumer Confidence Falls – Slowest Economic Recovery Since 1882
Posted on 01/31/2013 11:39:07 AM PST by whitedog57
The was a large print of economic news this morning. The most important prints for the housing and commercial real estate markets are personal income (which rose) and Consumer Comfort (which fell again).
Personal surged in December by 2.6% versus the expectation of 0.8% by economists. quarter of 2008, a report showed yesterday. Some companies paid dividends and employee bonuses earlier than usual before tax rates went up this year. The Commerce Department estimated about $26.4 billion of the increase in incomes last quarter was attributable to early dividend payments and another $15 billion reflected bonuses and other types of irregular pay. So, this is not a sustainable growth in personal income.
The Bloomberg Consumer Comfort (BCC) Index dropped to minus 37.5 in the period ended Jan. 27, the lowest reading since October, from minus 36.4 in the prior week. The BCC index decreased to a four-month low.
Notice that the BCC index still remains far below the average of -15.6.
Finally, initial jobless claims rose to 368,000. This is the slowest economic recovery from a finance related recession since 1882 when Chester Arthur was President.
The payoff to workers from all the debt run up over the past several years has been dreadful.
We need to have a more vibrant economic and employment recovery before we can signal a victory in a real estate recovery. And trying to reproduce the economy from the era of Chester Arthur is not what I had in mind.
I was just taped for the Fox News Tom Sullivan Show that will be televised over the coming weekend.
This is a dirty Republican lie! The economy is recovering under our Dear Leader Obama, may peace be upon him! Back to Weeweeball and you, Chris!
And as the impacts from Obamacare continue to trickle in, things are going to get very tough. It will almost be tangible. We are in for some VERY interesting times. The last five years will seem ho-hum by comparison.
“Cant wait for Bush’s 4th term is over!”
This is very insignificant compared to Dan Marino’s love child. We need to focus on that said the media all day today.
Unemployment Lines: Up!
Consumer Confidence: Down!
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