Sure looks more and more suspicious about why this of all times for the president announced that OBL was dead this week. Keep us distracted? Motivate us for the hard times ahead? Unemployment keeps going up, housing prices keep going down. Oil prices are dropping like a stone today – good news for drivers and eaters and clothes wearers, but bad news for the economy. Could it be that our economy was so fragile that just 6 weeks of $120+ oil stomped on it?
Looking backward, we’ll see that Great Recession 2 began in March or April of 2011.
From Zero Hedge
And scene: jobless claims explode to 474K, beyond the worst economist expectation, far above consensus of 410K, and well above the previous (upward revised of course) number of 431K. This is the worst claims number since August 2010. Game over for the US “recovery.”
Welcome to the US Recovery:
Those collecting EUC and Extended Claims continue dropping of the 99-week roster, with 48K no longer collecting weekly government paychecks.