Expect the Unexpected

 
Jobless Claims Show Unexpected Rise; Job Creation Remains Stagnant

Americans filing for first-time jobless claims unexpectedly rose last week, according to data from the Labor Department Thursday morning

U.S. Weekly Jobless Claims Unexpectedly Show Modest Increase

(RTTNews) – First-time claims for U.S. unemployment benefits unexpectedly ticked up last week, according to figures released Thursday by the Department of Labor.

Stocks Slip on Unexpected Rise in Initial Jobless Claims; Investors Await President Obama’s Speech on Jobs

Stocks have slipped in early trading today after the Labor Department reported an unexpected rise in initial jobless claims for the latest week.

Gold Gains in New York After Jobless Claims Unexpectedly Rise

Sept. 8 (Bloomberg) — Gold gained for the first time in three days after an unexpected rise in U.S. jobless claims spurred demand for the metal as a haven asset.

Here’s a prediction:  Come 2013, each month of economic gains following the restoration of free-market-friendly limited government will likewise be unexpected for a mass media newly awakened to the plight of the homeless and long-term unemployed.

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  1. Profile Photo Thatcher
    @CUDouglas

    It’s a pretty safe prediction. I seem to recall economic news frequently being a surprise to the media throughout most of the 00’s.

    The fun part is that there have been are are still attempts to discredit as kooks those who would not have been surprised by all this news

    • #1
  2. Profile Photo Member
    @StuartCreque
    George Savage Here’s a prediction: Come 2013, each month of economic gains following the restoration of free-market-friendly limited government will likewise be unexpected for a mass media newly awakened to the plight of the homeless and long-term unemployed. ·

    Sorry, but no. Each month of economic gains following the restoration of free-market-friendly limited government will be denied and, to the best of their ability, papered over by a mass media hoping that their next great hero will have a shot in 2016 to take over the economy and finally prove how swell Socialism is when it’s done right. (Remember how every month of growth from Feb. 2001 to Nov. 2008 was actually a “recession in disguise” or “jobless recovery”?)

    • #2
  3. Profile Photo Member
    @CandE
    George Savage

    Here’s a prediction: Come 2013, each month of economic gains following the restoration of free-market-friendly limited government will likewise be unexpected for a mass media newly awakened to the plight of the homeless and long-term unemployed. ·

    I expect nothing less.

    -E

    • #3
  4. Profile Photo Contributor
    @GeorgeSavage
    Stuart Creque Sorry, but no. Each month of economic gains following the restoration of free-market-friendly limited government will be denied and, to the best of their ability, papered over by a mass media hoping that their next great hero will have a shot in 2016 to take over the economy and finally prove how swell Socialism is when it’s done right. (Remember how every month of growth from Feb. 2001 to Nov. 2008 was actually a “recession in disguise” or “jobless recovery”?) · Sep 8 at 11:36am

    Edited on Sep 08 at 11:39 am

    In the vernacular of our congress-critters, allow me to revise and extend my remarks: What Stuart says above.

    • #4
  5. Profile Photo Member
    @TheKingPrawn

    Much of the growth of the 00’s was built on, supported by, or inflated by the housing bubble. I’d much rather see steady moderate growth than a bubble in which a few make a ton of money just before many lose their shirts to the process.

    But, yes, any growth under a republican administration will be characterized as unexpected, illusory, or iniquitous.

    • #5
  6. Profile Photo Thatcher
    @CUDouglas
    Stuart Creque

    Sorry, but no. Each month of economic gains following the restoration of free-market-friendly limited government will be denied and, to the best of their ability, papered over by a mass media hoping that their next great hero will have a shot in 2016 to take over the economy and finally prove how swell Socialism is when it’s done right. (Remember how every month of growth from Feb. 2001 to Nov. 2008 was actually a “recession in disguise” or “jobless recovery”?) · Sep 8 at 11:36am

    Edited on Sep 08 at 11:39 am

    I’m going to be the squishy moderate and say, “You’re both right.” We were constantly told that the 00’s were the worst economy ever, and gains were downplayed. Positive news did make the light, and was always reported as surprising.

    Now we’re told the converse: we’re always reminded we’re in a recovery, negative news is downplayed and when it does come to light, it’s a surprise.

    • #6
  7. Profile Photo Member
    @StuartCreque
    C. U. Douglas

    Stuart Creque

    Sorry, but no. Each month of economic gains following the restoration of free-market-friendly limited government will be denied and, to the best of their ability, papered over by a mass media hoping that their next great hero will have a shot in 2016 to take over the economy and finally prove how swell Socialism is when it’s done right. (Remember how every month of growth from Feb. 2001 to Nov. 2008 was actually a “recession in disguise” or “jobless recovery”?) · Sep 8 at 11:36am

    Edited on Sep 08 at 11:39 am

    I’m going to be the squishy moderate and say, “You’re both right.” We were constantly told that the 00’s were the worst economy ever, and gains were downplayed. Positive news did make the light, and was always reported as surprising.

    Now we’re told the converse: we’re always reminded we’re in a recovery, negative news is downplayed and when it does come to light, it’s a surprise. · Sep 8 at 11:48am

    I’ll buy that.

    • #7
  8. Profile Photo Member
    @JosephEagar
    James Lileks: For a perfect example of journalists reporting good news with their teeth clenched, here’s my old favorite news show, Overnight. Ellerbee seems to be defiant: we’re honest journalists, so we had to admit the following about the Reagan economy, as much as it hurts.

    That’s hilarious. Anyone ever looked at what that restaurant is doing now?

    • #8
  9. Profile Photo Podcaster
    @EJHill

    How about a little future shock and find that nothing really changes.

    • #9
  10. Profile Photo Contributor
    @GeorgeSavage
    EJHill: How about a little future shock and find that nothing really changes. · Sep 8 at 1:20pm

    Edited on Sep 08 at 01:20 pm

    Fantastic!

    • #10
  11. Profile Photo Member
    @

    This kind of cognitive dissonance is truly subversive. It’s as if, by never admitting that these results are only unexpected because they are contrary to predictions, you never have to admit that your underlying understanding of the economy is deeply flawed.

    • #11
  12. Profile Photo Member
    @Sisyphus

    I do not think this word means what they think it means.

    Remember when 4.5% unemployment was proof of W’s incompetence managing the economy? Those were the days.

    • #12
  13. Profile Photo Member
    @JosephEagar

    In other news, the trade deficit shrank a bit last month, as exports rose and imports fell. What we are experiencing is a current account/trade adjustment. The adjustment process requires lower consumption, higher exports, a weak dollar, and a real wage cut (a lower level of imported final goods must be divided among the same number of wage earners, so either wages go down or unemployment goes up).

    • #13
  14. Profile Photo Contributor
    @jameslileks

    For a perfect example of journalists reporting good news with their teeth clenched, here’s my old favorite news show, Overnight. Ellerbee seems to be defiant: we’re honest journalists, so we had to admit the following about the Reagan economy, as much as it hurts.

    Following the first segment, a piece on a new method of solving unemployment: socialized restaurants.

    • #14
  15. Profile Photo Contributor
    @GeorgeSavage
    James Lileks: For a perfect example of journalists reporting good news with their teeth clenched, here’s my old favorite news show, Overnight. Ellerbee seems to be defiant: we’re honest journalists, so we had to admit the following about the Reagan economy, as much as it hurts.

    Following the first segment, a piece on a new method of solving unemployment: socialized restaurants. · Sep 8 at 12:12pm

    Who knew that the president spent part of his formative years in Medley, Florida? However Mr. Obama heard about this lynchpin to the Reagan Recovery, it is heartening to learn that Obamanomics isn’t Marxism, just the Trolley Snack Shop on a national scale.

    • #15

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