Thursday, August 1, 2013

Is it a recovery yet? (Weekly report, 08-01-13)

A recovery would be indicated by weekly initial jobless claims holding below 500,000. (See this post.)

IT'S A RECOVERY! (And it has been a recovery for every week since the Nov. 25, 2009 report, with the exception of the Aug. 19, 2010 report.)

"Initial jobless claims dropped by 19,000 to a seasonally adjusted 326,000 in the week ended July 27, marking the lowest level in five and a half years, the government said Thursday." (Marketwatch)

And there was great rejoicing ...

Factory, jobless data point to firming economy (Reuters)

Jobless Claims in U.S. Fall to Lowest Level in Five Years (Bloomberg)

Good news: Jobless claims fall to 5-year low (CNNMoney)

Jobless Claims Drop to Five and a Half Year Low (Bespoke Investment Group)

Jobless claims move toward 6-year low (USAToday)

SEE LAST WEEK'S POST HERE.

     The aim of this blog is to show (mostly from reports in mainstream respected news sources) that there is reason to believe that both the United States and the global economies remain fragile in the wake of the financial crisis of 2008 and that a number of threats that exist today could, if they worsened, bring about economic depression -- not just a minor depression, but a depression worse than the Great Depression. This blog further attempts to show that the financial crisis of 2008 was largely a result of the devastating consequences of excessive risk taking and the absence of effective regulation of such behavior. Furthermore, this blog maintains that not only have the lessons that should have been learned from this experience not been learned, but that the risks to the economy, including the persistent building up of "too big to fail" institutions, have actually increased since the crisis began. Finally this blog also brings to light, from time to time, reports of a parallel threat to economic well-being developing in the energy industry, which suggest that an energy shock may be coming much closer in time than is generally imagined.

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