Thursday, May 5, 2011

Let the Spin Begin!

This morning, I was watching the news when jobless claims came out. I had a feeling that greedy corporations would begin laying people off when they felt the margin pain of inflation and higher energy prices.

Bingo. When the number came out, I was not surprised. Futures tanked a little and bounced back. Zero hedge states it best and succinctly...

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 Augist 2010. Game over for the US "recovery."

However, Apple stock is up.

No comments: