Good Economic News, Bad Economic News

By June 25, 2009Economy

The Associated Press, “New jobless claims rise unexpectedly to 627K“:

WASHINGTON (AP) — The number of people filing new jobless claims jumped unexpectedly last week, and the total unemployment benefit rolls rose to more than 6.7 million.

The Labor Department data released Thursday show jobs remain scarce even as the economy shows some signs of recovering from the longest recession since World War II.

The department said initial claims for jobless benefits rose last week by 15,000 to a seasonally adjusted 627,000. Economists expected a drop to 600,000, according to Thomson Reuters.

The Employment and Training Administration’s release with the numbers is here. Meanwhile:

Other recent reports indicate the economy could be bottoming. The Commerce Department said Wednesday that orders to factories for durable goods such as computers, machinery and aircraft increased 1.8 percent in May, much better than analysts expected.

The Census Bureau’s news release on durable goods is here.

UPDATE (11 a.m.): Vice President Joe Biden, speaking to the Communications Workers of America on Wednesday: “With this package, we will create or save over 3.5 million jobs. In the first hundred days, we’ve created 150,000 jobs. In the next 100 days, we’ll create 600,000 jobs. This was a critical step in stopping the economy, which was in free fall 128 days ago.”

About 20 minutes into the video posted here.

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