Whoopsie! Unemployment claims rose sharply last week and retail sales continue to suck because no one has jobs anymore. The Labor Department says initial claims increased to a seasonally adjusted 558,000, from 554,000 the previous week. Analysts expected new claims to drop to 545,000, according to Thomson Reuters.
There is really no positive spin to put on these numbers. The U.S. consumer remains very weak. The jobs situation, while slowly improving, is still dismal.
– Jennifer Lee, an economist with BMO Capital Markets
Households are in no position to drive a decent economic recovery.
– Paul Dales, U.S. economist at Capital Economics
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