The government said new applications for jobless benefits rose to a seasonally adjusted 542,000 from a downwardly revised figure of 515,000 in the previous week. That's much higher than Wall Street economists' expectations of 505,000, according to a survey by Thomson Reuters. Full Story »
Posted by Chris Finnie
I thought this a good story because it provided so much context--putting the jobless figures in perspective by comparing them to earlier recessions and population growth. This is also the first article I've seen that states how many people who are unemployed don't get benefits any more--a facet of economic distress that is ignored by the press. So Rugaber gets kudos from me for a much more complete job of journalism on what could be a throwaway story.
The fact that this was "unexpected" by Wall Street really makes me question these supposed titans of finance. Haven't they been reading the news reports? Citi is going to cut over 50,000 jobs. Retail sales are dropping like a stone right before the holidays. Etc., etc., etc. I expected it. If they didn't, they hardly deserve those big paychecks.