The Labor Department released the jobless claims for last week, and the news media was acting giddy with this one, as for the first time since the pandemonium began over a year ago, first time jobless claims fell to the lowest they have been.
Yes, that’s right: jobless claims fell to a first reported 576,000 claims, which is lower than the worst week of the Great Recession of 670,000. So it should come as no surprise to WinePress readers that the mainstream teleprompter reading ‘expert’ economists were excited, and “proves” signs of a recovery.
Reader, do not buy into the hype. I’m glad the jobless claims are going down for this week. Last week’s 744,000 was revised 769K, so I am sure this week’s report will surely be revised. But if they don’t provide a revised number, it matters not.
As we have been reporting on, the economy is not improving and we are in an economic meltdown. Why are claims down for this week? I suspect it is because more states are removing their restrictions and more people are returning to the jobs in the service and hospitality sector that got murdered since the start of last year. Do not buy into this propaganda that both the left and the right are selling that jobs are being created. They are not. These are jobs that returning. And the supposed boost in consumer spending they are floating out now are because stimulus checks and unemployment benefits are making the rounds. It especially helps when millions are in some form of a moratorium or eviction ban. Therefore, who needs to pay rent and pay off the mortgage when you have that stymied and free money comes from the government?
Dollar’s Strength Hits Record Lows.
What mainstream does not want to talk about is the dollar’s purchasing power worth. It has been plummeting for some time now – through Obama and Trump – to where it is now, is exponentially lower and is only going to get worse.
I suggest you check out this article by Wolf Street breaking down the data.
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