Thursday, May 21, 2009

New Unemployment Claims Fall

According to
"The number of people filing first-time unemployment claims fell 12,000 last week to 631,000, according to a new report."

This is a ray of sunshine on a cloudy day for America. While politicians do not feel confident, Fed Chairmen Ben Bernake and his friends at the Federal Reserve feel that things are looking up.
"The Federal Reserve expects the economy to improve in coming months, even as policymakers downgraded their outlook for all of 2009 and said the unemployment rate could approach 10 percent.

Fed Chairman Ben Bernanke and his colleagues continue to believe that business sales and factory production will begin to recover gradually during the second half of this year as President Barack Obama's stimulus package and the Fed's aggressive efforts to lift the country out of recession take hold. They also pointed to signs that the recession's grip was easing in the current quarter, according to documents released Wednesday."