Who do you trust?
Yesterday the headline was jobless claims much higher than expected at 480,000. That helped lead to a sell-off on the markets, pushing Dow below 10,000, again. So, imagine everyone’s surprise when we get today’s headline:
Jobless Rate Falls Unexpectedly to 9.7 Percent in January
Now, that means more people are filing claims, but fewer are collecting benefits. Of course, Christina Romer at The White House was quick to point out this is the beginning of the recovery with bumps ahead.
It tends to lead me to believe some people have a lot less discretionary spending than they had last month. And, that wasn’t much in the first place.
I’m going to bet the business environment is thinking more like I am. The Dow Jones is tanking again.
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