Initial weekly unemployment claims increased to 429,000. While the DOL reports this is a increase of 9,000, last week was revised upward by 6,000, from 414,000 to 420,000. The 4 week moving average is 426,250. A weekly average above 400,000 does not indicate job growth and we now have a pattern of perpetual disaster for U.S. citizens trying to earn a living.
Q1 GDP 2011 came in at 1.9% for the third revision, one tenth of a percentage point higher than the second revision. Here is the original BEA GDP report.
New Orders in Durable Goods increased +1.9% for May 2011. April was significantly revised to -2.7% from -3.6%.
Core capital goods new orders increased +1.6%, after declining -0.8% last month. Core capital goods is an investment gauge for the bet the private sector is placing on America's future economic growth.
For all transportation equipment, new orders jumped +5.8%. Our volatile air-o-planes caused the increase, up 36.5%. Defense aircraft increased also, 5.5% and motor vehicles survived with a 0.6% increase.
We now have two increases in new orders for the last three months, with April being the plunge from hell.
Just unbelievable. Seems by hook or by crook Obama is doing exactly what his corporate donors demand he do. That's import more foreign workers to take American jobs.
