More “unexpected” economic developments
Of course, there would be no sketchy quotation marks involved if these “unexpected” developments hadn’t been going on for three years now. Jobless claims were “unexpectedly” revised upward, as usual, and manufacturing numbers “unexpectedly” declined.
Initial jobless claims, an indication of layoffs, increased by 8,000 to a seasonally adjusted 365,000 in the week ended July 28, the Labor Department said Thursday. Economists surveyed by Dow Jones Newswires had forecast 370,000 new applications for jobless benefits last week.
Claims for the July 21 week were revised up to 357,000 from an initially reported 353,000.
Orders for manufactured goods decreased 0.5% to $465.81 billion, the Commerce Department said Thursday. Economists surveyed by Dow Jones Newswires had forecast a 0.5% gain in factory goods in June.
Non-defense capital goods orders excluding aircraft-considered yardstick for capital spending by businesses–decreased 1.7% in June.
It will be an “unexpected” development if Mitt Romney wins in November, too.