First, you had the Associated Press saying that last week's unexpected filings for unemployment insurance benefits (jobless claims) was a result of the recent storms (Click to See My Blog Entry: Another Bad Employment Number). Now, Obama's front man on economics is saying the same for the monthly unemployment numbers that are due to be released this Friday.
A couple of points..
First, my guess is that Friday's numbers are going to be really bad. Summers is acting like he doesn't know what the they will be; but, the agency that will be reporting them actually reports to Obama and I am quite sure everyone was already given a heads up. That's why Summers is suddenly out on the street trying to soften the blow by using the ridiculous "the weather did it" story. Last month, when the rate looked better, it was
Secondly, isn't it interesting that Summers is following the Associated Press' lead of last week on the winter weather affecting unemployment. It makes you wonder if the always-loving-Obama AP wasn't used as a "point man" in helping to get the public mindset primed to believe that weather -- as opposed to Obama's failed stimulus -- is responsible for bad unemployment. I know I'm sounding quite cynical but the Associated Press has almost always managed to make lemonade from every lemon that Obama hands this country.
The bottom line is that I will be surprised if Friday's unemployment numbers aren't bad. The consensus of economists is that the rate will jump from 9.7% to 9.8%. However, my guess is that we will go back up to 10%. Just my opinion.
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