Today's economic data:
New U.S. claims for unemployment benefits climbed to a nine-month high last week, according to data released today by the Labor Department. Initial claims for state unemployment benefits increased 12,000 to 500,000 in the week ended August 14, the highest since mid-November.
Keynesian analysts, as per usual, were confused at the high number. Analysts polled by Reuters had forecast claims slipping to 476,000 from the previously reported 484,000 the prior week, which was revised up to 488,000.
The Federal Reserve Bank of Philadelphia said on Thursday its index of business conditions in Mid-Atlantic states fell in August to -7.7 from 5.1 in July. This marked the lowest level for the index since July 2009.
The Conference Board index of leading economic indicators came in essentially flat as it recorded an uptick of only 0.1 percent in July, pointing to a "slow expansion through the end of the year." The CBI revised its June number downward to a decline 0.3 percent in June versus and original report of a drop of 0.2 percent.
I am sure there are lots of mystified government bureaucrats and mainstream charlatan economists huddled in rooms in New York and Washington trying to figure out why their fallacious models aren't working as planned. I am sure after many hours and days of meetings they'll figure out the wrong thing to do.
ReplyDeleteAs and aside, I use to be really embarrassed many, many years ago about bringing up Austrian economic theories when talking with my business colleagues. They would usually laugh and make me feel like a fool for listening to such economic half wits. Well today, I proudly discuss Austrian economic theories with my colleagues since it has proven far more reliable then the garbage coming out of the mainstream. The funniest thing is that they all read mises.org, lew and EPJ now. Change is coming and its not the Obama kind.