“Unexpected” economic news
While our dear comrade leader and his “smartass” VP are on their “Summer Recovery Tour,” telling us how the “stimulus” has worked, the state-run media was full of “unexpected” bad financial news.
Reuters had these stories:
Jobless claims and factory data fan recovery fears – New claims for U.S. jobless benefits unexpectedly rose last week, while growth in the manufacturing sector slowed in June, heightening fears the country’s economic recovery was stalling.
The data on Thursday added to worries over the risk of a double-dip recession which has spooked investors and pummeled share prices in recent days.
Pending home sales plunge record 30 percent – Contracts for pending sales of previously owned homes plunged a record 30 percent in May, far more than expected, after a popular tax credit expired at the end of the prior month, a survey from the National Association of Realtors showed on Thursday.
The Realtors said its Pending Home Sales Index, based on contracts signed in May, fell to a record low 77.6 from 110.9 in April. Economists polled by Reuters had expected a smaller decline of 12.5 percent in May.
Factory Orders Drop More Than Expected – New orders for factory products tumbled much more than expected in May, posting their sharpest drop since the depth of the recession and their first decline in nine months, a government report showed on Friday.
Factory orders fell 1.4 percent in the month, the Commerce Department said, the steepest drop since March of last year. Analysts polled by Reuters were expecting a more modest 0.5 percent decline.
Unexpected by whom? This is a natural result of the disastrous anti-business fiscal policies of the regime and congress. Unexpected by the state-run media trying to cover for this hideous government fail.
It’s not going to get any better as long as these space aliens are in control.