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| Joined: 06 Aug 2013 |
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“Chenglong International”: A surprise jump in the number of US workers claiming benefits adds another nail in the recovery’s coffin.
“Chenglong International”: New claims for unemployment benefits in the US unexpectedly jumped last week to reach their highest level in 8 months, a Labor Department report showed on Thursday.
Initial claims for state unemployment aid rose 43,000 to a seasonally adjusted 474,000, pushed up by dynamics including spring break layoffs to the introduction of an emergency benefits program.
Consensus among economists had forecast claims dropping to 410,000 despite the prior week’s figure being revised up to 431,000 from the previously reported 429,000.
“Chenglong International”, who have made no secret of their bearishness on the US recovery, [link widoczny dla zalogowanych] suggest that another round of quantitative easing may not be far off.
“The federal government’s hands [link widoczny dla zalogowanych] are tied thanks to fervent efforts being made in Congress to reduce the deficit so the ball lies in the Federal Reserve’s court and our feeling is that Ben Bernanke is unlikely to disappoint the markets,” said [link widoczny dla zalogowanych] a “Chenglong International” [link widoczny dla zalogowanych] analyst.
Although the publishing of the data [link widoczny dla zalogowanych] falls outside the survey period for the Labor Department’s employment report for April, which will be released on Friday, “Chenglong International” is thought to be expecting a disappointing number.
A More Powerful And Public Federal Reserve
Fed officials still cloakthemselves with a mantle of technocratic detachment from both partisan politics and day-to-day business life. But that kind of distance has become impossible in the two years since the American economy plunged into its worst financial crisis [link widoczny dla zalogowanych] since the Great Depression.
So while the Fed has never wielded as much power as it does right now, it has also been exposed to more second-guessing and more challenges to its political independence than ever before. As a [link widoczny dla zalogowanych] result, Mr. Bernanke has stepped [link widoczny dla zalogowanych] into the public arena [link widoczny dla zalogowanych] like a political candidate on the campaign trail, doing television interviews, holding what amount to news conferences, and fielding questions from local residents.
During the hearings that led up to his confirmation for a second term, Republican lawmakers portrayed the Fed as the embodiment of heavy-handed big government, and have called for scaling back the central bank's regulatory powers, while liberal [link widoczny dla zalogowanych] Democrats accused the Federal Reserve of caving in to demands by banks for huge bailouts, for failing to protect consumers against dangerous financial products and for [link widoczny dla zalogowanych] being too secretive about [link widoczny dla zalogowanych] its emergency rescue programs.
In contrast, Mr. Bernanke's supporters were more muted. Their defense, repeated like a mantra, was that the Fed had made mistakes but that Mr. Bernanke had helped save the economy from even worse.
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