Some smart blogger or social scientist should do a comparison of media coverage of the economy during the Bush years and Obama years.
The one telling difference in reporting we will find is that every time there was economic bad news during the Obama years, the weasel word "unexpected" almost always preceded it. The use of the word implies that it's not Obama's fault that the economy is in the tank. It's a freak of nature, or just a hiccup on the road to recovery, or it's Bush's fault.
It is a remarkable demonstration of bias and partisanship. So when we see it used again in the context of jobless claims, we aren't surprised at all. CNBC:
New claims for unemployment benefits unexpectedly rose last week, bouncing back above the key 400,000 level, while core producer prices clumbed faster than expected in March, government reports showed on Thursday.
Initial claims for state unemployment benefits rose 27,000 to a seasonally adjusted 412,000, the Labor Department said.Economists polled by Reuters had forecast claims slipping to 380,000.
The prior weeks figure was revised up to 385,000 from the previously reported 382,000.
The four-week moving average of unemployment claims-a better measure of underlying trends-climbed 5,500 to 395,750.
The rise in claims interrupted a downward trend that had kept them below the 400,000 threshold for four weeks. That level is normally associated with steady job growth. Despite last weeks rise, the four-week average held below the 400,000 mark for a seventh straight week.
The CPI comes out tomorrow. No doubt it will show inflation "unexpectedly" high for March.