Michelle Jamrisko of Bloomberg reports that:
Jobless claims climbed by 21,000 to 311,000 in the period ended Aug. 9, the highest in six weeks, a Labor Department report showed today in Washington. The median forecast of 48 economists surveyed by Bloomberg called for 295,000.
This, along with disappointing retail sales, yesterday, and the generally sluggish performance of the housing sector would seem to indicate that the recovery is not lighting up the sky. There is, also, the downturn in the European economies …
The predictions for strong GDP growth appear increasingly wishful.