Hey America, hold off on the Barack Hussein Obama back-patting. Things aren’t even close to how they appear. Read more below.
As Written By Allen B. West:
It was just about a week ago that Barack Obama was congratulating himself on how well he had done saving the American economy. We took the time to articulate how false a narrative that was, then again, the Obama administration has a certain penchant for creating false narratives. Yep, you can keep your doctor and the terrorist attack in Benghazi was just a bunch of disgruntled video watchers.
And so we have another instance evidencing the failed Obama economy. But you won’t hear what it really means from the media, of course.
As reported by the Washington Examiner:
New applications for unemployment benefits jumped to 274,000 in the last week of April, the Department of Labor reported Thursday, up from an ultra-low 257,000 the week before.
Private-sector economists had expected 262,000 new claims, according to a survey conducted by Bloomberg.
Despite the unexpected rise, jobless claims remain low. The four-week moving average of claims ticked up by 2,000 to 258,000, a low not seen before the month of April since late 1973, when the U.S. labor force was much smaller.
Jobless claims have dipped to the lowest levels in decades in recent weeks, suggesting few layoffs and a strong job market. Investors and policymakers look at the weekly initial claims, which are adjusted for seasonal variations, as a high-frequency gauge of the economy’s health.
At 5 percent in March, the unemployment rate is already not far from what the Federal Reserve thinks represents a healthy economy. The Bureau of Labor Statistics is set to release the jobs numbers for April Friday morning. Economists expect 200,000 new jobs and for the unemployment rate to decline to 4.9 percent. [Well, turns out those expectations were a little too rosy. As Yahoo Newsreported this morning, the U.S. economy added the fewest number of jobs in seven months in April and Americans dropped out of the labor force in droves. While the unemployment rate held at 5.0 percent that was because people dropped out of the labor force.]
Now, if you are a person that believes the unemployment rate in the United States is at 5%, well, keep drinking that kool-aid. But the real story behind these numbers is from where do they come from?
The overall claims show the U.S. economy making gains, even as the state-by-state data bears out some of the headwinds slowing U.S. growth. While the vast majority of states have seen claims decline over the past year, oil-producing states have experienced the reverse. In Texas, for instance, where the lower price of oil has had a particularly acute effect, claims have risen by over 15,000 in the past year. Jobless applications have also risen in the energy states of Wyoming, Oklahoma, and North Dakota, as well as in Minnesota, Illinois, and Iowa.
It would appear that President Obama’s declared progressive socialist ideological war against fossil fuels has taken a toll. It was the American energy sector, oil and gas especially, that kept this anemic economy afloat. But now, in his final year, Obama has done exactly what he sought to do — ….
KEEP READING, THE STORY CONTINUES HERE: