The Street was feasting on positive economic news today!
The Street was feasting on positive economic news today! Many retailers posted solid gains for the second straight month and were stronger than expected. Is the consumer spending binge back in vogue now? Not to be a “downer”, but an increase from “terrible” levels should not be mistaken for a sustainable “recovery”. Elsewhere, the Labor Department reported that first-time jobless claims fell to a 10-month low of 512,000 last week, declining by a wider margin than economists expected. Again, decreasing job losses is indeed better than losing more jobs than previous months, however, at some point we actually need to “create” or add jobs and not simply just “lose less” each month. Regardless, the bulls found the “positive” in the weekly unemployment data ahead of the government’s highly anticipated payrolls report due out tomorrow.
