The Bush/McCain economy strikes again

By GottaLaff

How's that "economic surge" strategy working for you, J Sid?

The nation's jobs market sent a fresh cry of distress as the number of newly laid off people unexpectedly hit the highest level in more than six years, a Labor Department report showed Thursday.

The faltering economy and tight credit have forced companies to cut back, and as the job market shrinks, consumer spending may dwindle, too.

All that spells potentially more trouble for the country later this year as the bracing tonic of the government's tax rebates disappears. "Consumers will be very tight fisted in the coming months," predicted Richard Yamarone, economist at Argus Research. "Nothing shuts down the consumer — and the economy — like the loss of a job." [...]

New applications filed for unemployment benefits rose last week by a seasonally adjusted 7,000 to 455,000, the department said in its weekly report. That was the most since late March 2002, when the job market was struggling mightily to get back on its feet after the 2001 recession. [...]

The latest snapshot of layoff filings was worse than economists expected. They were forecasting new claims to drop to around 430,000.

The data disappointed Wall Street and the White House.

Awww, they're disappointed? Maybe we should have a Bush/McCain holiday.