U.S. Can't Rescue World Economy

[Seneca]

U.S. Can't Rescue World Economy

(CBS/AP) There was good news on the American job market Thursday, but skepticism on whether the U.S. recovery was strong enough to bolster the world economy.

After rising for three straight weeks, new claims for unemployment benefits dropped last week to the lowest level in nearly a month, raising hopes that the pace of layoffs may be starting to slow down again.

Meanwhile, the International Monetary Fund said the U.S. economy is growing faster than expected but won't be able to provide as much global stimulus as in the past because of soaring budget and trade deficits.

The Labor Department reported Thursday that for the work week ending Sept. 13, new claims for jobless benefits fell by a seasonally adjusted 29,000 to 399,000. In another somewhat encouraging note, the sharp decline pushed claims just below 400,000, a level associated with a weak labor market.

More: http://www.cbsnews.com/stories/2003/09/17/national/main573687.shtml

[soothsayer]

1. U.S. can't rescue its own economy

Or is everything just peachy and I'm not noticing it

[lanlady]

2. where do they get these idiotic, myopic

so-called business writers?

[priller]

4. I know what you mean

There are so many cheerleaders out there desperate to grasp any hint of good news -- and this is not even "good" news as much as "not so bad any more" news. And they conveniently ignore the biggest reason for our so-called growing economy: excessive military spending. Debt-financed military spending. That's not money being invested in American, that's money going down the drain in the ME, never to be seen again, and we get to pay it back with interest.

[zbdent]

5. Sounds like the people who get excited over a company

beating projected earnings.

Projection was - "WE'RE GOING TO SHUT DOWN PERMANENTLY!"

Has now become - "Well, we're not totally finished yet."

Like "Profits are not quite as low as we expected."

[htuttle]

3. Which planet is this writer on? Which planet am *I* on?

From CBS Marketnews today:

Averaged U.S. jobless claims at two-month high
http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=120884

WASHINGTON (CBS.MW) -- The U.S. labor market is still weakening, the Labor Department said. The four-week average for first-time claims for state unemployment benefits rose for a fourth straight week, climbing by 2,000 to 410,750. It's the highest reading since mid-July.

Weird. CBS is a bit schizo on the economy, apparently...