The Fears of a Double-dip Recession
Ease up on Unemployment Claims Data
The economy gets a minor perk today as experts claim the fears of a true double-dip recession are easing up somewhat based on new data about jobless claims.
USA Today's David J. Lynch says, "Never has Mediocre looked so good." And a flow of information that is not so gloomy has focused attention away from Federal Reserve Chairman Ben Bernanke.
"The August data we've been getting has been encouraging. ... It's very likely that the economy continues to move forward in the coming months," said economist Bruce Kasman of J.P. Morgan to USA Today.
Rob Shapiro, chairman of consulting firm Sonecon in Washington, D.C. tells USA Today, "The economy is having a slow and halting recovery, because that's the nature of recessions triggered by financial crises."
Alan Krueger, Treasury's chief economist, echoes Shapiro, "This is not going to be a recovery that moves in a straight line. There are going to be bumps along the way."
President Obama, is unveiling new tax cuts designed to encourage hiring later this week. The private-sector job growth
of 67,000 was better than expected, the unemployment rate rose to 9.6% as more discouraged workers re-entered the labor force.