Jobless claims rise by 26,000. Trade gap widens much more than expected. Budget deficit sets record

[Cali_Democrat]

Oh...and the stock market is tanking.

Economic recovery? Now for a little dose of reality....

http://www.thestreet.com/story/11038274/1/jobless-claims-rise-to-3970000.html?cm_ven=GOOGLEN

Jobless Claims Rise to 397,000

NEW YORK (TheStreet) -- The number of Americans filing new unemployment claims rose more than expected last week, the Labor Department said early Thursday.

The advance figure for seasonally adjusted initial claims increased by 26,000 to 397,000 in the week ended March 5 from an upwardly revised 371,000 in the previous week. Economists were expecting initial claims to rise to 382,000, after dropping to its lowest level since May 2008 in the previous week, according to consensus estimates from Briefing.com.

http://finance.yahoo.com/news/January-trade-deficit-jumps-apf-846245900.html?x=0&.v=1

Trade deficit widens to $46.3 billion in Jan.; foreign cars, oil prices cause imports to surge

WASHINGTON (AP) -- A surge in oil prices and rising demand for foreign cars and machinery helped push imports up at the fastest pace in 18 years in January, giving the country the largest trade deficit in six months.

The January deficit increased 15.1 percent to $46.3 billion, the Commerce Department said Thursday.

Exports rose 2.7 percent to an all-time high of $167.7 billion. But imports rose at nearly twice the pace of exports, to $214.1 billion. A big jump in demand for a variety of foreign goods from industrial machinery and telecommunications equipment to autos drove the increase. America's foreign oil bill rose 9.5 percent, underscoring concerns that higher oil prices could slow the economic growth.

A widening trade deficit hurts the U.S. economy. When imports outpace exports, more jobs go to foreign workers than to U.S. workers.

http://finance.yahoo.com/news/February-federal-budget-apf-1010393433.html?x=0&sec=topStories&pos=main&asset=&ccode=

Federal budget deficit hits all-time monthly high of $222.5 billion in February

WASHINGTON (AP) -- The federal government's budget deficit grew by $222.5 billion in February, the largest one-month increase in history. Economists are forecasting the deficit for the year will be the biggest imbalance on record.

The Treasury Department says the February deficit surpassed the old record for any month, a $220.9 billion imbalance set in February 2010.

http://finance.yahoo.com/news/Stocks-plunge-on-economic-apf-2850721087.html?x=0&sec=topStories&pos=1&asset=&ccode=

Stocks plunge on economic news, slumping oil price
Negative US and overseas economic data and a drop in oil prices send stocks sharply lower

NEW YORK (AP) -- Weak economic news from China, the U.S. and Spain combined with a slump in oil companies sent stocks sharply lower Thursday.

Investors were jarred when China reported a surprise trade deficit in February. China's exports fell as businesses closed for the weeklong Lunar New Year holiday, but imports of higher-priced oil and other goods jumped, widening the country's deficit to $7.3 billion.

At least the wealthy got their tax cuts. The rest of the middle class is just waiting for the benefits to tickle down.

[Donnachaidh]

1. recced to zero

The swarm has really been working overtime today.

[n2doc]

3. Fingers in ears, eyes closed

But any positive sign is posted with glee and derision of those who aren't convinced of the greatness of this administrations economic policy.

[dkofos]

2. Sounds like a recovery to me.

:sarcasm:

[Avant Guardian]

4. Obama chose to extend the recession for two years

by opting to extend the ruinous Bush tax cuts for two more years. I HOPE Obama CHANGEs course soon before we go right off a cliff.

[taught_me_patience]

5. The budget deficit is becoming a real problem folks

By the end of this year, the debt will be 100% of GPD. More importantly, because tax receits are so low, the debt will be almost 7x income. In a couple of years the debt will be 10x income. Remember when we laughed at Californians who were buying 500k homes with 50k income? Similar situation...

[indepat]

6. When junior's wars, tax policies, fiscal policies, defense budgets, and laizze-faire governance are

largely continued, what do you get but junior-sized budget deficits? :patriot: