12
— The
Daily Courier, Forest City, NC, Thursday, November 26, 2009
NATION
Jobless benefit claims lowest since January By JEANNINE AVERSA and MARTIN CRUTSINGER AP Economics Writers
WASHINGTON — In a hopeful sign for the economy, the number of newly laid-off workers filing claims for unemployment benefits fell below 500,000 last week for the first time since January. Consumer spending also picked up in October, and new-home sales hit their highest point in more than a year. Combined, the news suggested that the economy should be able to sustain at least a modest rebound. Some economists have worried that the economy was at risk of slipping back into recession. The number of people filing firsttime claims for jobless aid fell by 35,000 to 466,000, the Labor Department said Wednesday. That was the fewest since September of last year. And it was far better than the 500,000 economists had expected.
Still, analysts noted that jobless claims would have to drop to near 400,000 for several weeks to signal actual growth in employment. Economists estimate the economy will lose a net 145,000 jobs this month. It would have to add 125,000 jobs a month just to keep the unemployment rate from rising. Some economists sounded cautionary notes about Wednesday’s positive news. They say the sluggish recovery could limit further improvements in jobless claims, new-home sales and consumer spending, which powers 70
percent of the economy. “When taken all together, the reports still paint a picture of a slow economic recovery,” said Mark Vitner, an economist at Wells Fargo. One such sign was that orders for costly manufactured goods fell unexpectedly last month. Much of October’s weakness came from a big drop for goods related to defense. Excluding those, orders for other types of manufactured goods rose slightly. Still, the overall performance was weaker than economists had expected. Some analysts also cautioned against reading too much into the sharp drop in unemployment claims. They noted that part of the improvement reflected large seasonal adjustment factors, which smooth out changes that normally occur at certain times of the year. Excluding seasonal adjustments, claims rose. That’s normal at this time of year when many construction workers face layoffs because of worsening weather conditions. Most economists say the recovery will remain so weak and job creation so slight that the unemployment rate will keep rising. Many think the rate, which hit a 26-year high of 10.2 percent in October, could top 10.5 percent by mid-2010. Federal Reserve policymakers expressed concern at their November meeting that the rate could remain elevawted for several years, according to minutes of the discussions released Tuesday. Analysts also noted the surge in new-home sales was driven entirely by a 23 percent increase in the South.
Associated Press
President Barack Obama, right, with daughters, Sasha Obama, 8, Malia Obama, 11, reacts with Walter Pelletier, chairman of the National Turkey Federation, as Malia reaches to pet a turkey, Courage, the day before Thanksgiving, during a ceremony in the North Portico of the White House in Washington Wednesday.
‘Courage’ the turkey gets a pardon, going to Disneyland By NATASHA T. METZLER Associated Press Writer
WASHINGTON — After 10 months in office, President Barack Obama granted his first pardon Wednesday to “Courage,” a 45-pound turkey spared from the Thanksgiving table. Accompanied by daughters Sasha and Malia, Obama stood under the North Portico of the White House to honor a holiday tradition that dates to 1947 — receiving a bird from the National Turkey Federation. “I’m told Presidents Eisenhower and Johnson actually ate their turkeys,” Obama said. “You can’t fault them for that; that’s a good-looking bird.” President George H.W. Bush was the first to officially pardon a turkey. Obama joked about wanting to forgo the tradition and eat “Courage.” “Thanks to the interventions of Malia and Sasha — because I was planning to eat this sucker — ’Courage’ will also be spared this terrible and delicious fate,” he said. Obama said he wished all American
service members at home and abroad a happy Thanksgiving, saying it is a “tremendous honor it is to serve as commander in chief of the finest military in the world.” He also spoke about the first family’s plans for the holiday dinner. “Just like millions of other families across America, we’ll take time to give our thanks for many blessings,” Obama said. Obama noted that President Abraham Lincoln made Thanksgiving a holiday in the midst of the Civil War, “when the future of our very union was most in doubt.” “This is an era of new perils and new hardships,” he added. “So on this quintessentially American holiday, as we give thanks for what we’ve got, let’s also give back to those who are less fortunate.” After his remarks, the turkey was lifted to a table and Obama raised his hand over its head to deliver a mock-serious pardon. “You are hereby pardoned,” he said. Obama said “Courage” will spend the rest of his life at Disneyland.