There is no such thing as a jobless recovery -- and Obama doesn't have the jobs to prove it.

Editor's notes: in this post, we have the AP, an ally of the capitalized collectivist, Hussein Obama, telling us the truth -- unemployment claims rising for the first time in three weeks to 472,000 for the week. The over-riding truth of the matter is found in the fact that unemployment first time claims are essentially unchanged. That is not our opinion. It is the opinion of the Department of Labor which gives us this single sentence assessment of the current jobs circumstance:

"Regional and state unemployment rates were generally little changed or slightly lower in April." read the full report here.

Midknight Review believes there is no such thing as a "jobless recovery." As a result of that point of view, we see no serious signs of "recovery." We believe that Wall Street should Not be rolled into the notion of "recovery." Wall Street had little to do with causing the recession and its monumental resurgence over the past year is evidence that its health and well being is not the critical issues some believe it to be. Wall Street is doing fine. Nothing else is. In the end, there is no good news for this mindless Administration. Before closing out our remarks, we remind the reader that the 472,000 number is only the recording of first time claims for the week. The actual number of unemployed is 34.2 % or 14,5 million Americans (link).

Update: Gallup has released this number, related to all of the above: Under-employment stands at 18.6% of the work force. (see this link, top of page)

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Alan Zibel, AP Business Writer, On Thursday June 17, 2010, 9:02 am

WASHINGTON (AP) -- The number of people filing new claims for jobless benefits jumped last week after three straight declines, another sign that the pace of layoffs has not slowed.

Initial claims for jobless benefits rose by 12,000 to a seasonally adjusted 472,000, the Labor Department said Thursday. It was the highest level in a month.

First-time jobless claims have hovered near 450,000 since the beginning of the year after falling steadily in the second half of 2009. That has raised concerns that hiring is lackluster and could slow the recovery.

Still, the four-week average for unemployment claims, which smooths volatility, dipped slightly to 463,500. That's down by 3,750 from the start of January. . . . . . read the full story here.

More editor notes: Let's not forget that Obama promised 3.5 million jobs by this time. He offers excuses rather than admit that he does not know what he is doing -- something 70% of the country has figured out. On his "recovery.gov" site, Obama admits to only 682,370 jobs created since the February, '09, Stimulus. The word "pathetic" does not begin to capture the nonsense of this reality -- jds.

keys: jobless recovery, 472,000, unemployment claims, underemployed