Unemployment

Weekly initial unemployment claims reportedly increased to 496,000 for the week ending Feb 20. This was an increase of 22,000 over the previous week, according to the Calculated Risk Blog. There were a number of alibis offered for this figure by the news media, including snow storms in January. On the other hand,  the continuing weak economy is not unexpected to those of us who share a belief in the neoclassical, supply-side economic model.

But the economic news is aggravating to those who accept other economic theories. The only response they can have is that things would be much, much worse if it were not for their prescriptions. That assertion is difficult to refute without examining historical data for multiple countries. So, for now, let’s just hope things improve soon, for whatever reason.

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