John Ransom

The Wall Street Journal and NBC released a joint poll that shows 54 percent of respondents disapprove of the way President Obama is handling the economy, with 62 percent believing that the country is on the wrong track. 48 percent of respondents believe that Obama’s policies are “somewhat” responsible for the condition of the economy, while 34 percent believe his policies are “mainly or “solely” responsible.

Obama's general approval has slipped under 50 percent again after getting a bounce from the killing of Osama bin Laden by U.S. forces.

The economic news got no better for Obama this week.    

Jobless claims came in better than the revised estimates on Thursday, but still show an economy struggling to create jobs.

In addition, the Philly Manufacturing index reported a significant contraction in manufacturing activity.

As our contributor Mike Shedlock reported: “Unfilled orders, delivery times, and inventory are currently in contraction and expected to remain so. The average work week is projected to contract,” adding that he expected hiring and wages to be weak even six months from now.

The BLS reported weekly unemployment claims of 414k versus estimates of 420k.

John Ransom

John Ransom’s writings on politics and finance have appeared in the Los Angeles Business Journal, the Colorado Statesman, Pajamas Media and Registered Rep Magazine amongst others. Until 9/11, Ransom worked primarily in finance as an investment executive for NYSE member firm Raymond James and Associates, JW Charles and as a new business development executive at Mutual Service Corporation. He lives in San Diego. You can follow him on twitter @bamransom.

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