John Ransom

Weekly claims for unemployment rose by 20,000 people last week.

That’s 362,000 workers who now don’t have jobs. And that’s 7,000 more out-of-work persons than economists had predicted- but don’t worry.

Everything is still great for Obama.

Every time we get bad news like this, it just seems to get better and better for Obama.

The Chicago Sun Times says that claims are up, but the good news is that they still suggest “modest hiring.”

MSNBC blogger Steve Benen, who is also a producer for the Rachel Maddow Show, says that claims are up, but notes that unemployment remains below “threshold.”  Steve has considerable economic experience as demonstrated by an advanced degree in “political management” and a White House internship under Bill Clinton- [insert joke here].

@@ ßThat’s an eye roll. 

Oh and don’t forget his work on Maddow.

“In terms of metrics,” writes Benen, “when jobless claims fall below the 400,000 threshold, it's considered evidence of an improving jobs landscape, and when the number drops below 370,000, it suggests jobs are being created rather quickly. We've been below the 370,000 threshold nine of the last 11 weeks.”

Did he mean improving jobs landscape or improving landscape jobs?

No one knows, actually: He’s a liberal.  

So hurray for Obama and his quick job creation! Is that why we need more, new tax increases? Because “jobs are being created rather quickly?”

Always beware of politicos who speak “in terms of metrics.”

Because the reality that they are trying to obscure “in terms of metrics” can be best expressed “in terms of English.”

I’m not sure where Benen got the nonsense that jobs are being created rather quickly now that jobless claims are below 370,000, but job growth under Obama has been the worst since the Great Depression, as has been widely noted.

In December the BLS reported that there were 143,305,000 jobs. In January the BLS said that there were 143,322,000 jobs. That’s a net gain of 17,000.

Rather? Quickly?

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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