John Ransom

Retail sales and jobless claims continue to defy economists who have been telling us that the economy is improving. "Retail sales gained 0.3 percent in May," writes CSMonitor, "lower than economists had expected. Jobless claims also rose last week, according to the Labor Department. But experts continue to have faith in the economy."

Interesting choice of words, "faith" is.

Faith is defined as being belief that is not based on proof.

Good that the liberal social scientists who call themselves economists-- the experts in this case-- at least now are admitting that they really don't have a fact-based science but a religion...based on faith.

From CSMonitor:

In another report, the Labor Department stated initial claims for state unemployment benefits climbed 4,000 to a seasonally adjusted 317,000 for the week ended June 7, according to the report.

Though retail sales were less than expected and jobless claims unexpectedly rose last week, experts believe the economy strengthening.

Hope they are right. But count on them changing their tune.

It'll be something expected, like weather, that will betray their faith.

It will never be that they are just wrong.

John Ransom

John Ransom is the Finance Editor for Townhall Finance, host of Ransom Notes Radio and you can catch more of the best money advice and monetary commentary by him daily 10am PT, 1pm ET at or on Comcast Cable


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