I can’t wait for the headlines on November 7 declaring how Mitt Romney “unexpectedly” beat Barack Obama in a landslide.
Consumer prices fell in May by the most in over three years as households paid less for gasoline, possibly giving the U.S. Federal Reserve more room to help an economy that is showing signs of weakening.
Showing signs of weakening? Uh, we’ve been showing signs for four years now.
Jobless claims also rose more than expected, climbing to 386,000 for the week, while the current account deficit also expanded.
The Labor Department said its Consumer Price Index dropped 0.3 percent last month after being flat in April. May’s decline was the sharpest since December 2008 although analysts polled by Reuters expected a bigger decline.
Outside the volatile food and energy category, inflation pressure appeared to be modest. Core CPI climbed 0.2 percent higher as expected, matching the increase posted in April.
The U.S. current account deficit widened more than expected in the first quarter to $137.3 billion, the largest gap since fourth quarter 2008, a government report said on Thursday.
Meanwhile, the number of Americans filing new claims for unemployment benefits unexpectedly rose last week, government data on Thursday showed, suggesting persistent weakness in the labor market after stumbling badly in recent months.
Initial claims for state unemployment benefits increased 6,000 to a seasonally adjusted 386,000, the Labor Department said. The prior week’s figure was revised up to 380,000 from the previously reported 377,000.
Outside of all that, everything’s just peachy. Besides, it’s Bush’s fault.
Stay confident, though, we’re doing fine.