Job Market Still Bleak While Consumer Activities Rise
San Jose Bankruptcy Attorney Comments on the Unemployment Stats vs. Consumer Spending on Durable Goods...
While San Jose Bankruptcy Attorneys acknowledge the bleak job market as par for the current course with regard to conversations with Bay Area bankruptcy clients, and as week-ending February 20th reports a weekly increase in jobless claims to 496,000 even though a drop of 13,000 was expected, curiously consumer purchasing of durable goods is up.
According to Wall Street Journal, reported data generated on a 4-week average has increased by 6,000 to 473,750 for consumption of items such as appliances, or goods that will last more than 3 years. This is not typical, as the durable goods average is often sporatic, according to Commerce Department reports, noting its current strength at an increase of 3%.
Also noted is that the biggest decrease for unemployment claims occurred in California, while the largest rise happend in North Carolina due to construction and furniture industries being hit the hardest.
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