First-time jobless claims hit 354,000 last week.
The figure had been dropping early in May. The media had started running articles on happy days are here again. Like Ginger Rogers in Gold Diggers of 1933, their song was premature.
This was not supposed to happen. But it did.
Explanation! There has to be an explanation — other than the lackluster Keynesian economy. I can almost hear the news editor at Bloomberg telling some hapless reporter: “Go find an explanation.” And the reporter did just that.
Government offices were closed on May 27 for the Memorial Day holiday, which shortened the amount of time they had to process applications.
“Perfect,” said the editor. So, he sent an email to the headline writer and gave him the headline. Jobless Claims in U.S. Climb as Holiday Hampers Count.