October 05, 2006

APPARENTLY, WE'RE STILL NOWHERE NEAR A RECESSION: "The number of newly laid off workers filing claims for unemployment benefits dropped last week to the lowest level in 10 weeks. . . . The level was down by 17,000 from the previous week and marked the second consecutive week that claims applications have fallen, providing evidence that the slowdown the economy has been going through since the spring has not triggered a big increase in layoffs. Meanwhile, many of the nation's major retailers reported Thursday that sales came in better than expected in September as customers, encouraged by falling gasoline prices, went on a shopping spree."

Funny that this good economic picture is getting so little attention. Unemployment is very low, inflation is low, the Dow is at record highs. . . . You'd think we'd be hearing more about it.