In a ‘surprise‘ to the so-called experts, the number of new jobless claims rose last week to 479,000, the highest in the last 4 months.
Retailers including some large discounters like Big Lots report retail sales for July lackluster. Teen retailers like American Eagle and Abercombrie & Fitch still are struggling. However, when President Obama was asked about the possibity of a double dip, he was confident that the economy would avoid it.
At the same time, many steel workers and former industry workers see that a new U.S. manufacturing policy is needed to keep manufacturing jobs in the U.S. This recommendation comes on the heels of a continued decline in exports in June with the July report due out August 12, 2010.
