It happened, yet again. The claims data wasn’t warm and fuzzy as President Obama had dreamed. The economy is in a strange phase now.  Real economic growth that will build sustainable wealth, and increase the overall standard of living seems to be just out of reach, yet again.

The seasonally adjusted report from the Department of Labor follows:

In the week ending June 4, the advance figure for seasonally adjusted initial claims 
was 427,000, an increase of 1,000 from the previous week's revised figure of 426,000. 
The 4-week moving average was 424,000, a decrease of 2,750 from the previous week's 
revised average of 426,750.
The advance seasonally adjusted insured unemployment rate was 2.9 percent for the 
week ending May 28, a decrease of 0.1 percentage point from the prior week's unrevised 
rate of 3.0 percent.

The advance number for seasonally adjusted insured unemployment during the week ending 
May 28 was 3,676,000, a decrease of 71,000 from the preceding week's revised level of 
3,747,000. The 4-week moving average was 3,719,250, a decrease of 29,000 from the 
preceding week's revised average of 3,748,250.

Economic output is still not sufficient enough to bring the weekly claims number below 400,000. Many people seem to have become complacent and accept this as a new norm. Well, until recently as the current selloff continues.

The strong showing today began to waver towards the end of the day, as many tried to sell into what ever strength the saw in the stock market. Equities will continue their path downward tomorrow, in my opinion, as the risk of keeping shares over the weekend preceding a big data week seems to high.

In addition to all the economic data to be released next week, OPEC continues to have issues coming to terms with production agreements. Oh, and don’t forget the continued unrest in the Middle East. Saudi is so close to disorder, I honestly don’t know what is keeping it afloat at this point. All the more reason to move our economy to natural gas, and accelerate conversion to CNG based vehicles.

2012 may serve as the inflection point, but I’d much rather not lose any time, and have Obama adopt some sound policy going forward.