The mainstream financial media in the U.S. reported last week that jobless claims fell to a 7 year low as if this is proof the economy is getting better.
The economy is not getting better as evidenced from earnings season so far for Q1 2014.
We know that ObamaCare caused a lot of employers to eliminate full-time jobs and replace them with part-time jobs. If one full-time job is lost that pays $30 per hour, and two part-time jobs that pay $15 per hour are created, the government records this as a +1 net job. That's crazy. Not only should this not be recorded as job creation, but the two part-time jobs created are so low paying that the workers that took them now need government healthcare and food stamps. This is why jobless claims dropping means little toward improving the economy. Think about it. Jobless claims have been falling for over 4+ years now and yet the economy is still bad.