No, We're Not Better Off: Prices Up, Jobs Down

Life in the Obama economy has crushed middle-class families, and it’s not getting any easier with fewer job opportunities and skyrocketing costs. After years of disappointment and despair, it’s clear the middle class can’t afford another four years of President Obama. Mitt Romney will deliver a new direction by creating 12 million new jobs and higher take-home pay for American workers.” – Amanda Henneberg, Romney Campaign Spokesperson

Last Week, Jobless Claims Spiked To Their Highest Level In Two Months:

Last Week, The Number Of Jobless Claims Rose 15,000 To 382,000 – The Highest In Two Months. “Initial claims for state unemployment benefits rose 15,000 to a seasonally adjusted 382,000, the highest in two months, the Labor Department said on Thursday. The prior week's figure was revised up to show 2,000 more applications than previously reported.” (“Weekly Jobless Claims Jump; Producer Prices Gassed Up,” Reuters, 9/13/12)

“That Was Sharply Higher Than The Forecast Of 369,000 People Seeking Help…” “The Labor Department said 382,000 people filed first-time jobless claims in the week ended Sept. 8. That was sharply higher than the forecast of 369,000 people seeking help from economists surveyed by Briefing.com, as well as the previous week's reading of 367,000. It was the greatest number of people losing their jobs since 388,000 filed for help in the week ending July 14.” (Chris Isidore, “Jobless Claims Sharply Higher,” CNN Money, 9/13/12)

The Report Suggested “Little Improvement In The Labor Market” After Last Month’s Slowdown In Job Growth. “But even accounting for the storm, the report suggested little improvement in the labor market after job growth slowed sharply in August. The four-week moving average for new claims, a better measure of labor market trends, climbed 3,250 to 375,000, the highest since the middle of July.” (“Weekly Jobless Claims Jump; Producer Prices Gassed Up,” Reuters, 9/13/12)

The Unemployment Report Was “Another Sign Of Weakness In The Jobs Market.” “The number of people filing for their first week of unemployment benefits rose to the highest level since July, the government said Thursday, in another sign of a weakness in the jobs market.” (Chris Isidore, “Jobless Claims Sharply Higher,” CNN Money, 9/13/12)

And While Fewer People Were Able To Find Work, The Price Of Goods “Surged” – Representing The “Largest One-Month Gain” In Three Years:

The U.S. Labor Department Reported That Wholesale Prices Increased By 1.7% In August. “The producer-price index, which measures how much manufacturers and wholesalers pay for finished goods, increased a seasonally adjusted 1.7% in August from a month earlier, the Labor Department said Thursday. The biggest gain since June 2009 was largely a result of energy prices rising 6.4% for the month.” (Eric Morath and Sarah Portlock, “Producer Prices Post Biggest Gain In 3 Years,” The Wall Street Journal, 9/13/12)

• “The Largest One-Month Gain In More Than Three Years … Could Create Inflation Pressures.” “U.S. wholesale prices in August posted the largest one-month gain in more than three years, fresh evidence that advancing energy costs could create inflation pressures.” (Eric Morath and Sarah Portlock, “Producer Prices Post Biggest Gain In 3 Years,” The Wall Street Journal, 9/13/12)

Fuel Costs “Surged” Last Month, With Gasoline Prices Alone Increasing By 13.6%. “Fuel costs surged 6.4 percent from the prior month after five straight declines. Gasoline prices advanced 13.6 percent, while home heating oil costs increased 10.8 percent, the most since October 2010.” (Michelle Jamrisko And Shobhana Chandra, “Wholesale Prices In U.S. Rise Most In Three Years As Oil Surge,” Bloomberg, 9/13/12)

The Wall Street Journal: “Producer Prices Post Biggest Gain In 3 Years”(Eric Morath and Sarah Portlock, “Producer Prices Post Biggest Gain In 3 Years,” The Wall Street Journal, 9/13/12)