Last week, new claims for jobless benefits showed worrying signs for the US labour market. It has reached the half-million mark which is a new nine-month high. It has increased by 12,000 from the past month although Wall Street analysts initially expected claims to actually decrease. The jobless claims this month has been the highest since November 2009.

Ironically, Obama had been touring the nation before the report above came out, claiming that the economic recovery has finally started heading into the right direction. Ignoring completely what the Department of Labor was announcing last week, Obama insists that his team has rescued the US economy and that life is actually improving for the Americans. Politico.com reports:

Though he expressed rock-solid confidence that his economic policies are taking the country in the right direction, Obama warned the crowd that it could take a couple more years before the economy is healthy again.

“The truth is it’s going to take a few years to fully dig ourselves out of this recession,” Obama said. “Anybody who tells you otherwise is just looking for your vote. But here’s what I can tell you: After 18 months, I have never been more confident that our nation is headed in the right direction.”

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