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Labor: Jobless claims stuck near three-month high

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    Penn Financial Group President Matt McCall on new numbers

  • Duration 4:53
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-- and new signs at the hiring of new workers is slowing down.

The government says unemployment claims are stuck near three month high right now.

Some 388000.

Americans still seeking jobless benefits last week or -- seeking jobless benefits last week.

Economists saying weekly claims need to fall consistently below 375000.

To take a big bite out of the unemployment numbers.

Matt McCall as the president of Penn financial group and here is here with some perspective so what's happening here what's the trend.

Well the trend Odyssey is going in the very wrong direction as we've seen a lot of people seeking publicity -- unemployment benefits.

This -- look at the bigger numbers that the monthly numbers we see back in January 284000.

People.

Basically jobs traded February 227000.

Jobs created in March 120000.

Jobs created we're going in the absolutely wrong direction -- -- -- -- creating more jobs economies must be getting better.

We're doing the exact opposite and the last three weeks we've heard a -- you'll say well.

This lesson that was seasonality maybe used to warm and early months that's what was happening and -- suggested that it and put a -- she looked at the four week moving average we take the last four weeks.

That number has skyrocketed 381000.

Now they're the number of people filing fighting each week on average -- last four weeks.

That -- the -- so we've seen all of this calendar year.

Every number that I'm looking at right now is moving in the absolutely wrong direction -- the same time Ben Bernanke seems to have someone this rosy outlook that we talked about yesterday what is behind that why first.

Let's -- -- -- a -- but first let's talk about what what is behind.

The jobless claims going up in the job creation going down over the past.

Few months we'll committed fact that there was a lot of stimulus that we've had -- economy over the last couple of years and maybe that is the -- is -- to slow down a bit.

We also -- the stimulus meant to creates a situation in which the jobs.

Got created in a you know it's a sort of an artificial stimulant that -- is supposed to lead to act and we actual job creation.

Well the -- is in -- government which Obama his administration believes that.

Don't we can treat long term sustainable jobs history shows government has never been in the business of creating long term sustainable jobs the only people that can do that really is small businesses going back in 1980.

There's been forty million jobs treated by small business.

That's 60% of all jobs are being treated in this country -- small business.

Now we take -- -- -- why isn't that happening why the numbers going in the wrong direction you -- now we're not -- small business create jobs because it's not it at friendly environment for small business owners not -- -- -- what it what is -- that's targeting small business owners I think number a lot of these taxes -- -- and we don't know what's gonna happen when the possibly bush tax cuts come -- -- -- in November December into the year if they're going to be extended and not an extended but I think number one -- get his confidence.

As a small business owner myself you do not know what tomorrow holds with our administration as far as tax that concerns any -- -- regulations going forward.

As a small business owners very difficult.

To leave money and a future money on hiring new employees when you have no idea of of the unknowns that are out there right now my house unfortunately fall back on the government.

Not giving small business owners the confidence to go out there and higher right now there's then you know the looming.

Threats of what's gonna happen with obamacare as well because now a lot of employers in a few go above the threshold of what is it fifty employees and -- got to provide health insurance to them.

Unless the Supreme Court does something to the entire -- in June.

And employers don't know they just don't know whether they're going to be forced to do this or not any good why higher before the Supreme Court comes out what that decision because you do not know.

How much employee that you bring on will will ultimately cost -- but -- back to the bigger picture I thought that we were post recession you know that we've been told that for awhile there we were on a roll we saw the unemployment rate go from 10% down eight point -- just look like things are going in the right direction in terms of decrease in unemployment Ben Bernanke had some rosy words we were feeling kind of warm and Fuzzy.

What's.

Happening it was was it -- thing so why did that number go down so much that's that the best where do you put on there it's artificial I think this economy and jobs and were propped up to look very good.

Unfortunately they're not sustainable right now you take a look at the GDP yes we've slowly gotten a little bit better but we've hit we've had -- -- same thing -- employment we've slowly gotten better we've been hit -- -- What Bernanke -- fed has done through quantitative easing one and two what they called Operation Twist.

Is what they've done is he traded artificial boom in this economy which is led to the job market being -- print more money and they got more money out the system that was a temporary like sugar injection force but now our sugar high were coming off -- what happened to take a sugar way.

It doesn't feel very good does it -- but the only good thing we can see heading into election is.

Bernanke still hasn't sugar left it in as little jar he deport them or sugar on the economy we can't yet again if you look at -- -- -- my great great songs today.

That's -- typically get actually prop this economy out due to sugar hide all it to the November election make Obama look very good so we'll see what little break and if I decide to -- Mary -- --

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