AND THE BEAT GOES ON – AT 10:08 A.M. ET:  The feds have just released jobless figures for the week.  They are not good, and confirm, if any further confirmation were necessary, that the mythical recovery is even more mythical than we'd believed.  From Bloomberg:

U.S. initial jobless claims unexpectedly rose last week, a sign that the labor market is struggling to gain traction.
Jobless claims increased by 1,000 to 427,000 in the week ended June 4, Labor Department figures showed today in Washington. Economists surveyed by Bloomberg News projected a drop in claims to 419,000, according to the median forecast. The number of people on unemployment benefit rolls and those receiving extended payments decreased.

Some employers are cutting staff as demand slows because of elevated energy prices, falling house prices and tight credit. The economy generated the fewest jobs in May in eight months and the unemployment rate rose, a report showed last week.

COMMENT:  We noted yesterday that the national psychology seems to have changed, to one of great gloom and apprehension.  A piece in the Washington Post today said the same thing.

This reminds us of another era, the late 70s, when another weak president, Jimmy Carter, delivered what came to be known as his "great malaise" speech, in which Carter said that a great malaise had come over the country.  He was right, and he was the cause of it.   But the malaise ended with the election of Ronald Reagan, whose optimistic and positive view of America was catching.  The current malaise won't end until we once again change presidents.  We have a chance to do that next year.  I hope we remember to do it.

June 9, 2011