The weekly jobless claims data has surpassed the dreaded 600,000 mark. The last week’s unemployment lines were down 8,000 to 623,000. We had weekly jobless claims numbers expected as 610,000 versus an unrevised 626,0000 last week according to Bloomberg consensus estimates.
The four week average rose by 24,000 to 607,500. The continuing claims are still going up, and this week’s 11,000 put the continuing jobless claims at 4.81 million. This appears to be the highest number of continuing claims since the Labor Department started tracking it.
Imagine how high those continuing claims would be if the jobless claims benefit duration was extended…… Again, 8% unemployment looks like it may not even be a speed bump to something much worse.
Jon C. Ogg
February 12, 2009
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