We just got the latest round of weekly jobless claims, and it is still a worker bloodbath out there. This last week’s figure was put at 654,000. Economists had project a reading of 645,000 and there was one estimate as high as 660,000. This was from a prior preliminary report of 639,000, which was revised slightly higher to 645,000.
The four-week average came in at 650,000, which is a gain of 6,750. The problem is that the continuing jobless claims rose by 193,000 to 5,317,000. If the data comparisons are accurate, then this will actually be the highest reading on record since the Labor Department started tracking continued claims.
The beating will continue whether morale improves or not.
JON C. OGG
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