The weekly jobless claims is still a dismal reading. Thankfully, it was just a tad less dismal than before. The new drop came in at -20,000 from 674,000 to 654,000. The expected drop was -9,000. The bad news on this front is the 5.84 million in continuing jobless claims. That represents another 95,000 gain. We can come in under expectations all we hope, but consistent additions of 600,000 and 650,000 claims per week will create a society that even higher taxes won’t be able to support. Ten percent unemployment looks more and more like a certainty rather than an aggressive forecast. Enough said.
Jon C. Ogg
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