Weekly Jobless Claims just came out from the Labor Department and the most recent data shows a drop of 13,000 on a revised basis to 623,000. The data from the week before was revised to 636,000 from 631,000.
The notion that these are coming in above the 600,000 mark is only adding to the continuing jobless claims of repeat unemployment benefit takers, which grew by another 110,000 and now sits at 6.788 million today. The four-week average did manage to fall by 3,000 to 626,750. As long as these continuing claims keep growing at this rate and as long as the jobless claims each week keep coming in above 500,000 (let alone 600,000) then double-digit unemployment seems more and more like a reality.
JON C. OGG
May 28, 2009
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