Thursday, April 23, 2009

Weekly Jobless Claims: Little Sign of a Bottom

Not much in the way of green shoots here. Initial claims seem to have found a home in the 620,000 to 640,000 range. Today's report: initial claims of 640,000, continuing claims of 6,137,000 and an IUR of 4.6%.
Continuing claims and the IUR are data series highs, I can't imagine where the money to pay for jobless benefits going forward will come from. Tax receipts on all municipal levels are falling and tax rebates are climbing. I guess the federal government will have to subsidize the bill. More Treasury issuance anyone?

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