Initial jobless claims dropped to 623,000 last week, from an upwardly revised 636,000 level. While it is certainly possible that initial claims have peaked (I'll forget about measuring the initial claims number as a portion of the labor pool left for now), continuing claims continued their inexorable march to 7 million. The latest tally is 6,788,000: a 110,000 increase from the previous number (and new record).
The IUR increased to 5.1%, a continued sign that finding a job is exceedingly difficult. Don't forget, college graduates will be hitting the bricks too.
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