Thursday, May 7, 2009

Weekly Jobless Claims

Initial claims dropped to 601,000 last week, marking the 14th consecutive week above 600,000. This number was below expectations, adding more fuel to the "this must be the bottom" fire. As I mentioned earlier, this number is bound to decelerate as more people file. That 600,000 becomes a larger percentage of the pie as more jobs are lost.

Continuing claims continued their inexorable march to 6.5 million. This week's total came to 6,351,000: another record high. In addition, the IUR rose to 4.8%, another record.

So, there may be fewer people filing for initial benefits, but they can't get off the dole.

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