Thursday, June 25, 2009
Another disappointment for the green shooters: 627,000 initial claims & 6,738,000 continuing claims in this week's report. In addition, the previous report's numbers were revised higher: more initial claims and more continuing claims than previously estimated. However, the revision to the continuing claims number was not enough to continue the record streak.
The IUR is still 5.0%, suggesting that corporations feel little need to add workers. Initial claims have now exceeded 600,000 for 21 straight weeks. With the revisions to the previous week's data, my first guess at the June payroll losses is 450,000.
Equity futures are trading around the overnight lows.