Initial Jobless Claims

A report came out today that showed an increase in folks applying for
unemployment benefits. The target number everyone expected was around
435,000. The claim came up 18,000 to a total of 460,000 unemployed. This
came in with a continuing jobless claim number at 4.6M. It’s slightly lower
than the previous week, but in addition to those 46M people that are
receiving unemployment benefits, there are 5.6M folks who are receiving
what’s called continuing unemployment claims. That is a program that was
started not so long ago, and it’s followed within the emergency unemployment
compensation benefits. So that brings our total to 10.2M folks that are currently receiving
unemployment benefits. What that tells me is that our economy and this
recession are going lower in recovery than was once hoped.

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