The new data for weekly jobless claims is still showing many pink slips are coming. The Labor Department said that new claims reached a 26-year high of 573,000. That is 58,000 above the revised 515,000 of last week. Expectations were somewhere in the vicinity of 525,000.
The 4-week average also continued its rise to show a smoothing out of 540,500, up 14,250 from the prior week. The total continued claims now sit at roughly 4.429 million. That continued claims number is up 338,000 from last week.
This is all seeming to lay the groundwork for 8% unemployment or higher.
Jon C. Ogg
December 11, 2008