More Bad New On Jobless Claims

December 31, 2008 by Douglas A. McIntyre

UnemplyConsumer confidence is at a multi-year low. Housing prices are off 18% compared to a year ago. To complete the trifecta jobless claims are at a 26-year high.

First-time applications for state unemployment benefits fell 94,000 to a seasonally adjusted 492,000 in the week ending Dec. 27, the Labor Department said Wednesday, according to MarketWatch.

“Despite the decline, the level of claims is 45% higher than the same period in the prior year. The four-week average of new claims fell 5,750 to 552,250. Meanwhile, the number of people collecting benefits in the week ending Dec. 20 rose 140,000 to 4.51 million – the highest level since December 1982. The four-week average of continuing claims rose 103,750 to 4.42 million – also the highest level since December 1982.”

Douglas A. McIntyre