Jobless Filings Match Cycle High

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The Labor Department released its weekly jobless claims showing how many Americans have filed for new unemployment benefits.  Consensus estimates according to Bloomberg was 610,000 for the week, although Dow Jones was only expecting a gain of about 26,000.  The data showed 589,000 claims.

This was an adjusted gain of some 62,000 jobs after seasonaladjustments.  This also matched the highest reading since 1982 and inthe week of December 20 of last year.

The number of continuing claims rose by 97,000 to 4,607,000.  It is asad day when we have a metropolis’ worth of population spread out overthe country that is unemployed.  And it is expected to only get worse.

Jon C. Ogg
January 22, 2009