The weekly initial claims number is still terrible. Above 400,000 or ever above 300,000 is not going to bring us back to a period of full employment anytime soon. The fact is that while last week’s NFP reports was taken well, 45,000 of the workers were simply Verizon strikers returning to the roll.
With President Obama’s recent jobs bill being defeated in the Senate yesterday, what will it take to ramp up hiring?
How about less legislative tinkering or perhaps a review of our outsourcing trends? Or maybe we need to start thinking about an economy where a 7-8% unemployment rate is the rate we should be content to see.
The continuing claims will look better and better as more claimants run out of benefits. Look at this as a contra-indicator if the economy does not add jobs.
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