This trend won’t be reversing itself anytime soon. The economy just keeps bleeding jobs. New claims hit 667,000, up from 631,000 and for the first time ever there are more than 5 million Americans seeking unemployment. Now sure, the economy has grown. So as a percentage we’re not there yet, but the 5 million people is 86% higher than it was last year.
We’ll post any interesting analysis if we see it, but suffice to say, the numbers are bad.
Added: Ian Shepherdson puts the numbers into more perspective:
Indeed, adjusted for population growth claims are still well short of the peaks seen in the mid-70s and
early 80s; to match them now would require the weekly numbers to breach the 1 million mark. We fervently hope that does not happen but we are not confident.