Thursday, June 25, 2009

Job Losses Mount

New jobless claims jump unexpectedly to 627,000; continuing claims rise to 6.74 million.

Weekly new jobless claims jumped to 627,000 for the week, stubbornly remaining above 600,00, while total benefit rolls climbed to 6.7 million. The numbers weren't way out of line with what was expected, but we're kind of at that point, with unemployment, where everyone is secretly hoping that it's not that bad.

Thing is, it is that bad. There are no gren shoots on that front yet. Nobody is hiring or creating new jobs, meaning all kidns of repurcussions from taxes, to the housing market to credit cards.

Hey, I have an idea, lets add a massive energy tax, the people will hardly notice.

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