Back at 500,000

The number of new unemployment claims rose to 500,000 in the numbers released this morning. This is truly bad news. While one week's results are nothing but another dot on the graph, the rise into the 500,000 range is disheartening. There is a big psychological difference between 490,000 and 500,000. those who follow these numbers cannot be inspired with confidence in a brighter future for the economy. Let's hope this is a temporary spike. People have suffered enough in this economy; they do not need more pain.