This week's data for new unemployment claims show 408,000 first time claimants. This is up by 9000 from the 399,000 who made claims last week (revised up from the original figure of 395,000). This number is in line with the new normal, new claims in the area at or just above 400,000. It means that there is no real job growth in the economy. (For those from CBS that means that essentially no good jobs or low paying jobs are being created.) Any movement in the unemployment rate will be determined by the number of folks who give up looking for work.
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