We're Back above 400,000

At 8:30 we learned that the weekly figure for first time unemployment claims is back above 400,000 at 402,000. This is just the figure for one week, but it is disheartening nevertheless. We had finally gotten some results below the 400,000 level for the first time in over six months and the hope was that we would see a continuing improvement in these figures. Instead, with the holiday season upon us (which ought to reduce layoffs), we see a rise and go back above 400 thousand.

The figure for one week does not tell us much about what is likely to happen next week, but it certainly takes some of the hope out of the view of the near term future.