The weekly report on new unemployment claims came out at 8:30; this week the number of new claims is 386,000. Since the figure will undoubtedly be revised upwards next week, the number is back at the level of about 390,000. This is an uptick from where it has been recently. In other words, the employment picture which has been poor lately seems, if anything, to be getting weaker. Obviously, this is just one week's numbers, but it does not bode well for the future. If May's rise in the unemployment rate and paltry job creation figures get worse, then the economy is truly slowing from an already disgustingly slow growth rate.
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