Legal Commentary

Jobless Claims Jump To 26 Year High: 626,000 New Claims

By Big Tent Democrat

While the Beltway "Bipartisan" BSers fiddle, the nation's economy is melting:

The number of U.S. workers filing new claims for unemployment benefits jumped to a 26-year high last week, according to government data on Thursday that pointed to a rapid deterioration in the economy.

. . . [I]nitial claims for state unemployment insurance benefits rose 35,000 to a seasonally adjusted 626,000 in the week ended January 31, the highest since the week ending October 30, 1982. The prior week's number was revised up to 591,000 from 588,000. . . . The four-week moving average for new claims, considered to be a better gauge of underlying trends as it irons out week-to-week volatility, rose to 582,250, the highest reading since the week ending December 4, 1982.

Time to act, NOW.

Speaking for me only

Full post as published by TalkLeft on February 05, 2009 (boomark / email).