...it must be time for another record four week average of jobless claims, up to 619,000. Continuing claims will probably break 5 million next week, which is downright frightening. Even worse however is the Philly Fed manufacturing index, down to a staggering -41.7, meaning massive contraction in the manufacturing sector.
Not good.
[UPDATE] A new Reuters survey of economists shows most think the unemployment rate will peak at 9.1%, which if you ask me is way the hell too low.
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