608,000 new jobless claims, still bad. A drop in continuing unemployment claims is therefore good, yes? Those fell by 148,000 to 6.69 million...except for a weekly drop that big, that suddenly with claims remaining over 600k a week means people fell off the long-term unemployment benefit rolls and ran out of unemployment insurance.
It just means we've reached something of an equilibrium point on continuing claims: new people will get benefits, and people who have been on benefits will run out and join the U-6 crowd. The recession has gone on so long that people are beginning to exhaust their unemployment benefits, even with the extensions Obama signed as part of the stimulus.
Thursday, June 18, 2009
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