Jobless claims up this week to 474K, continuing claims fell by 300K to 5.16 million. On the surface that's good news. On the whole, it means people are rapidly running out of unemployment benefits and are falling into the limbo of long-term unemployment. Part of that is seasonal volatility, but a whole lot of it is people passing into a very dark place.
Having been there after the dot com/9-11 bust, I can tell you it's not pretty.
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my 26 weeks expired in early 2006.
do you think that the government still counts me as unemployed 4years later ???
not a fucking chance.
very dark place indeed.
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