Thursday, May 21, 2009

Continuing Claims Continues Climb

The number of fired less hired (think the increase in continuing claims) continues to grow exponentially. The importance of this on the broader economy was laid out here.

Reuters with the details:

The most severe U.S. recession in decades has already cost over 5 million jobs since it began in late 2007, and despite some recent indications that employment conditions might be stabilizing, the labor market remains in dire shape.

The number of people staying on the benefits roll after drawing an initial week of aid increased by 75,000 to a more-then-forecast 6.662 million in the week ended May 9, the most recent week for which data is available. Analysts estimated so-called continued claims would be 6.65 million.

Source: DOL

Credit Writedowns continues to have a well thought out, but differing point of view.