New Jobless Claims
Initial jobless claims jumped 15,000 in the Aug. 30 week to a much higher-than-expected level of 444,000 though the four-week average did slip back 3,250 to 438,000. Continuing claims, in data for the Aug. 23 week, also continue to indicate weak conditions in the labor market, up 6,000 to another multi-year high of 3.435 million. There were no special factors in the data and no new details on the effects of the government's efforts to widen those eligible for benefits. Today's report is consistent with expectations for deepening declines in tomorrow's employment report.
Tomorrow the Employment Situation numbers for August come out. The expectation is that unemployment will rise to 5.8% and that the economy will show a loss of about 75,000 jobs. That's on top of the 51,000 lost in July and the 62,000 lost in June.
Let's focus on what is really important. McCain has nothing to offer to help people in this bad-and declining-economic situation. The only offer hate and a third Bush term.