In the week ending June 16, the advance figure for seasonally adjusted initial claimswas 387,000, a decrease of 2,000 from the previous week’s revised figure of 389,000. The 4-week moving average was 386,250, an increase of 3,500 from the previous week’s revised average of 382,750.
Well, no, it’s not. And that’s a problem.
Ominously, the “big table” was almost flat — roll-offs in the extended benefits are countered by new claims in the 26 week “basic” program, which may indicate building layoff pressures once again.
This is not confirmed, but it’s definitely not a good sign, and this far into the so-called “recovery” we should be well on our way to solid, week-over-week gains in these statistics.
It’s not happening.
There is no recovery folks, and there can’t be — there is simply too much debt and thus far everyone’s “prescription” for how to “fix it” is to…. wait for it… add more!