Thursday, June 18, 2009
Unemployment Fake-Out
At first blush, it appears as though we got some good news today, with continuing unemployment claims having fallen by 148,000. I don't think this is indicative of people getting jobs, I'm sorry to say. Unemployment runs out after 9 months (Congress extended the period because of the recession), so in June their unemployment benefits run out. Hence, the reduction in continuing claims. Ouch.
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