A small ray of light was visible on the unemployment front. Government data showed that initial claims for unemployment fell to 502,000 on a seasonally adjusted basis. The prior weeek's reading was 514,000. Analysts had expected this week's number to be about 512,000.
The four-week moving average decreased to 519,000, the lowest since a matching level on November 29, 2008
The number of persons collecting long term unemployment benefits also fell to 5.631 million, but this number is meaningless because it doesn't count those who have exhausted their benefits.
Yes, we have a slight improvement. Nevertheless, the change is so small that it doesn't alter the overall unemployment picture. We still have an unemployment rate of 10.2%, with 17 million persons unemployed.
The government is still not placing this issue front and center. This is the greatest problem facing our country. Programs must be started to further jump start the economy. Jobs must be created, either by the private or public sector. We must not delay tackling this crisis any longer.
Do you have any ideas for putting people back to work?
Newspaper ad revenue of 28%, 8 quarters of double-digit drops
Closing Bell: Earnings working against stocks (BCRX, DELL, DHI, INTC, LEAP, PCS)
Chasing Value: E-Trade, a word of caution
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