No Letup As Jobless Claims Increase By 32k To 637,000

Last week there was a sense of optimism that perhaps the job losses were slowing - This was refuted this morning as the claims numbers are rising once again. I’m not sure if last weeks data was an aberration or what - but the ranks of those collecting unemployment benefits is at an all time high. There are now over 6.5mm collecting benefits from a government that is in debt to the tune of $11 Trillion and is carrying $45Trillion in “off balance sheet” liabilities. If anyone can see something positive about this for our economy….let me know. I’m not a pessimist. I’m a realitst. Obama’s latest budget is also conservatively suggesting that we’ll add to the debt by another $1-2Trillion per year (annual budget deficit). California is going broke and is quickly running out of money. We’ve got serious economic problems folks. The question is will the markets recognize this or have they already completely discounted this. My sense is that this has not yet been completely discounted.

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