Friday, January 9, 2009

Fewer Jobs Again

The jobless claims number came in almost exactly at consensus, -524,000. The unemployment rate is now 7.2%.

The futures are lifting a little, maybe because the whisper numbers were as high as 700,000. There are plenty of market participants whose view is that the worse it is now, the sooner the recovery can start. You can take heart in the fact that this is the ultimate lagging indicator. Or you can be bummed out. Either way is OK.

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