I predicted the rate to jump to 10.1% [see post from yesterday titled 'Yankees Win'], but the rate actually appeared even more dire and showed unemployment jumped to 10.2%. This should not have come as a surprise, though, and I'm perplexed why so many "experts" are scratching their heads right now.
Every week we receive a score on employment when the weekly jobless claims number comes out. Does everyone understand what this print is telling us. The jobless claims shows the number of first-time unemployment benefits filers. And, it has consistently been north of 500,000. A half-million people--every week--are filing their first-time unemployment claims.
How the hell are you going to create jobs, when we keep losing jobs?!?
The number today is not a surpise, but the markets will take a hit. Hold on!!
Talk to you,
Todd M. Schoenberger,
LandColt Trading, LLC