After dropping to their lowest level in more than four years last week, initial jobless claims more than erased last week's decline and came in at their highest level since July. In the last week, jobless claims rose from a revised 342K up to 388K, for an increase of 46K. This was the largest weekly increase since January 2009, in a report that can only be described as bad. Making matters even worse is the fact that this was also the reference week for the October employment report. This kind of number cannot be something that people in the Obama campaign wanted to see. Continue reading.
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