The US economy is shedding 102,400 jobs a day, based on a 5-day work week and 12,000 jobs an hour, based on an 8-hour day.
So, what’s the big deal being made of the US Department of Labor’s announcement today that new jobless claims for the week ending October 31, declined to 512,000, a decrease of 20,000 from the previous week?
Or what does it matter that the four-week moving average, a better gauge of initial claims, was 523,750, a decrease of 3,000 from the previous week’s revised average of 526,750?
Still the US economy is currently, losing two hundred and thirteen jobs per minute and that’s really a major deal!
