The latest economic news continues to disappoint, which shouldn’t come as any surprise. Durable goods orders for December dropped 2.6%, worse than expectations for a decline of 2%. Excluding transportation orders, durables were down 3.6% against a -2.7% forecast.
On the employment front, initial jobless claims rose to 588,000 from a revised 585,000 (forecast was for 575k). Continuing claims hit 4.776 million, up from 4.617 million a week earlier and against a 4.62 million forecast. Continuing claims are now at their highest level since the Labor Department first tracked the numbers in 1967.
More on this topic
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2008 Job Losses Most in 64 Years, Unemployment Rate Surges to 7.2%
(Money Morning, 1/9/09)
Lower Initial Jobless Claims Hide Surging Unemployment
(Money Morning, 12/31/08)
The 'Real' Reason Unemployment Is Rising
(Financial Armageddon, 10/7/09)
Employment Outlook Disappoints. . .uh, Cheers Market
(Condor Options, 1/1/09)
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