Jobless claims fell by 13,000 to a seasonally adjusted 432,000. While the jobless claims fell for the week, 432,000 is still very high. The four week moving average moved up to 445,750. This is the highest moving average since Dec. 2001.
For those who are still arguing whether we are in a recession, everyday it seems more and more likely we are in a recession.
This and problems with Fannie and Freddie should make it more interesting for housing. As we have said before, housings got more downside then up at this point.
And don't look for the housing or the economy to rebound anytime soon. I don't hear anymore "optimistic" forecast for the year end recovery.
http://www.cnbc.com/id/26327709
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