Jobless claims dropped by 20,000 last week to a seasonally adjusted 478,000. The four-week moving average is at 482,000. That is the highest since October 2001. And the numbers are going to get worse as the downturn begins.
All this does not bode well for consumer spending, who are already strapped with lower home prices (although I never understood why your home price should effect spending - especially your primary home. I know it's MEW, but taking out a mortgage on a mortgage free home bothers me...but that's an issue for a different time.) and lower stock-market plunge.
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