A SPIKE ENDS THE DEBATE
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Submitted by The Capital Spectator
No one should be surprised by this morning’s discouraging news on weekly jobless claims, which surged to 407,000 last week–the highest since the anomalous but temporary spike in September 2005 directly after Hurricane Katrina. The warning signs have been bubbling for months, as CS and others have pointed out. And so, this time, the rise in new filings for unemployment insurance is a reflection of a weak economy rather than a one-time weather event. In short, there will be no sudden and sharp drop in new claims this time, as there was in 2005.
