The advance number for seasonally adjusted insured unemployment during the week ending March 28 was 5,840,000, an increase of 95,000 from the preceding week’s revised level of 5,745,000.
The 4-week moving average was 5,647,500, an increase of 146,750 from the preceding week’s revised average of 5,500,750.
So yes, 5.84 million is an all time record. And since we’re extending unemployment benefits, a lot more of that pain is being absorbed exclusively by our federal government since states are running such big deficits right now.
But what else can we do? Not have a safety net like unemployment when the free market doesn’t provide?
In any event, this is yet another indicator that things aren’t getting better any time soon and I have serious doubts that we’ll be pulling out of this slump in the last quarter of this year as many economists predict. It’ll take a lot longer to get folks working again. So I’m talking about the 3 quarter of 2010, which is basically when more than 50% of American people think Obama fully owns the economy. At that point, the blame will be placed squarely on his shoulders.