The Labor Department released the jobless claims numbers from last week, and no surprise to WinePress readers, they are abysmal yet again.
America has hemorrhaged yet another 684,000 of initial jobless claims.
Last week’s original number was 770,000, but that was also quietly revised to a new total of 781,000. Do not be surprised when this week’s data is revised too.
When I went looking for the updates on this, I was not expecting to see Business Insider share a fact that The WinePress has been stating week in and week out. And that is, they admitted to the fact that these numbers are still worse than the worst week of the Great Depression. They say it was 665,000, but other reports we have shown document numbers more towards 670K, but that is only a minor difference.
The point is, as we keep saying, it puts everything in perspective. There is no recovery nor will there be. There is no “booming v-shaped recovery.” And when the economy inevitably bounces back and experiences brain rush, it is all artificial as we have been explaining as to how the Fed’s are operating and where the bailout money is going. America is an economic meltdown.
We do these reports, not to create a state of pandemonium, but a reminder of why you need to keep preparing for the times ahead. If you are not, you’re finished. Sounds pessimistic but it’s the truth.
Am I therefore become your enemy, because I tell you the truth?
Galatians 4:16
The simple believeth every word: but the prudent man looketh well to his going.
Proverbs 14:15
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