The number you won’t hear mentioned anywhere in the Mainstream Media: 327,729. That is how many people shifted to Emergency Unemployment Compensation programs in the last week alone, hitting an all time record high of 4.2 million!
So as everyone is focused on the benign picture of initial claims in the last week which was “only” 474,000, the number of people rolling off continuing benefits has exploded and is now a stunning 592,579 only in the last two weeks.
Look for this number to keep going into the stratosphere as the 6 month continuing claims cliff keeps getting hit by more and more people who are unemployed and keep looking not only for believable change, but actual jobs to go with it.
(Click on images to enlarge.)
And here is the chart that the administration would love to keep under lock and seal: the cumulative number of people on Emergency Insurance. At this rate those collecting EUC will surpass those on continuing claims (5.5 million) within a month.
Submitted by Tyler Durden
on 12/10/2009 09:16 -0500