Weekly Jobless Claims Hit 7 Year High

The US Department of Labor reported on Thursday that initial unemployment claims rose to their highest level in 7 years. As you can see on the graph above, all that is missing is a light grey line on the right hand side representing the current recession.

Also in the news, a much bigger than expected -4.5% drop in durable goods orders for August and New Home sales plummeted to a 17 year low but the market is rallying on a the new socialist plan from the USSA government. Yep, it all makes sense.