All last week the talking heads on the news and finance channels were talking about how great it was that the second derivative of jobless claims has gone negative. (For those who have forgotten their calculus---that means they were happy that the rate of people losing their jobs and filing for unemployment had decreased from ~650,000/week to ~600,000/week.).
Well today cnn reports that 637,000 initial jobless claims were filed by unemployed workers last week--This is up 32,000 people since last weeks figure. Translation: The second derivative has turned positive (GASP!).
Continuing Claims rose to their highest level on record (since 1967) to ~6.6 million people.