Continuing jobless claims pop again, S&P fires a warning shot over the U.K.'s bow

We just got the latest look at jobless claims and once again, the numbers weren't pretty. Initial claims came in at 631,000, above forecasts for a reading of 625,000. But the real news continues to be the fact that people who lose their jobs are not finding new work. Continuing jobless claims ramped up again to 6.662 million from 6.587 million a week earlier. That is a fresh all-time high.

In other news, Standard & Poor's cut its outlook on the U.K.'s sovereign debt rating to "negative" from "stable." That means the country's AAA rating is at risk. Britain is drowning in debt due to falling tax revenue and surging spending on bailouts and other measures. Its deficit is on track to hit 12.4% of GDP this fiscal year. Hmm. Can you think of another country that sounds a lot like the U.K.?