Interest Rate Roundup

Thursday, January 29, 2009

Jobless claims hit record high, durable goods orders tank

The latest economic news continues to disappoint, which shouldn't come as any surprise. Durable goods orders for December dropped 2.6%, worse than expectations for a decline of 2%. Excluding transportation orders, durables were down 3.6% against a -2.7% forecast.

On the employment front, initial jobless claims rose to 588,000 from a revised 585,000 (forecast was for 575k). Continuing claims hit 4.776 million, up from 4.617 million a week earlier and against a 4.62 million forecast. Continuing claims are now at their highest level since the Labor Department first tracked the numbers in 1967.


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