Initial Jobless Claims 472,000 (you call this a recovery?)

Press Release from The Department of Labor

In the week ending June 12, the advance figure for seasonally adjusted initial claims was 472,000, an increase of 12,000 from the previous week's revised figure of 460,000 (initially reported at 456,000). The 4-week moving average was 463,500, a decrease of 500 from the previous week's revised average of 464,000.

The advance seasonally adjusted insured unemployment rate was 3.6 percent for the week ending June 5, an increase of 0.1 percentage point from the prior week's unrevised rate of 3.5 percent.

The advance number for seasonally adjusted insured unemployment during the week ending June 5 was 4,571,000, an increase of 88,000 from the preceding week's revised level of 4,483,000 (initially reported at 4,462,000). The 4-week moving average was 4,601,500, a decrease of 21,250 from the preceding week's revised average of 4,622,750.

The fiscal year-to-date average of seasonally adjusted weekly insured unemployment, which corresponds to the appropriated AWIU (average weekly insured unemployment) trigger, was 5.097 million.

The U.S. Equity Market will likely ignore this week's data and the fact that the weekly jobless claims remain stubbornly high. As heard on CNBC, "this is a jobless recovery".

Initial Jobless Claims Week Ending:
Jun 17, 2010 472K  
Jun 10, 2010 460K
Jun 03, 2010 459K
May 27, 2010 463K
May 20, 2010 474K
May 13, 2010 446K
May 06, 2010 448K
Apr 29, 2010 451K
Apr 22, 2010 459K
Apr 15, 2010 480K
Apr 08, 2010 460K
Apr 01, 2010 442K

Politico June 17, 2010:
Vice President Joe Biden today will kick off the Obama administration’s “Recovery Summer,” a six-week-long push designed to highlight the jobs accompanying a surge in stimulus-funded projects to improve highways, parks, drinking water and other public works.
Link to Politico