Unemployment Claims Skyrocket

We received the weekly unemployment claims today which come out every Thursday morning.  As the name implies, it measures the number of new people showing up to the unemployment office to collect a government check.  Hopes were high heading into the number on improvements over last weeks horrible 488,000. 

No such chance, the number came in at a frightening 500,000, the highest since November 2009.

The economy is in full disintegration across the board as all artificial stimulus and inventory boosts are fading fast.  All economic data continues to fall off a cliff.

Not included in the number is the 300,000 Americans showing up for emergency unemployment claims, which were recently reinstated by the government.  This provides help for those unemployed for so long that their State and Federal help has ended.

There is now once again no need to look for a job, not that there is one available anyway.

The Fed's new printing program announced a few weeks ago may keep the markets in good spirits for a while, but ultimately gold will provide the truth on what is really happening under the surface.