Same Story From Weekly Jobless Claims

Weekly jobless claims declined by 29,000 last week, nudging the four week average down 3,500 to 470,750, the Department of Labor reported.

More than 5.6 million people have been unemployed so long that they’ve exhausted all but their emergency unemployment benefits, an increase of 200 thousand from the prior week and of 3.8 million from the prior year.

Terrified yet?

The unemployment situation report comes out tomorrow, and economists are expecting an increase in the unemployment rate from 9.7 percent to 9.8 percent, even after accounting for the more than 100,000 job losses that may be on the report due to snow.