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OUCH!!! Unemployment claims are surging. What the heck? Obama just told us we are adding jobs. He couldn’t have been lying to us? Unemployment claims are headed back over 500,000. The Greater Depression is gaining momentum to the downside. Has the corporate MSM been right or have websites like Mish’s, Jesse’s and mine been right? Where do you get the truth? This sucker is going down. Bennie is revving up the helicopters. QE2 is coming. Buy gold. 

In the week ending Aug. 7, the advance figure for seasonally adjusted initial claims was 484,000, an increase of 2,000 from the previous week’s revised figure of 482,000. The 4-week moving average was 473,500, an increase of 14,250 from the previous week’s revised average of 459,250. The dashed line on the graph is the current 4-week average. The 4-week average of initial weekly claims is at the highest level since February, and suggests further weakness in the labor market.

Weekly Initial Unemployment Claims Aug 12, 2010