Economics Update

Tanta of Calculated risk notes that continuing unemployment claims are now above 3 million. Note that, unlike the weekly new claim figures, this one tends to show trends much better.

You may recall that recently the weekly data is showing a decline, the fact that the numbers are still rising means that people are spending more time on unemployment.

Because of inflation concerns, both the Bank of England and ECB leave rates steady have decided not to follow the Fed's example and cut rates. Which has left the ECB rate at a 6 year high.

Normally, this would suggest a weaker dollar, but the dollar is doing pretty well against the Euro. No clue as to what is going on here.

Finally, another day, another record high in oil, $123.53/bbl at closing.