Last week claims were up 47,079.
Not seasonally adjusted, claims in the last four weeks are averaging 323,000 per week or 16.8 million annualized. That would ordinarily be a pretty good level, except for the fact that the labor participation rate is so low, 63.4% not seasonally adjusted. It averaged 66.1% in 2007, when annual claims actually were at a similar level. When fewer people are participating as today, the level of job losses feels worse because it is experienced by a smaller work force.
