The total number of U.S. workers claiming state unemployment benefits plunged at the start of June by their largest amount since November 2001, breaking a streak of 21-straight increases in a rare reprieve for the unemployed in this recession.
But new jobless claims rose slightly as expected last week, suggesting that while job losses have moderated since the beginning of the year, a rapid turnaround in labor market conditions is unlikely.
Well, fine–that’s like saying "We’ve beaten you up every month and now we give you a break".
But, remember, as I’ve pointed out on this blog repeatedly–even people who are working aren’t making it.
