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I love how the media (CNBC in particular) "spins" the weekly unemployment report. Let's dissect it - again. Continuing claims is the key number. It rose 69,000 from the week previous on a seasonally-adjusted basis. But look down the table in that report. 139,291 people rolled off the continuing claims numbers into "extended benefits." Those folks are still unemployed, yet they understate the continuing claims number by a whopping 140,000. This is the distortion that creeps into the numbers, and over time it gets quite ugly. What's worse is that we're now starting to see people drop off the extended programs, and this will accelerate into August and beyond (although Congress is threatening to extend those benefit times once again.) The market spiked on the release but again, the issue for the economy is consumption going forward. Government money dumps ultimately must be funded and while this has so far "worked", it cannot continue for

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