May 15 2010 Unemployment Survey Week

With today's release of the unemployment claims for survey week May 15, 2010, claims were above consensus.

471,000 vs. expectations of 440,000.
Continuing claims were also above expectations 4,625,000 vs. expectations of 4,610,000.

Unfortunately, unemployment claims will continue to rise. With the Census staffing most probable ending June 30, 2010 expect a dramatic uptick in weekly claims, and continuing claims.

Besides that business confidence, and continued worries in the Euro Zone, and the lack of collective reasoning in Europe may possibly spread and cause significant slowdowns across major regions of the world.

I have touched on this mainly on Robert Half International's largest segment is the United States , however other staffing groups have also seen very minimal uptick in hiring compared to historical rebounds in the economy. I remain very cautious, and a decline in the economy is more than probable at this point.

Source: DOL

http://www.dol.gov/opa/media/press/eta/ui/eta20100682.htm