This can't be a good sign for the overall unemployment numbers. Weekly IUC has been creeping up the last few weeks, and saw a massive bump to 474,000 new claims this week. The four-week moving average (the dashed line) continues to climb as a result:
As I pointed out a few days ago, the killing of Osama bin Laden isn't a sure-fire guarantee to get Obama re-elected in 2012. Little doses of reality (like today's report) will do more to work against him, than a dead terrorist will to save his job.
The Obama Stimulus? Didn't work. QE? Didn't work. All this Administration has done is raise the amount of debt we carry to ridiculous levels, and creating a financial environment that will be smacked with healthy doses of inflation. At the same time, they have ignored any reform on Entitlement spending, and have burdened future generations with the tab for their mismanagement.
Just wait til ObamaCare gets rolling!