It was hard to miss the news that unemployment claims declined last week, from horrible numbers to just "really bad" numbers.
Yet if you do just a moderate amount of digging into the DOL report you find that this "good news" isn't good news at all.
The advance number for seasonally adjusted insured unemployment during the week ending April 25 was 6,351,000, an increase of 56,000 from the preceding week's revised level of 6,295,000. The 4-week moving average was 6,207,250, an increase of 125,250 from the preceding week's revised average of 6,082,000.
Continuing unemployment claims are now at 6.35 million - an all time record.